Market Research Future (MRFR) believes that the smart education and learning market 2020 could potentially reach an approximate valuation of USD 952 Billion by 2023. The global market is also likely to procure a robust growth rate of 26% between 2017 and 2023 (analysis period). We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
Key Boosters and Top Challenges
The COVID-19 outbreak has had a significant impact on every aspect of the world economy, with the education industry not being an exception. Colleges, institutes and schools have closed down due to the lockdown worldwide, which means that students have to be at home and still continue with their courses. The pandemic has restricted physical mobility, which has turned everything virtual. The major disruption has prompted the education sector to go fully digitized and adapt to any changes that SARS-CoV-2 brings along with it in the coming time. This could translate into favorable prospects for the smart education and learning market.
Since the onset of the novel coronavirus, there has been a surge in the use of the latest technologies such as AI, big analytics, machine learning and more for planning and managing digital transformation across the education industry. These technologies are driving the movement from traditional learning methods to smart education and learning. The main goal is to enrich the learning experience, train the work staff and achieve desired outcomes. Following the COVID-19 impact on the worldwide education system, universities and schools have built an extensive intranet system, which helped boost the use of video broadcasting platforms such as Google Hangout, WebEx and Zoom that facilitate smart learning at home. Also, the accelerated uptake of mobile learning applications and the momentum being gathered by digital learning altogether can reflect positively on the growth of the smart education and learning market.
Furthermore, a number of education facilities have created real-time social media and messaging channels such as YouTube, WhatsApp, Facebook, and more to ensure that every student regardless of their location gets learning opportunities. The use of augmented reality/AR and virtual reality/AR in the education section has benefitted educators and students. With AR and VR, educators are now able to interact with students in an immersive 3D model that helps boost their motivation to learn. Speaking of advanced technology, AI or artificial intelligence has emerged as one of the smartest learning engine that offers learning customized on the basis of the learner’s needs. With the solid growth of AI in the education field, many of the key firms are jumping on the bandwagon and launching new apps and products that complement the whole experience of smart education and learning. To cite a reference, in April 2020, Smart Media came together with Cnnect, a renowned e-learning vendor and launched Smart-Cnnect app. It is a mobile digital training app that caters to the pharmacy workforce with regard to the CPD/category, product & continuous professional development training, right from their smartphones.
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The global smart education and learning market can be considered in terms of software, hardware, service, application, deployment as well as organization size.
The types of software in the market are learning content management system, adaptive learning platform, learning management system and assessment services.
Hardware-wise primary segments in the study are interactive student response systems, interactive tables, interactive displays, white boards/WBS, and more.
The services-based categories in the report include professional and managed services.
The application-wise key segments covered in the market study can be NGOs and association, healthcare, professional services, enterprise/business education, government, and others.
Cloud and on-premise are the key segments that are based on deployment.
The organization size ranges outlined in the study are large enterprises as well as small & medium enterprises (SMEs).
The regional study of the smart education and learning industry includes Asia Pacific/APAC, Europe, Americas, as well as the Rest of the World/RoW.
North America is presently the global leader in the smart education and learning market. It is presumed that the SARS-CoV-2 outbreak can further boost the market growth in the region, thanks to the escalating use of consumer electronics like laptops, e-readers and smartphones along with several e-learning applications. Also, several government agencies in Canada and the United States are lending support to the education sector to ensure continued learning sessions as well as interaction between teachers and students. For instance, the Commonwealth of Learning/COL in Canada is supporting educational institutions in creating advanced distance education and smart education solutions for quality learning experience.
The APAC market can possibly advance at the fastest rate, given the fast adoption of ingenious techniques, such as Massive Open Online Courses/MOOCs, gamification, adaptive learning and microlearning. Besides, the rapid prevalence of IoT/Internet of Things, increasing accessibility to internet, and the rapid consumption of the mobile technology have also prompted users to opt for smart education and learning services and solutions.
Prominent Industry Vendors
Prominent industry vendors covered in the MRFR study include Blackboard (U.S.), Educomp (India), Desire2Learn (Canada), NIIT Limited (India), Pearson Plc. (U.K.), Smart Technologies (Canada), Cisco Systems Inc. (U.S.), Tata Interactive Systems (India), Promethean Inc. (U.K.), SumTotal System, Inc. (U.S.), Saba Software Inc. (U.S.), McGraw-Hill Education (U.S.), Adobe Systems Inc. (U.S.), Ellucian Company L.P (U.S.), and more.
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Smart Education and Learning Market, By Software (Assessment Services Adaptive Learning Platform), By Hardware (Student Response System), By Service (Professional Service), By Application (Professional Services) – Forecast 2027
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