EdTech and Smart Classroom Market to Exhibit 16.6% CAGR till 2027; Surging Introduction of Digital Learning Platforms to Aid Growth: Fortune Business Insights™
The global edtech and
smart classroom market is set to gain traction from the increasing adoption
of machine learning (ML) and artificial intelligence (AI). This information is
given by Fortune Business Insights™
in a new study, titled, “EdTech and
Smart Classroom Market Size, Share & COVID-19 Impact Analysis, By
Instructional Aids (Smart Classroom, and Mobile Learning), By Hardware
(Interactive Projectors, Interactive whiteboards, and Others), By Educational
Tools (Admission Automation Tools, Administration Tools (ERP & CRM), Learning Management Tools, Alumni Management
Tools, Placement Management Tools, Library Management Tools), By Technology
(Gamification, Analytics, Enterprise Resource Planning (ERP), Advanced
Technology (AI, AR, VR, Robotics, and Blockchain) and Others), By End-User
(Higher Education, K-12, and Kindergarten), and Regional Forecast, 2020-2027."
The study further mentions that the market size was USD 74.33 billion in 2019 and is projected to reach USD 251.78 billion by 2027, exhibiting
a CAGR of 16.6% during the forecast period.
COVID-19 Pandemic: Growing R&D Activities to Affect Industry
Positively
The COVID-19 pandemic has taken a
toll on the education industry across the globe. Therefore, policymakers are
taking initiatives to deploy effective learning solutions for increasing
students’ engagement. The pandemic has also accelerated research and
development activities to develop new edtech and smart classroom solutions that
would help students to continue their education smoothly. Our reports provide
detailed insights into the industry for helping you grow your business amid
this difficult situation.
To get to know more about the short-term and long-term impact of COVID-19
on this market, please visit: https://www.fortunebusinessinsights.com/edtech-and-smart-classroom-market-104662
How Did We Develop This Report?
We have conducted extensive primary
and secondary research to gather information about various aspects of this
report. Our special interviews with end user respondents and supply side
respondents helped in gaining insights into the average pricing, per capita
consumption trend, and average spending on products, growth rate, market size,
and dynamics. We have also taken information from reputed industry journals, articles
published by prominent magazines, and press releases of firms present in the
field of edtech and smart classroom.
Drivers & Restraints-
Persistent Government Initiatives to Create Online Education Programs
will Spur Demand
Governments of several countries
worldwide are taking initiatives and are funding for the implementation of various
digital learning and online education programs. In September 2020, for
instance, the Ministry of Education, India, initiated ‘PM eVIDYA’ to unify all
efforts associated with on-air/online/digital education. It will enable
multi-mode access to education. Such initiatives would help in driving the edtech
and smart classroom market growth in the near future. However,this smart
classroom software can easily fall prey to hackers, thereby restraining its
adoption.
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Segment-
K-12 Segment to Grow Significantly Backed by Rising Adoption of Edtech
Tools amid COVID-19
Based on end-users, the K-12
segment is set to grow significantly in the coming years because of the increasing
usage of edtech & smart classroom software solutions across several schools
amid the COVID-19 pandemic. The segment held 35.5% in terms of the edtech and
smart classroom market share in 2019, while the U.S. earned 38.7% share.
Regional Insights-
Increasing Usage of Smartphones to Favor Growth in Asia Pacific
Geographically, North America
procured USD 31.64 billion in terms of revenue in 2019. It is set to remain in
the leading position throughout the forthcoming years because of the major
contribution of the U.S. This growth is attributable to the presence of a large
number of edtech and smart classroom software providers, namely, Wonder
Workshop, Coursera, Grammarly, and EverFi in the U.S.
On the other hand, Asia Pacific is
expected to show considerable growth fueled by the increasing investments by multiple
edtech companies in the education technology, especially in China and India. Also,
the surging population, digital initiatives by governments, penetration of
smartphones, and rising literacy rate would aid growth in this region.
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Competitive Landscape-
Key Players Focus on Partnerships & Acquisitions to Intensify
Competition
The market for edtech and smart
classroom contains numerous companies that are mainly focusing on acquiring
specific businesses and technologies from other firms. Some of the others are striving
persistently to collaborate with local organizations for co-developing and
marketing new products. Below are the two latest industry developments:
·
November
2020: Anthology acquired the Foundation and Matching
software solutions from xRM.com LLC. It would help the company to strengthen
its position in higher education CRM and engagement. Its donor and alumni
engagement products will refine its ability to change how institutions achieve
fundraising success.
· February 2018: Loving Municipal School District (LMSD) of New Mexico partnered up with Discovery Education. It will blend STEM Leader Corp with Discovery Education’s Streaming Plus digital service. It will further help to personalize learning and develop a robust environment promoting students’ desire to succeed and learn.
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A list of some of the most reputed edtech & smart classroom companies
operating in the global market:
·
SAP SE (Walldorf, Germany)
·
Apple Inc. (California, United States)
·
IBM Corporation (New York, United States)
·
Alphabet Inc. (California, United States)
·
Cisco Systems Inc. (California, United States)
·
NetDimensions (Holdings) Limited (Hong Kong)
·
Amazon.com Inc. (Washington, United States)
·
Microsoft Corporation (Washington, United States)
·
SMART Technologies ULC (Calgary, Canada)
·
Dell Inc. (Texas, United States)
·
Cornerstone On demand Inc. (California, United States)
·
2U, Inc. (Maryland, United States)
·
Fujitsu Limited (Tokyo, Japan)
·
Anthology Inc. (Boca Raton, Florida)
·
Ellucian Company L.P. (Virginia, United States)
·
Discovery, Inc. (New York, United States)
·
Blackboard Inc. (Washington, D.C., United States)
·
Jenzabar, Inc. (Massachusetts, United States)
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