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The smart education market size is estimated to grow at a CAGR of 17.98% between 2022 and 2027. The market size is forecast to increase by USD 353.17 billion. The report includes historic market data from 2017 to 2021. It also extensively covers market segmentation by end-user (academics and corporate), component (service, software, and hardware), and geography (North America, Europe, APAC, South America, and Middle East and Africa). This report also includes an in-depth analysis of drivers, trends, and challenges.
Increased employment prospects is the factor driving the growth of the market. The growing demand for educational technology products is due to the rising dependence on STEM-based education. These products are used to support advanced educational needs. By dealing with 3D printing and simulation-based learning, students gain hands-on experience with various technologies. In addition, increasing demand for medical professionals such as physiotherapists and nurses, leading to a growing need for trained medical professionals in smart education and learning environments, is also driving the adoption of smart medical education. Hence, increasing employment opportunities will fuel the growth of the global smart education market during the forecast period.
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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.
The smart education 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 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.
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North America is estimated to contribute 40% to the growth by 2027. The presence of improved online infrastructure facilities has contributed to the rapid adoption of smart education and learning systems by educational institutions in the region. Market players-introduced software solutions are becoming available through both hosted and cloud platforms. Higher education institutions primarily use cloud platforms to install various EdTech products and solutions. Cost savings, scalability, and availability of expertise are driving institutions to adopt cloud-based technologies.
Moreover, the North American market has a large market share due to its well-developed infrastructure and rapid adoption of technology among educational institutions and students. The US is the largest adopter of digitization in the region, contributing significantly to market revenue. With a growing focus on improving the quality of education and increasing enrollments, educational institutions are looking for advanced and cost-effective teaching methods. Cloud-based technology is proving to be beneficial for educational institutions with sudden and rapid influx of students. 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. Academics segment consists of Higher education and K-12 schools. Colleges and universities are deploying cutting-edge EdTech products to simplify the learning process and stay up to date with the latest technologies. They purchase for learning 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 smart educational tools at the institutional level.
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The academics segment shows a gradual increase in the market share of USD 100.36 billion in 2017 and continue to grow by 2021. 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 smart education and learning 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.
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.
Continuous focus on new product development is the primary trend in the market. Some players are launching innovative products with market potential. The high prospect of some products in the education sector is expected to drive the market growth. For example, in February 2022, SMART Technologies announced SMART Learning Suite (SLS) software to help teachers navigate the realities of blended instruction. This software will help teachers provide a positive and immersive learning experience, no matter where their students are.
Furthermore, in March 2020, Blackboard announced the launch of the self-service portal blackboard collaborate. The portal is specifically designed for higher education institutions, school districts, and organizations to implement hourly virtual classrooms. Additionally, Adobe has released major updates to Lightroom, Premier Pro, After Effects, InDesign, and Adobe XD. Hence, the increasing emphasis on rapid product development is expected to fuel the growth of the market during the forecast period.
Budget constraints in emerging countries is the challenge that affects the growth of the market. For the majority of developing countries such as Brazil, India, Guyana and China, implementing smart education systems in modern classrooms is quite an expensive affair due to the high costs associated with buying smart devices for learning purposes. Budget constraints are higher in schools in emerging countries due to the high costs of purchasing hardware and software updates.
Moreover, there are some hidden costs involved in setting up an LMS. As a result, many educational institutions continue to prioritize conventional systems over smart educational systems. These budgetary constraints will lead to slow adoption of smart education systems in emerging countries, especially in APAC and MEA, during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Education Market Customer Landscape
In 2020, the COVID-19 pandemic boosted the demand for smart education in the region. As more companies adopt underground work-from-home options, people's leisure time has increased, which has drawn them towards digital learning. In addition, several schools in the US are forming unique partnerships between schools and smart education platforms. For example, in March 2020, the Los Angeles Unified School District and PBS SoCal/KCET offered local education programming, with separate channels focused on different age groups of students in the district. Such initiatives and developments will drive market growth in the region during the forecast period.
The smart education market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Smart Education Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.98% |
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Market growth 2023-2027 |
USD 353.17 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
15.39 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adobe Inc., Blackboard Inc., Cengage Learning Inc., Cisco Systems Inc., Cornerstone OnDemand Inc., D2L Corp., 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., Think and Learn Pvt. Ltd., and Educomp Solutions Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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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. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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