May 29, 2020
As per the report titled ‘Global Smart Education Market: Analysis By Component (Hardware, Software, Service), End User (Academics, Corporate), End User Sub segments, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global smart education market was worth USD 372.05 billion in 2019 and is anticipated to see substantial gains over 2020-2025.
Global smart education market is primarily driven by increasing adoption of smart devices in modern classrooms of education institutions. Rising number of connected devices in the education sector, growing adoption of eLearning solutions, and use of Artificial Intelligence (AI) and Machine Learning (ML) in smart learning techniques are among the other factors contributing to the industry growth.
Rising trend of digitalization along with shifting focus of primary and secondary schools, colleges and universities, as well as governments, corporations, and individuals on using technology for improving education is positively impacting the market growth, claim market analysts.
Although global smart education industry is slated to experience a positive growth trend in the coming years, COVID-19 pandemic is posing serious threat to industry remuneration. The nationwide lockdown measures imposed by governments across the globe have temporarily closed educational institutions, impacting over 91% students worldwide. Some countries have mandated localized closures, further impacting millions of learners, thereby slowing industry expansion.
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On the other hand, COVID-19 has prompted education institutes to completely transition into the online learning landscape, and revamping their application processes and crisis management, thereby creating ample opportunities for the growth of smart education industry.
Based on the component, the market is categorized into hardware, software, and service. Software segment has shown consistent growth in the last few years and is projected to record a positive growth graph owing to increasing number of eLearning software and online education platforms. On the other hand, hardware segment will also exhibit noticeable growth, fueled by the adoption of advanced technologies like digital pens, multi-touch displays, and projectors.
Considering the regional outlook, global smart education market is divided into North America, South America, Europe, MEA, and Asia Pacific. Among these, Asia Pacific smart education market is expected to grow exponentially over the analysis timeline with China at the forefront. Huge population base, favorable government initiatives, and improved accessibility to numerous eLearning applications through smartphones are some of the major factors supporting the regional industry growth.
Major players operating in global smart education market are Blackboard Inc., Boxlight Corp., Cisco Systems, Adobe Inc., Pearson, Smart Technologies Inc., Instructure, Inc., Ellucian, Educomp Solutions Ltd., Saba Software Inc., and NIIT Limited.