From US$ 270.63 million in 2019, the North American Academic Software Market is projected to hit US$ 809.26 million by 2027, up from US$ 270.63 million in 2019. From 2020 to 2027, the market is expected to expand at a CAGR of 15.2 percent.
The study discusses the current developments in the North American academic software industry, as well as the market’s drivers and restraints. The adoption of E-Learning by academic institutions is a major factor driving the academic software market in North America to expand. However, issues related to the availability of free academic software in North America are impeding the growth of software market.
The academic software market in North America is divided into four categories: device form, belt type, business, and country. The academic software market in North America is divided into cloud and on-premise deployments. The cloud segment accounted for a larger share of the market in 2019. The North American academic software market is divided into three categories: colleges and universities, educational facilities, and others. During the forecast era, the colleges and universities segment accounted for a significant portion of the North American academic software market.
The COVID-19 epidemic is having a negative impact on North America. North America has the highest rate of adoption and advancement of new technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any impediment to industry is expected to stymie the region’s economic growth.
The United States is now the most affected nation in the region as a result of the COVID-19 outbreak, resulting in a sudden halt in all of the region’s industries. With the pandemic spreading through the United States, it is becoming clear that only a few people will be immune, posing major challenges to all industries.
The education sector benefits from the outbreak because all schools, colleges, and universities are temporarily closed to prevent the virus from spreading. Students in North America are gradually transitioning to online studies from offline learning methods, thanks to strong government funding.
The leading companies in the North American academic software market include Alma, Software Advice, Inc., ConexED, Envisio, PowerVista Software, Inc., Qualtrics, Tophatmonocle Corp., TrueDialog, and WizeHive. To maintain their place in the competitive industry, the companies are focusing on organic growth strategies such as product launches and expansions.