As the immediate disruptions from the COVID-19 pandemic wane, with many employees resuming office routines and students returning to physical classrooms, digital education platforms demonstrate enduring strength. TIME, in collaboration with Statista, has assembled a comprehensive ranking cataloging the 250 most influential companies in educational technology for 2024, reflecting sector-wide developments that speak to sustained adoption of online learning solutions.
Central to the ranking methodology was a combination of financial robustness and industry influence, enabling an objective evaluation of firms positioned at the frontier of EdTech. A striking feature of the list is that nine of the top fifteen companies concentrate primarily on online learning, signaling persistent demand for virtual education despite shifting global circumstances.
Leading these companies is Eruditus, which has distinguished itself as the highest-ranked EdTech firm globally under this assessment. The company’s financial results for the fiscal year ending June 2023 reported nearly $400 million in revenue, marking a substantial 75% rise compared to the previous period. Eruditus operates as a platform offering online courses linked to a network of more than 80 universities worldwide. Notable partners include prestigious institutions such as the University of Pennsylvania, the University of Cambridge, and the Massachusetts Institute of Technology, all contributing to Eruditus's extensive catalog.
Demonstrating wide-reaching influence, Eruditus has provided education to over half a million individuals spanning 80 countries to date. Originally incorporated in Singapore, the company made headlines this year transitioning its headquarters to India. CEO and co-founder Ashwin Damera cited India's more appealing stock markets compared to global counterparts as a factor in this strategic relocation, as reported by the Indian news outlet Mint in January.
The United States comprises the largest regional representation on the ranking, accounting for over a third of the top companies. China follows with a 10% share, while the United Kingdom holds more than 6%. Notably, Brazil secured two spots in the top ten: Afya and Vitru Education. Afya specializes in administering medical schools and furnishing online instruction across various health disciplines. Vitru Education offers both online and on-campus education to a sizeable cohort of more than 900,000 undergraduate and graduate students within Brazil.
Brazil's EdTech market has witnessed rapid expansion over recent years, propelled in part by longstanding educational challenges in the country. Specifically, only 57% of Brazilian adults aged 25 to 64 have attained upper secondary education, considerably lower than the Organisation for Economic Co-operation and Development's (OECD) average of 79%. This disparity positions Brazil near the bottom among the 41 OECD nations examined for educational attainment.
Moreover, the OECD's 2018 Programme for International Student Assessment (PISA) ranked Brazil 40th out of 41 in evaluating student competencies in reading, mathematics, and science. These figures have fostered a favorable environment for private enterprises to develop online learning initiatives aiming to bridge performance gaps.
According to Jitin Sethi, managing director at LEK Consulting specializing in education across the Americas, the EdTech market appeals strongly to older students who are re-engaging with education to enhance employment prospects. He emphasizes that these students prioritize convenience and affordability, which creates a fertile arena for innovation within digital education.
Alongside identifying the top 250 firms, TIME and Statista introduced a Rising Stars category concentrating on companies demonstrating the highest revenue growth rates over the past three years among applicants. Topping this list was Scaler Academy, an India-based online platform dedicated to teaching coding, system design, and career advancement skills.