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The global smart education and learning market size is projected to reach USD 783.48 billion by the end of 2027. The presence of several large scale companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Smart Education and Learning Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Learning Mode (Collaborative Learning, Virtual Instructor Led Learning, Simulation-Based Learning, Social Learning, Blended Learning), By End User (Corporate, Academic, Government), and Regional Forecast, 2020-2027,” the market was worth USD 191.32 billion in 2019 and will exhibit a CAGR of 19.6% during the forecast period, 2020-2027.
Smart education and learning has gained massive popularity over the past decade mainly due to the rapid advances in technology. The use of concepts such as AI and IoT has been pivotal to the growth of the overall market in the coming years. Additionally, the ease of availability of physical peripherals to support these platforms has contributed to the wide adoption of smart education. Due to the increasing demand for the product and the massive potential it holds across the world, there are several countries operating in developed as well as developing nations. The rapid advances in the field of smart learning, coupled with the increasing use of real-time concepts, will have a massive impact on the growth of the overall market in the foreseeable future. Increasing smartphone penetration and the availability of high speed communication networks will emerge in favor of the companies operating in the smart education and learning market in the coming years.
Accounting to Increasing Demand, Innovative Products are on the Horizon
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. The surge in demand for online learning platforms has been consequential to the changing lifestyle patterns and preferences among people across the world. Driven by massive investments, companies are introducing newer products at a more frequent rate with a view to catering to the rising demand. Moreover, the healthy market competition, companies are inclined towards the implementation of advanced concepts to catch the attention of customers across the globe. In October 2019, Saba Software announced the launch of a new learning platform. The company introduced a personalized experience aimed at customers looking for a more customized approach. The company will look to cater to the rising demand for the product across the globe.
Increasing Smartphone Penetration, Coupled with Ease of Availability of High Speed Networks will Bode well for Market Growth
The rising smartphone use and the presence of high speed communication networks have been pivotal to the wider adoption of smart learning and education across the world. The low cost of these communication networks is a primary factor that has contributed to the growth of the market in recent times. The demand for e-learning has gone up dramatically in the past few years. As more people are opting for distance learning as well as part-time education programs, the demand for the product is set to increase further.
Major Companies are Focusing on Newer Strategies
The global smart learning and education market derives growth from the presence of several large scale companies operating across the world. Due to healthy market competition, it has become increasingly difficult for mid-sized and smaller enterprises to operate on a regional as well as global level. As a result, these SMEs are looking to incorporate strategies like collaborations and introducing innovative products, with the aim of acquiring a wider consumer base.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD billion)
By Learning Mode