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SMART EDUCATION MARKET - GLOBAL FORECAST AND OPPORTUNITY ASSESSMENT BY TECHNAVIO
The global smart education market is expected to grow at a CAGR of more than 15% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global smart education market for 2017-2021. The market is segmented on end-user, which includes higher education and K-12 schools and by product, which includes content, software, and hardware.
The education system incorporated various technologies and adopted hybrid models of learning in the past decade. Institutions globally have received ed-tech products and are furnishing classrooms with various hardware systems and software solutions. The movement of the entire education system to an online platform has benefited classroom learning, enabling institutions to collaborate with their counterparts in other regions.
Technavio’s education research analysts categorize the global smart education market into the following segments by regions:
- North America
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North America: largest smart education market
“The presence of better online infrastructure facilities has helped institutions in North America to adopt smart education systems extensively. The software solutions introduced by education vendors are increasingly available via both hosted and cloud platforms, facilitating institutions to opt for the latter. The institutions, especially higher education institutions, are largely exploiting cloud platforms to install various ed-tech products and solutions,” says Jhansi Mary, a lead analyst at Technavio for research on education technology.
The technological landscape pertaining to education in this region can be best described as dynamic. Vendors are actively involved in innovating and providing dovetail solutions for institutions, such as interactive textbooks and e-readers with electronic paper screen technology. Institutions are largely collaborating with ed-tech solution providers for procuring support for developing smart education systems.
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Smart education market in Europe
“Europe is focusing on rigorously overhauling its education system to suit the advanced needs of students and match the global education standards. Online education has a huge presence in this region and institutions are observed to adopt online teaching and learning methodologies. Although, higher education institutions are the ones that are deploying education tools and software solutions in a full-fledged manner,” says Jhansi.
K-12 schools are expected to implement such solutions in upcoming years as they are busy building required infrastructure facilities. The institutions in Europe are currently seeking tools and technologies to develop effective and personalized educational content to strengthen each student’s learning process. Smart education can ensure successful materialization of these ideologies of institutions. Therefore, the demand for smart education will observe a significant growth during the forecast period.
Smart education market in APAC
APAC market is considered to be progressive and lucrative for education solution providers. The education industry in this region, especially India, Japan, and China, is evolving rapidly in terms of adoption of advanced education tools and technologies. This region serves as an outsourcing hub for developed countries because the hiring and management of skilled professionals is comparatively lower for the region.
The lack of adequate budget acts as a strong deterrent for institutions interested in adopting smart education. Other factors such as unavailability of uninterrupted Internet facilities are hindering the capabilities of institutions to incorporate smart education technologies. Institutions that already have adopted online learning are enticed in utilizing smart education software solutions such as SAS and learning analytics.
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