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The smart education market size is forecast to increase by USD 486.2 billion at a CAGR of 20.44% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market's growth is influenced by several key factors. One significant driver is the rising focus on e-learning, which has become increasingly popular due to its flexibility and accessibility. Additionally, the proliferation of modern teaching methodologies is transforming educational practices, making coaching more engaging and effective. Furthermore, the increased employment prospects associated with advanced education and training programs are encouraging more individuals to pursue further education. These elements collectively highlight the evolving landscape of education, where technological advancements and innovative approaches are playing a crucial role in shaping the future of learning and career opportunities. The growth of the market depends on factors such as the rising focus toward e- coaching, proliferation of modern teaching methodologies, and increased employment prospects.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Promethean World Ltd.: The company offers smart education such as MyLab & Mastering, providing personalized learning experiences through digital tools.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market research and growth and players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
North America is estimated to contribute 41% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast years.
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The Market is experiencing significant advancements, driven by the integration of technology into traditional coaching methods. Key components of this evolution include Recording lectures for later review and Blended learning platforms, which combine Face-to-face coaching and Complete online platforms. The Hybrid learning process, a blend of both, is favored by educators and learners alike due to its flexibility and accessibility. Favorable initiatives from governments and educational institutions, such as Grant funds and Professional learning programs for teachers, are propelling the adoption of Technology integration in schools and universities. Local affiliate members of educational organizations are also embracing Blended education, which offers a Personalized coaching experience for students. E-learning solutions, including NEA-supported Digital coaching solutions, are increasingly popular in the Corporate sector, leading to substantial Investments in education. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market share growth by the academics segment will be significant during the forecast period. The academics segment consists of Higher education and K-12 schools. Colleges and universities are deploying cutting-edge EdTech products to simplify the coaching process and stay up to date with the latest technologies. They purchase coaching solutions and are broadly interested in measuring the educational outcomes achieved using these tools. In addition, higher education institutions are experimenting with solutions such as AI-based curricula. The US and Germany are among the advanced countries in implementing tools at the institutional level.
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The academics segment showed a gradual increase in the market share of USD 111.70 billion in 2018 and continue to grow by 2022. K-12 schools have implemented one or another form of online education. However, they use EdTech products and services in different ways. The use of these educational technology products has shifted the focus of K-12 schools from the traditional education system to an education system that focuses on smart students while understanding the changing needs of students. The coaching system is expected to empower students in the K-12 segment by enhancing student knowledge acquisition and providing effective instruction delivery platforms. Therefore, market players intending to explore this segment should shift their offerings based on their skill sets and geographic reach, thereby boosting the growth of the K-12 segment of the market during the forecast period.
The Market is experiencing significant growth due to the adoption of digitization in the corporate sector. Blended learning, a multichannel process, is becoming increasingly popular as it combines the benefits of both online and in-person instruction. This approach includes tutor-led activities, videos, online exercises, in-person conversations, visuals, and images. Deep topic comprehension is facilitated through social learning with fellow learners. Cost-effective training is another advantage of digital learning solutions. The use of artificial intelligence in education is also driving investments in this area. The multichannel method allows learners to engage with learning materials through various digital tasks at their own pace. Face-to-face discussions in virtual classrooms provide an opportunity for interactive learning and problem-solving. The benefits of smart education extend beyond the corporate sector. Traditional classroom instruction is being complemented with web-based learning and online learning platforms. The use of learning materials in multiple formats, such as videos and images, enhances the learning experience. Overall, the shift towards digitization is transforming the education landscape, making it more accessible, efficient, and effective. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased employment prospects is the factor driving the growth of the market. In the contemporary educational landscape, e-learning has emerged as a pivotal force in delivering instruction and coursework in schools worldwide. The burgeoning digitization trend and the proliferation of Massive Open Online Courses (MOOCs) provided by startups such as Skillsoft, Cegos, D2L, GP Strategies, NIIT, Kallidus, Saba Software, AllenComm, and Learning Pool, are fueling the demand for smart education solutions.
Consequently, educational institutions and universities are required to upload assignments, journals, notes, and tests on secure online platforms, thereby driving the expansion of the global education market. E-learning systems encompass several components, including client-server, database server, application server, and necessary hardware interconnected within a network. Hence, increasing employment opportunities will fuel the growth of the market during the forecast period.
Continuous focus on new product development is the primary trend in the market. In the ever-evolving educational landscape, numerous vendors are introducing groundbreaking products to cater to the burgeoning market demands. The education industry, particularly in the higher education sector, is witnessing significant growth due to the potential of several innovative products. For instance, SMART Technologies unveiled the SMART Learning Suite (SLS) software in February 2022, designed to assist teachers in adapting to the hybrid teaching environment.
Moreover, this software enables educators to deliver engaging and interactive learning experiences, irrespective of students' physical locations. Furthermore, SMART Learning Suite Online offers students and educators effortless access to SMART Notebook lesson contents via cloud-based systems and content delivery networks. Other prominent players, such as Skillsoft, Cegos, D2L, GP Strategies, NIIT, Kallidus, Saba Software, AllenComm, and Learning Pool, are also investing in virtual learning environments and cloud-based systems to cater to the increasing demand for flexible and accessible education solutions. Hence, the increasing emphasis on rapid product development is expected to fuel the market growth and trends during the forecast period.
Budget constraints in emerging countries are the challenge that affects the growth of the market. In the realm of modern educational institutions, including universities, the implementation of smart education systems in developing countries such as Brazil, India, Guyana, and China presents significant financial challenges. The acquisition of smart devices for learning purposes and subsequent maintenance come with substantial costs, straining budgets allocated to schools.
Moreover, this financial constraint is particularly pronounced in emerging countries, where the procurement costs of hardware and software updates are elevated. Notably, government authorities play a crucial role in facilitating the integration of hardware systems in public education institutions at subsidized rates. Key players in the global market, such as Skillsoft, Cegos, D2L, GP Strategies, NIIT, Kallidus, Saba Software, and AllenComm, offer content delivery networks, virtual learning environments, and cloud-based systems to cater to the needs of higher education and individual learners. These budgetary constraints will lead to slow adoption of education systems in emerging countries, especially in APAC and MEA, during the forecast period.
The market development analysis report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a significant and growing sector, leveraging technology to enhance learning experiences. This market encompasses various solutions such as Learning Management Systems (LMS), Virtual and Augmented Reality (VAR/AVR), Artificial Intelligence (AI), and Digital Content. The integration of these technologies facilitates personalized learning, improves student engagement, and offers flexibility in education. The market is driven by factors like the increasing adoption of technology in education, the need for flexible learning solutions, and the growing demand for skills development. Additionally, governments and educational institutions are investing in digital infrastructure to support remote learning. The market is expected to continue its growth trajectory, with innovation and advancements in technology playing a crucial role.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.44% |
Market growth 2024-2028 |
USD 486.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.72 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, China, Canada, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adobe Inc., Blackboard Inc., Cengage Learning Inc., Cisco Systems Inc., Cornerstone OnDemand Inc., D2L Inc, Educomp Solutions Ltd., EI Design Pvt. Ltd., Ellucian Co. LP, Hon Hai Precision Industry Co. Ltd., Instructure Holdings Inc., John Wiley and Sons Inc., McGraw Hill LLC, Paradiso Solutions, Pearson Plc, Promethean World Ltd., Samsung Electronics Co. Ltd., Skillsoft Corp., SkyPrep Inc., and Think and Learn Pvt. Ltd. |
Market dynamics |
Parent market analysis, market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, condition analysis for the market projection period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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