NEW YORK, Sept. 16, 2021 /PRNewswire/ -- As per the latest research study of Zion Market Research, EdTech and Smart Classroom industry accumulated proceeds about US$ 73.9 billion in 2020 and is slated to earn revenue of approximately US$ 210.3 billion by 2026. The EdTech and Smart Classroom market is set to register CAGR of approximately 15.8% in 2020-2026. In addition to this, surging use of mobile & smartphones and easy access to internet even in remote areas will drive market trends. In addition to this, humungous demand for EdTech solutions along with surge in online teaching with COVID-19 outbreak will drive EdTech and Smart Classroom industry landscape. Apparently, growing significance of holistic learning in educational institutions and universities has contributed to massive funding of these activities, thereby driving growth of EdTech and Smart Classroom Industry in recent years.
Increase in restrictions imposed due to COVID-19 pandemic along with easy access to high-speed internet along with massive utilization of mobile equipment in distant places along with availability of robust network infrastructure facility across globe will prompt EdTech and Smart Classroom Market size in years ahead. Additionally, technological breakthroughs in education sector have led to rise in e-learning activities and this has culminated into huge market demand. Furthermore, launching of new online learning models by reputed educational institutions and universities across globe will proliferate expansion of EdTech and Smart Classroom Industry in years ahead.
Moreover, strict government norms pertaining to maintaining of social distancing will prompt expansion of EdTech and Smart Classroom market during assessment timeline. Online learning apps are gaining huge demand and this has further promulgated growth of EdTech and Smart Classroom Industry over assessment timeline. Apart from this, many forms of EdTech including e-textbooks, communication tools, and curriculum management software have gained wide acceptance in e-learning industry and this will translate into huge growth of EdTech and Smart Classroom Industry over upcoming years. In addition to this, various telecom firms and regional governments have ensured that students falling in low-income group slabs can also attend online classes. Citing an instance, in 2020, Telkomsel – a wireless telecommunication service provider based in Indonesia- supplied near about 5,00,000 equipment to students and provided 30GB free data per month for users of K-12 learning application known as Ruangguru. Apart from this, in same year, Starhub -a reputed service provider in telecom business based in Singapore - offered broadband subscriptions to students belonging to families having low-income. In addition to this, Ministry of Education of Singapore provided nearly over three thousand mobile equipment to students falling under low-income groups.
Highlight on Enhancing Online Learning to Boost Market Size By 2026
Rapid expansion of EdTech and Smart Classroom Market over assessment period can be credited to utilization of modern methods of online teaching & learning by universities and schools as well as other educational institutes aided by new technologies. In addition to this, massive allocation of funds by government to educational sector and adoption of new modes of online learning will pave way for growth of EdTech and smart classroom industry in near future. Acceptance of e-learning tools as well as online methods for imparting education to even remote areas with an aim to curb illiteracy is likely to open new growth avenues for EdTech and Smart Classroom Industry in the forthcoming years. Nonetheless, growing cases of plagiarism is likely to put brakes on growth of EdTech and smart classroom market over upcoming years.
North America to Make Notable Contributions towards Overall Market Size By 2026
The growth of EdTech and smart classroom industry in North America over forecasting timeframe can be credited to easy access to new online education tools & systems embedded with innovative technological features. Surge in smart phone penetration in the U.S. and Canada will proliferate regional market size over 2020-2026. Apart from this, acceptance of AI, Deep learning methods, VR, and AR as well as 3D systems in tools used for delivering online education in countries such as the U.S. and Canada will contribute significantly towards regional market proceeds in upcoming years.
Few of the key players influencing growth of industry and profiled in our report include IBM Corporation, Apple, Inc., Cisco Systems, Google, Inc., Dell Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Ellucian, and SMART Technologies.
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