North America Academic Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Deployment and Application

Cloud Segment to Dominate North America Academic Software Market during 2019-2027

According to a new market research study on “North America Academic software Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Deployment and Application” is expected to reach US$ 809.26 million by 2027 from US$ 270.63 million in 2019. The market is estimated to grow at a CAGR of 15.2% from 2020 to 2027. The report provides trends prevailing in the North America academic software market along with the drivers and restraints pertaining to the market growth. Growing acceptance of E-Learning across academic institutions is the major factor driving the growth of the North America academic software market. However, issues associated with free academic software availability hinders the growth of North America academic software market.

The North America academic software market is segmented into system type, belt type, industry, and country. Based on deployment, the North America academic software market is segmented into cloud and on-premise. In 2019, the cloud segment accounted for a higher share in the market. Based on application, the North America academic software market is segmented into colleges and universities, educational services, and others. Colleges and universities segment held a substantial share of North America academic software market during the forecast period.

North America is adversely affected by the COVID-19 outbreak. Owing to the favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies. Any hindrance on industries is therefore projected to hamper the region's economic development. Currently, due to the COVID-19 outbreak, the US is the worst-affected country in the region, thus affecting the sudden stands still across all the industries present in the region. It is becoming apparent with the pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries. The education sector is positively affected by the outbreak as all schools, colleges, and universities are temporarily closed to control the spread of the virus. Eventually, with the high support from the government, the students in North America are shifting to online studies from offline learning methods. For instance, according to data published by the United States Department of Education, 2,500 colleges are presently offering online courses across the States. 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, will allow universities to leap forward. Thus, the rising shift of the education sector to online mediums owing to the pandemic is expected to drive the growth of the North America academic software market during the forecast period.

Alma; Software Advice, Inc.; ConexED; Envisio; PowerVista Software, Inc.; Qualtrics; Tophatmonocle Corp.; TrueDialog; WizeHive are among the leading companies in the North America academic software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Top Hat raised $55-million in debt and equity financing as it prepares to partner with small publishers.

The report segments the North America Academic software Market as follows:

North America Academic Software Market - By Deployment

• Cloud
• On-Premise

North America Academic Software Market - By Application

• Colleges and Universities
• Educational Services
• Others

North America Academic Software Market - By Country

• US
• Canada
• Mexico

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