Overview: The
global market for interactive text books is expected to have significant growth
reaching a value of over USD 1.1 Billion by the year 2021 with a CAGR of about
17% for the period 2017-2021. Interactive
textbooks are also known as digital textbooks or eTextbooks which are an
extended form of eBooks or digital books and it include elements of
interactivity in addition. eBooks are only the digital version of printed
textbooks. The global interactive textbooks market encircles vendors, such as
publishers, ed-tech solution providers, and content creators, who are offering
interactive textbooks to institutions. The market is expected to witness major
growth owing to higher rates of adoption in the upcoming years owing to
increased reliance and functionality of technology, advanced software which is
expected to create more sophisticated platforms for learning and increasing
levels of customization for students. Over the past 5-7 years interactive
learning has grown from being simulated video students see on a computer to
actual games, simulations and challenges they solve individually thanks to the
availability of mobile devices. Learning based platforms and applications have
made individualized interactive learning a possibility. The current trends even
indicate a large number of educational institutes offering iPads or tablet
devices for students to carry with them that store their information, manage the platform based student dashboard,
and update the students on the situation of their coursework and any important
announcements that occur. While all these features make it easy to centralize
their digital school life on a device, the main benefit for students through
the usage of this technology is the vast library of interactive textbooks and
learning based tools which are designed to make learning and education
entertaining and fun. Technology has made learning, into more of a game than
ever and has boosted student’s learning satisfaction. Students enjoy this
method of learning and a large number of them have begun to adapt this kind of
learning as opposed to class room based learning as evidenced in various Education
Industry Market Research Reports. While North America is the largest
market in terms of value, the fastest growing market is expected to be the Asia
Pacific region
Competition Scenario: As
interactive textbooks are an emerging industry and the content delivery system
is still developing, most of the market is split between a handful of content
providers working to gain prominence in the education market. Vendors in this
market are making such textbooks available either for free or through rental
agreements and the pricing mechanism of these textbooks is either based on per
chapter or monthly and yearly subscriptions. The major players of the market
are – Apple, Houghton Mifflin, Harcourt, McGraw-Hill Education and Pearson
Education. The other prominent vendors in the market include Metrodigi,
Cambridge University Press, John Wiley & Sons, Oxford University Press, and
Vital Source.
Key Drivers: The major
drivers propelling the growth of the Interactive Textbook market are:
§ Increased student engagement: The availability of advanced
platforms allows teachers and developers to create superior methods of content
delivery which allow students to learn through a device which is gaining
increasing popularity among the student population. The application of devices
also allows for interactive assessment exercises that students are able to take
and includes multiple games like puzzles, crosswords and interactive
experiences which could not be replicated in a conventional textbook the way
they are on the device.
§ Rise in use of interactive textbook creation tools: The
growing popularity of interactive text books and their increased adoption with
technology providers has led to a growing interest for developers to design
education based applications and platforms which help students learn in new
ways. The increase in suppliers of the educational content has multiple
benefits for consumers- the first being that more competition usually signals a
lower price which is beneficial as most providers work on a subscription based
model. Second being the growing rate of innovation allows developers and
providers to use new ways of delivering the same concept
§ Alignment with education standards: More and more students
prefer using a platform as it is a centralized point of knowing everything that
they need to with reference to their academics and important updates. A
majority of universities have some sort of Enterprise Resource Platform which
allows students to check their own profile and its details along with checking
the important news for the university, check their own academic performance and
the integration of analytics helps the universities track and assist the
student performance for optimum solutions which are designed to optimize the
performance of the student. These factors are beneficial and more so desired by
students today.
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Ankur
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