The enterprise text publishing sector is anticipated to expand significantly, growing from US$ 15,483.1 million in 2021 to an estimated US$ 28,065.2 million by 2028. This growth trajectory indicates a compound annual growth rate (CAGR) of 8.9% during the period from 2021 to 2028.
A major factor propelling the enterprise text publishing market is the remarkable rise of educational technology (EdTech) companies in the Asia-Pacific (APAC) region. The increasing emphasis on education across APAC nations, coupled with a growing millennial demographic and a heightened demand for smart, connected devices among students, is further fueling the need for innovative educational solutions. The proliferation of EdTech startups in this region is also a significant contributor to this trend. In the educational landscape, solutions such as virtual study materials, online classes, and self-paced learning are addressing various challenges faced by both educators and learners.
Countries like China and India are at the forefront of this EdTech boom, with China dominating the global EdTech market, accounting for approximately 55% of total investments. In India, the EdTech giant BYJU made headlines by securing a record investment of US$ 540 million in 2018. Several notable EdTech companies in both China and India have reached valuations of around US$ 1 billion or more, including VIPKid (valued at US$ 4.5 billion), Yuanfudao (US$ 7.8 billion), Zuoyebang (US$ 6.5 billion), Knowbox (US$ 1 billion), iTutorGroup (US$ 1 billion), 17zuoye (US$ 1 billion), HuJiang (US$ 1 billion), ByJu's (US$ 10 billion), and Unacademy (US$ 1.4 billion).
Investment in EdTech spans various educational sectors, including K-12 education, higher education, lifelong learning, corporate training, and early childhood education. In addition to offering courses, EdTech firms provide comprehensive digital study resources such as e-books, chapter summaries, and reference materials to enhance student comprehension. The surge in EdTech companies within the APAC region is expected to significantly increase the demand for web-based text publishing, thereby creating promising opportunities for players in the enterprise text publishing market.
In response to the COVID-19 pandemic, a growing number of educational institutions, including schools and universities, have shifted to distance learning models. They are now conducting virtual classrooms and online assessments, utilizing various assessment tools to evaluate student performance. This shift has resulted in a heightened demand for e-books and online educational materials. Additionally, the corporate sector has also seen a surge in the need for virtual training content and resources to improve remote training capabilities within organizations. Consequently, the COVID-19 pandemic has positively influenced the growth of the enterprise text publishing market.
Geographically, the enterprise text publishing market is categorized into several regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, North America held a significant share of the market.
Key players in the enterprise text publishing market include Hurix Digital, Kotobee (Vijua), VitalSource Technologies, Excelsoft Technologies, Impelsys Inc., Issuu, Lulu Press, Inc., Kortext, Magic EdTech, and RedShelf.
The overall size of the enterprise text publishing market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide an overview and forecast of the enterprise text publishing market across all segments. Furthermore, multiple primary interviews were conducted with industry participants to validate the data and gain deeper analytical insights. Participants included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the enterprise text publishing sector.