DUBLIN--(BUSINESS WIRE)--The "Smart Education and Learning Market Size, Share & Trends Analysis Report by Age, by Component (Hardware, Software, Service), by Learning Mode, by End User, by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global smart education and learning market size is expected to reach USD 680.1 billion by 2027. The market is anticipated to witness a CAGR of 17.9% from 2020 to 2027.
Demand for smart education and learning solutions is increasing among the growing population in corporate and academic sectors, owing to benefits such as improved education quality and easy access to educational content. Increasing adoption of consumer electronics, such as smartphones, e-readers, laptops, and e-learning applications, has altered conventional education methodology and has enhanced the efficiency of an individual to learn. Additionally, there are enormous opportunities for advancements in the market, owing to improved internet accessibility.
Also, the COVID-19 outbreak has emerged an opportunity for the market with an increasing number of states and countries closing educational institutes. For instance, over 90.0% of the world's students are not attending their schools due to this pandemic, as mentioned by UNESCO (The United Nations Educational, Scientific, and Cultural Organization). Commonwealth of Learning (COL), an intergovernmental organization of The Commonwealth (Canada), has supported educational institutions and governments in building robust distance education solutions for quality e-learning practices. However, lack of awareness among end-users about the latest technologies and inadequate amount of resources for delivering quality education in developing regions is anticipated to hinder market growth.
The simulation-based learning segment is anticipated to exhibit the highest CAGR because this mode enables corporate professional and educational institutions to create a realistic experience in a controlled environment. It also allows professionals and learners to practice, navigate, explore, and obtain more information through a virtual medium before they start working on real-life tasks. Growing awareness among people and the rising popularity of smart education are encouraging solution providers to invest in research and development for creating more reliable, better, and cost-effective solutions. Manufacturers are making substantial investments in developing new products for enhancing the user experience.
Smart education and learning market report highlights:
- Growing demand for smart educational practices can be accredited to factors, such as reducing expenses of online training, curbing geographic challenges in physically attending classes, and time constraints faced by aspirants
- Increasing penetration of the Internet of Things (IoT), enhanced internet accessibility, and rapid adoption of mobile technology have encouraged users to adopt smart education and learning solutions
- Innovative techniques, such as gamification, Massive Open Online Courses (MOOCs), microlearning, and adaptive learning, which improve the overall educational process, are expected to drive the market over the projected period
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North America accounted for the largest market share in 2019 owing to its large consumer base for e-learning methods
Market Dynamics
Drivers
- Need to reduce costs of training owing to rising budget and time constraints
- Favorable government initiatives and growing investments for increasing the global literacy rate
- Rising penetration of innovative EdTech products and services
Restraint
- High initial investment and lack of resources in developing countries
Opportunity
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Growing demand for Bring Your Own Device (BYOD)
Companies Mentioned
- Adobe
- Blackboard Inc.
- Cisco Systems, Inc.
- D2L Corporation
- Educomp Solutions Ltd
- Ellucian Company L.P.
- McGraw-Hill
- MPS Interactive Systems Limited
- Pearson
- SAMSUNG ELECTRONICS CO., LTD.
- SMART Technologies ULC
- SumTotal Systems, LLC (A subsidiary of SkillSoft Ireland Limited)
For more information about this report visit https://www.researchandmarkets.com/r/wfsbye
