Australian Edutech Market to Reach AUD 1.7 Billion by 2022
SYDNEY, March 21, 2017 /PRNewswire/ -- Competition amongst universities is set to increase with institutions closely differentiating themselves to attract and retain the best quality students, academics and staff. Key to this differentiation will be an extensive technology adoption and innovation strategy, enhancing the student experience, delivery of learning content, community engagement and campus management.
The education technology (Edutech) market in Australia is expected to grow significantly amidst increasing student demand for education services and technology innovation, competition amongst institutions and decreasing acquisition costs.
Frost & Sullivan anticipates that as the learning experience becomes increasingly digitised, technologies and solutions incorporating big data and analytics, collaboration, Augmented / Virtual Reality technology, Artificial Intelligence and learning management systems will play a key role within universities in the coming years.
Frost & Sullivan's most recent analysis, Australian Edutech Market: Key Trends, Technologies and Opportunities 2016-2022 finds that the Australian Edutech Market is expected to grow to AUD 1.7 Billion by 2022.
Big data and analytics will be a key method of engaging with students to deliver learning content personalisation, enhancement of student support services as well as providing insights into efficient campus management. This will be a significant area of growth in the Australian Education sector allowing specialised big data providers as well as integrators to reap the opportunities in this space. Whilst many universities use big data in small-scale applications, few have embarked on a single holistic campus-wide view of collecting and analysing data across devices, applications and networks.
"Predictive analytics will be a key area of future demand as academics and administrators place considerable value on the ability to proactively 'predict' outcomes rather than merely providing descriptive feedback in areas such as student performance and academic risk to enable course design and student support resources," noted Eran Halevi, Industry Analyst, Digital Transformation Practice, Frost & Sullivan Australia & New Zealand.
Artificial Intelligence is another technology sector that will see good growth in the next 10 years, noted Halevi.
"Across the education sector, early adoptions of AI have focused on assisting students with scheduling classes, timetables and administrative tasks. Future applications of AI may focus on highly-customised teaching, advanced research databases and greater predictive applications for student development. We are just beginning to see how the tertiary education sector will embrace cognitive services," she added.
Digital technologies are also starting to transform lecture theatres today. More students are using smart devices and online interactive services to access lecture courses and interact with various stakeholders within and outside the university. The rise of Massive Open Online Courses (MooCs) and Online Courses will be inevitable. The biggest challenge in the industry to date with MooCs has been around the monetisation of the platform. It is increasingly expected that more MooCs will charge for their courses.
"The ability to offer new digital methods of learning will be critical as the next generation of students will prefer learning through digital platforms. The shift towards online and digital platforms will see the rise of players that will disrupt the LMS, UC, Collaboration and conferencing segments in the years to come," noted Audrey William, head of research, Digital Transformation Practice, Frost & Sullivan Australia & New Zealand.
Frost & Sullivan's report, Australian Edutech Market, 2017, forms a part of the Frost & Sullivan Australian Digital Transformation Research program. All research services included in this subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. For queries and more information please send an e-mail with your contact details to David Hymers, Frost & Sullivan Australia, at firstname.lastname@example.org.
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SOURCE Frost & Sullivan