Global investments in education technology, commonly known as edtech, will reach $252 billion by 2020. In fact, the global e-learning market is growing over 14% annually, and this growth rate is likely to continue.
In Latin America, government focus on education increased significantly over the last two decades. As a result, Latin America is now the fourth largest edtech market in the world – behind North America, Western Europe, and Asia in terms of revenue – with expectations for the e-learning market to generate revenues of over $3 billion by 2023.
According to UNESCO, more than 12 million adults in 20 Latin American countries are participating in some form of online education. This is not just online courses; millions of people are now accessing written materials, webinars, podcasts, collaborative software, and more.
What’s driving edtech opportunities in Latin America?
The short answer is surging levels of mobile and Internet access.
Latin America is a world leader in mobile adoption, with more than 415 million out of approximately 690 million people connected to a mobile network. Approximately 60% of all mobile connections in Latin America are smartphones and there are predictions that by 2020, 63% of Latin America’s population will have access to the mobile Internet. This rapid growth is translating into endless opportunities for the edtech sector, even in the most rural and remote areas.
(more…)
