LONDON--(BUSINESS WIRE)--The smart education market is expected to grow by USD 117.71 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Education authorities across the world are undertaking various measures to digitize the education system and gain quantitative insights on performance. This is encouraging many traditional educational institutions to adopt smart education solutions to improve the quality of education and manage increasing student enrolments. Moreover, the adoption of smart education solutions offers several economical and environmental benefits for institutions. For instance, the deployment of smart education solutions reduces the dependency on paper as most of the paperwork will be scanned, digitized, and stored in digital forms. In addition, these solutions help educational institutions collect various information and streamline activities of the administrators and other back-office departments. Many such benefits are increasing the adoption of smart education solutions among educational institutions, which is driving the growth of the market.
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As per Technavio, the increasing number of strategic alliances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Education Market: Increasing Number of Strategic Alliances
The market is witnessing an increase in the number of strategic alliances among market players. For instance, in October 2019, CBSE collaborated with Adobe to launch a Creative Challenge across its affiliated 20,000 schools in India. Such strategic alliances are helping vendors in strengthening their market presence and increasing the reach of their products for a wide range of end-users. This trend will have a positive impact on the growth of the global smart education market during the forecast period.
“Rising adoption of wearables and IoT, continuous focus on new product development, and the emergence of virtual schools will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Smart Education Market: Segmentation Analysis
This market research report segments the global smart education market by product (content, software, and hardware), end-users (higher education and K-12 schools), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the smart education market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing number of schools and higher education institutions that have adopted smart devices in modern classrooms.
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Some of the key topics covered in the report include:
- Higher education
- K-12 schools
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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