Smart Education Market size to record USD 353.17 billion growth from 2023-2027, Continuous focus on new product development is one of the key market trends, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ -- The global smart education market size is estimated to grow by USD 353.17 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 17.98% during the forecast period.

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Key Trends Fueling Growth

• Continuous focus on new product development: 
• Several vendors are introducing new products in the education sector, anticipating market potential. These products aim to enhance teaching experiences, especially in hybrid settings. SMART Technologies unveiled the SMART Learning Suite (SLS) software in February 2022, catering to hybrid teaching needs.
• This software enables teachers to deliver engaging lessons regardless of students' locations. Additionally, SMART Learning Suite Online provides convenient access to lesson contents on various devices, complementing SMART Board interactive displays.
• The SMART Document Camera 550 aids visual instruction, while the SMART Podium 624 facilitates effective communication and information sharing. In March 2020, Blackboard launched the Blackboard Collaborate Self-Service Portal, enabling quick virtual classroom implementation for educational institutions and organizations.
• Adobe also rolled out significant updates to various software, including Lightroom and Premier Pro. The emphasis on rapid product development is expected to drive market growth in the forecast period.

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Major Challenges:

• Budget constraints in emerging countries 
• For the majority of developing countries such as Brazil, India, Guyana, and China, the establishment of smart education systems in modern classrooms is quite an expensive affair owing to the high costs associated with the purchase of smart devices for learning purposes. These devices require maintenance as well, which apparently takes a toll on the budgets allocated to schools.
• The budget constraint is higher in schools in emerging countries owing to high procurement costs of hardware and software updates. Also, in most emerging countries across the world, government authorities act as an important link in integrating hardware systems in public education institutions at subsidized rates. Educational institutions in emerging countries have started allocating significant budgets for implementing advancing technology with existing systems for better productivity.
• However, educational institutions with limited budgets may not be able to invest heavily in the implementation as well as maintenance of smart software solutions such as LMS, thus, limiting market growth. Moreover, several hidden costs are associated with the implementation of LMSs.
• As a result, many educational institutions continue to prefer conventional systems over smart education systems. Such budget constraints will result in the slow adoption of smart education systems in emerging countries, particularly in APAC and MEA, during the forecast period.

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Segmentation Overview

1. End-user 
• 1.1 Academics
• 1.2 Corporate
2. Component 
• 2.1 Service
• 2.2 Software
• 2.3 Hardware
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Academics- The academics segment, comprising Higher Education and K-12 schools, is set to experience significant market share growth in the coming years. Colleges and universities are adopting advanced EdTech tools to simplify learning and stay current with technology trends, while also focusing on measuring educational outcomes.

• AI-based curricula are gaining traction, particularly in countries like the US and Germany. K-12 schools are increasingly embracing online education and utilizing EdTech products to cater to evolving student needs, shifting from traditional to smarter education systems.
• This shift aims to empower K-12 students through improved knowledge acquisition and effective instruction delivery platforms. Market players targeting this segment should adapt their offerings based on expertise and geographical reach to drive growth in the K-12 market during the forecast period.

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Analyst Review

The smart education market offers a diverse range of learning methodologies like blended learning, tutor-led activities, and online exercises. It leverages multichannel methods and digital tasks to enhance comprehension and foster social learning. With a focus on return on investment, organizations invest in e-learning materials and adopt cost-effective training solutions. Instructors facilitate instructor-led training through rotation, flex, online lab, and enriched virtual models.

Digital learning technologies facilitate face-to-face discussions and personalized doubt sessions, benefiting learners across industry verticals. However, challenges such as lack of awareness persist, especially in the healthcare sector. Yet, favorable initiatives like technology integration drive the adoption of e-learning.

AI, AR, and VR technologies further enhance learner motivation, supported by robust technical support, content availability, and data privacy measures.

Market Overview

The smart education market offers diverse avenues for learning, including videos, in-person conversations, and visuals. These methods facilitate deep comprehension of topics and ensure a quick return on investment. With the adoption of digitization, traditional classroom instruction is evolving into online, web-based, and virtual classrooms.

Learning materials are enriched with images and supported by tutors and fellow learners. This multichannel process caters to the corporate sector's needs, driving investments in digital learning solutions. Artificial intelligence further enhances the educational experience, making it accessible and effective for all. In this dynamic landscape, smart education is reshaping how knowledge is acquired and shared, empowering learners across industries to thrive in the digital age.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• End-user 
• Academics
• Corporate
• Component 
• Service
• Software
• Hardware
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio