The global smart education and learning market size is projected to reach USD 665.12 billion by 2026 owing to the increasing digitalization in the education sector. According to a new report by Fortune Business Insights™, titled, “Smart Education and Learning Market Size, Share & Industry Analysis, By Component (Hardware, Software, and Services), By Learning Mode (Collaborative Learning, Virtual Instructor-Led Training (VLIT), Simulation-Based Learning, Social Learning, Blended Learning), By End-User (Corporate, Academic, and Government) and Regional Forecast, 2019-2026” the value of this market stood at USD 166.30 billion in 2018 and is expected to exhibit 19.5% CAGR during the forecast period of 2019 to 2026.
Government-supported Educational Platforms to Bode Well for Marke
The advent of digitalization and the rising adoption of smartphones and smart gadgets, are the major growth drivers of the market. Apart from these, the use of mobile-based and web-based systems for online education purposes in schools and colleges in the form of smart class and others is also aiding to the smart education and learning market growth. Moreover, the increasing trend of Bring Your Own Device or BYOD is likely to create lucrative growth opportunities for the market in the forecast period. This is further expected to increase the overall smart education and learning market size in the coming years.
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For instance, the ministry of human resource development states that India is running numerous projects for promoting e-learning, such as the National Repository of Open Educational Resources (NROER), e-pathshala, National Digital Library (NDL), SWAYAM PRABHA, shagun portal, SWAYAM, and others. Such initiatives taken by governments across various countries are likely to help in attracting high smart education and learning market revenue in the coming years.
In-depth Segmentation of Smart Education and Learning Market
- By Component – With respect to component, the market is divided into hardware, software, and services. In 2018, the market was dominated by the software segment and it is likely to continue doing so in the coming years. The growth is attributable to the increasing awareness about the advantages of smart learning and the rising availability of connective handheld devices in the world.
- By Learning Mode – On the basis of learning mode, the market is categorized into simulation-based learning, blended learning, collaborative learning, social learning, and Virtual Instructor-led Training (VLIT). Out of these, the highest market share was earned by the collaborative learning segment, since it helps in oral communication, leadership skills of the learner, development of higher-level of thinking, and others
- By End user – Based on end user, the market is grouped into academic, corporate, and government. In 2018, the corporate segment accounted for 35.1% of the smart education and learning market share. However, the market is dominated by the academic segment and is further expected to continue doing the same in the coming years. This is attributable to the rise in demand for e-learning software and tools. The academic segment is further bifurcated into K-12 and higher degrees.
- By Region – From a geographical perspective, the market is dominated by North America as this region had generated USD 59.42 billion of smart education and learning market revenue in 2018. This is attributable to the stable economic growth, coupled with the increasing penetration of smartphones across the region. Organizations in North America are adapting smart learning solutions for enhancing the knowledge of their business and providing proper training to the employees, further improving productivity.
Companies Focus on Adopting Advanced Technological Solutions to Enhance E-learning Experience
Smart education and learning market manufacturers are adopting artificial intelligence (AI), cloud computing, and machine learning, to enhance learning experience. In addition, players are introducing data and analytics solutions, as well as video learning into their learning programs for gaining a competitive edge in the market.
Recent key industry developments of smart education and learning market include:
- May 2019 – A China-based company developed 265,000 pop-up classrooms for providing online education to children in Egypt. These container-like classrooms are specially introduced for smart education and are easy to build within a matter of a couple of hours
- June 2019 – SMART Technologies ULC and Advancement Via Individual Determination (AVID) entered into a strategic collaboration for creating the best possible classroom experiences with the help of technological solutions.
Some of the key smart education and learning market manufacturers are as follows:
- SMART Technologies ULC
- Ellucian Company L.P.
- PROMETHEAN LIMITED
- Saba Software
- Blackboard, Inc.
- Ebix Inc.
- Cisco Systems, Inc.
- D2L Corporation.
The Global Smart Education and Learning Market is Segmented as Follows:
Value (USD Billion)
- Interactive White Boards
- Interactive Displays
- Interactive Tables
- Interactive Projectors
- Student Response Systems
- Learning Management System (LMS)
- Learning Content Management System
- Adaptive Learning Platform
- Assessment Systems
- Implementation and Integration
- Training and Consultant
- Support and Maintenance
By Learning Mode Type
- Collaborative Learning
- Virtual Instructor-Led Training (VLIT)
- Simulation-Based Learning
- Social Learning
- Blended Learning
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Norway, Netherlands, and the Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)