Global K12 Education Market to Generate $525.7 Billion by 2031, Due to Increased Adoption of Artificial intelligence (AI) and Open Educational Resources (OER) in Education

K12 education is a system of education prevalent in the US and Canada wherein the primary and secondary education is supported through public schools, colleges, and similar educational institutions. In this system of education, the authority to implement and monitor the educational standards is decentralized and vested in local governments at district, municipality, or county level. This system evolved in the early 19^th century and has been at the core of public education since then.

Forecast Analysis of the K12 Education Market

In recent years, there has been an increase in the adoption of Artificial intelligence (AI) and Open Educational Resources (OER) in the education sector which is expected to be the primary growth driver of the global K12 education market in the forecast years. Along with this, a surge in the popularity of online education is expected to push the market further. Also, growing investments by global educational institutions in the education sector is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, lack of adequate budgetary allocation from the government side may restrain the growth of the K12 education market in the forecast period.

Regionally, the K12 education market in the North America region is expected to be the most dominant by 2031. The growing demand for personalized learning in schools and colleges is anticipated to become the main growth driver of the market in this region.

According to the report published by Research Dive, the global K12 education market is expected to gather a revenue of $525.7 billion by 2031 and grow at 17.7% CAGR in the 2022-2031 timeframe. Some prominent market players include McGraw-Hill Education, Blackboard Inc., Next Education India Pvt. Ltd., Pearson Education Inc., Tata Class Edge, Adobe Systems, Cengage Learning India Pvt. Ltd., Educomp Solution, TAL Education Group, K12 Inc., and many others.

Covid-19 Impact on the Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The K12 education market faced a similar fate due to the pandemic. The primary reason behind the slowdown in the market was closure of educational institutions including schools, colleges, and universities across the world to curb the spread of the virus which reduced the scope of education during the pandemic.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the K12 education market to flourish. For instance:

• In January 2022, Instructure, an edtech company, announced the acquisition of LearnPlatform, a digital educational tools provider. This acquisition is predicted to help Instructure to increase its foothold in the K12 education market in the near future.
   
• In December 2022, SchoolStatus, a leading educational communication solutions provider, announced the acquisition of Smore, a global K12 email newsletter tool. This acquisition is expected to push the market share of SchoolStatus substantially in the coming period.
   
• In January 2023, LEAD, an edtech startup in India, announced the acquisition of Pearson, a British education publishing company. Under this acquisition agreement, LEAD is set to take over Pearson’s local K12 business, which is anticipated to push LEAD’s market revenue higher in the next few years.