How TIME and Statista Determined the World’s Top EdTech Companies of 2024
This year, TIME launched its inaugural list of the World’s Top EdTech Companies of 2024, in partnership with Statista, a leading international provider of market and consumer data and rankings. The result of this quantitative study: 250 companies changing the field of educational technology. Here’s how the winners were selected.
Methodology
The research project “World’s Top EdTech Companies 2024” is a comprehensive analysis conducted to identify the top performing EdTech companies in the United States. First, companies had to primarily focus on developing and providing educational technologies, products or services. Companies are awarded in one top-list as well as in eleven categories. The 250 companies with the highest score were awarded as “World’s Top EdTech Companies 2024”
[time-brightcove not-tgx=”true”]The ranking is built on two pillars: financial strength and industry impact. Statista gathered and scrutinized data from over 7,000 companies through desk research, online application forms and collaborations with other data and market intelligence companies. A company received scores in each of these dimensions, which were then combined into an overall score.
For the first dimension, financial strength, Statista analyzed revenue, employee, and funding data, obtained from publicly available sources like annual reports, company websites, through media monitoring, and via databases. Additionally, company disclosures submitted via an online application form, which was freely accessible via the TIME website, were considered.
For the evaluation of the industry impact, Statista worked with HolonIQ and LexisNexis® Intellectual Property Solutions to assess companies in different impact dimensions, encompassing factors such as:
• quality and impact of their product/service portfolio
• quantity and value of a company’s IP (intellectual property) portfolio.
In addition, Statista researched metrics such as web traffic and user numbers, to assess the relevance of the products and services to the respective target groups.
The evaluation process involved assessing all relevant companies within the global EdTech sector that exhibited above-average performance on financial metrics in their geographical region. Subsequently, the selection was narrowed down to include only those companies that not only excelled financially but also demonstrated significant industry impact within their specific categories. This selection process allowed us to establish our final ranking of the World’s Top EdTech Companies 2024. Once the data was collected and evaluated, it was consolidated and weighted within a scoring model. The final score was calculated as follows: 70% x financial strength score + 30% x impact score. The companies with the highest score were awarded as “World’s Top EdTech Companies 2024” by TIME and Statista.
Alongside the list of 250 top EdTech companies, Statista and TIME are also publishing a “Rising Stars” ranking, highlighting the companies with the highest revenue growth rates over the past three years out of those who submitted company data via the online application process.
Applied criteria:
- company age 10 years and younger
- minimum revenue of 1 million US dollars in 2021
- revenue growth rate of more than 20 % over the last three years
Disclaimer: The selection of the companies and the definition of the evaluation criteria were based on independent journalistic criteria of TIME and Statista. The evaluation was carried out by the statistics and market research company Statista. TIME and Statista make no claim to the completeness of the companies examined. The ranking only includes companies that qualify according to the criteria described in this document. A position in the ranking is a recognition based on research of publicly available data sources at the time and information received via an application process and through collaboration partners. In addition, events after March 1, 2024, were not considered in the analysis. As such, the results of this list should not be used as the sole source of information for future deliberations. The information provided through this ranking should rather be considered in conjunction with other available information about a company. The quality of companies that are not included in the ranking is not disputed.