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The academic software market is expected to grow from US$ 797.59 million in 2021 to US$ 2,007.08 million by 2027. The Academic software market is expected to grow at a CAGR of 16.2% during the forecast period of 2021 to 2027. This Academic Software Market report provides with an actionable market insight to the clients with which they can make out the sustainable and profitable business strategies. This report highlights the company profile, product specifications, capacity, production value, and market shares for each company for the forecast period. Information and data provided in this Academic Software report can be very important for Academic Software industry when it comes to dominate the market or generate a mark in the market as a new emergent. Moreover, the prerequisites of Academic Software industry have been understood at the fullest to endow them with the premium market research report.
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The COVID-19 pandemic has severely affected the education sector worldwide. This has also promoted the adoption of online education system across all major economies across the world; thereby, influencing the adoption of software for various applications, such as delivering lectures, manage students, and other operational activities from remote locations. Thus, the rising adoption of technologically advanced solutions across the sector is expected to positively impact the growth of the academic software market during the pandemic.
Based on deployment, the academic software market is segmented into cloud and on-premise. In 2019, the cloud segment accounted for a higher share in the market. In recent years, the technology industry has steadily seen a major increase in adoption of cloud-based computing. This is due to the fact that cloud-based computing simplifies the time of implementation and reduces deployment costs substantially. This advantage has attracted a large number of end users; thus, the majority of academic software market players deliver cloud-based products in conjunction with the growing demand for cloud-based software. In addition, the internet infrastructure in developed countries has evolved and is flourishing in many developing countries, enabling end users to access the cloud based solutions in both developed and developing countries
The Key Players In The Global Academic Software Market Are:
Impact of COVID-19 Pandemic on Academic Software Market
The emergence and outbreak of COVID-19 is adversely affecting numerous developed and developing countries. As of January 2021, the US, India, Brazil, Russia, and France are among the worst affected countries in terms confirmed cases and reported deaths. The outbreak is hindering the education sector as all schools, colleges, and universities are temporarily closed to combat the spread of the virus. With high support from the government across all regions, the education sector is experiencing a total shift from offline method to online studies for students. Additionally, several top universities have committed to decade-long, multi-million dollar contracts and joint ventures in central, vital academic areas with educational online program managers (OPMs). These collaborations, if properly designed, would allow universities to leap forward in the coming years. Thus, the rising shift of the education sector to online mediums owing to the pandemic is driving the growth of the academic software market globally.
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The Segments and Sub-Section of Academic Software Market are shown below:
By Deployment (Cloud and On-Premise)
By Application (Colleges and Universities, Educational Services, and Others)
Based on deployment type, the global academic software market is segmented into cloud and on-premise. The cloud-based academic software is witnessing high demand compared to on-premises academic software. The cloud segment generates the majority of the demand since it is comparatively less expensive due to strong network infrastructure in developed countries. In addition, the cloud-based academic software vendors are highly focused on developing a high-level security patch in order to eliminate the risk of cyberattacks. This factor is also creating significant demand from the end users, thereby driving the academic software market.
The Insight Partners Academic Software Market Research Report Scenario includes:
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