The global Academic Software Market was valued at US$ 625.31 million in 2019 and is anticipated to reach US$ 2,007.08 million by 2027; it is expected to grow at a CAGR of 16.2% during 2020–2027. The COVID-19 outbreak hindered the growth of the global market in 2020; thus, there is a decline in the y-o-y growth. However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace.
E-learning is changing the way education is delivered. In this system, learners simply immerse themselves in information. Many e-learning courses include animation, podcasts, and videos that create a learning environment that is multimodal and realistic. With e-learning, educational content is delivered to learners through computers, laptops, tablets, or smartphones. This saves time and opens up several immersive learning doors. Instead of being in a passive experience, learners can choose what they need to learn quickly and easily. By interacting directly with on-screen material, they also learn by practically implementing the same, In addition, decision-making scenarios in e-learning often allow learners to make their own decisions about what they would learn next. Rise in adoption of e-learning methodologies among colleges and universities are creating the need for other academic software, thereby contributing to the growth of the Academic Software Market.
Key Players Influencing the Market
- CAMPUS CAFÉ SOFTWARE
- Envisio Solutions Inc.
- FULL FABRIC
- PowerVista Software, Inc.
- Qualtrics LLC
- Tophatmonocle Corp
Increase in adoption of e-learning has created demand for solutions, such as learning management software (LMS) and student information systems (SIS). The integration of LMS across the learning portals enables content management and sharing the same among staffs and students, student progress tracking, student feedback and grading tools, and assessment creation and management. A few players that offer LMS are Blackboard; Google, LLC; Quizworks; Canvas; and Schoology. Rise in demand for supporting solutions for offering an efficient e-learning experience to staff and students is fuelling the growth of the Academic Software Market.
The overall Academic Software Market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Academic Software Market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global Academic Software Market.
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