New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Edtech and Smart Classroom Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Services), Deployment Type (On-Premises, Cloud, and Hybrid), and End-User (Upto K-12 and Higher Education)” The global edtech and smart classroom market growth is driven by growing popularity of cloud computing and cloud-based solutions among various industry sectors and its potential to accelerate the development and adoption of innovative technology solutions and services for enhanced user experience & improved operational productivity.
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| Market Size Value in | US$ 75.24 Billion in 2019 |
| Market Size Value by | US$ 234.41 Billion by 2027 |
| Growth rate | CAGR of 15.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 200 |
| No. Tables | 112 |
| No. of Charts & Figures | 86 |
| Historical data available | Yes |
| Segments covered | Component , Deployment Type , and End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Online learning has become an integral part of best learning and teaching practices around the world. EdTech and smart classroom solutions help enhance the quality of teaching and learning. The edtech includes online learning, educational teaching and learning theories, and computer-based and smartphone-based learning. It has been widely adopted by various K-12 and higher education institutes to offer better learning experience to students. Edtech and smart classroom is an assembly of several hardware and software systems, such as projectors, interactive displays, interactive whiteboards, printers, learning management, and classroom management modules. It is not possible to deploy all hardware components in one computer owing to the limited computation power; hence, a distributed computing platform is necessary for creating smart environment in schools and colleges, which also fuels the EdTech and Smart Classroom market growth.
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The growing need to develop competitive strategies in the education sector to withstand the market dynamics and rising focus on personalized learning are the key trends in the edtech and smart classroom market. Also, the increase in the adoption of mobile devices such as laptops, smartphones, and tablets provides profitable opportunities to the market players. However, the lack of technical know-how and data storage infrastructure is a key restraint for the market growth, especially in several underdeveloped countries in Africa and SAM. The US is recognized as one of the world leaders in terms of R&D related to edtech and smart classrooms.
The COVID-19 outbreak is expected to further drive the adoption of education technology solutions in schools, colleges, and universities owing to the temporary suspension of classroom teaching in the premises of educational institutions since March 2020 and uncertainty regarding future opening dates across all major regions such as North America, Europe, and APAC. Thus, the edtech and smart classroom market is experiencing increase in y-o-y growth in 2020, and it is further estimated to register a high CAGR during the forecast period.
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North America to Hold the Largest Share of Edtech and Smart Classroom Market
North America held the largest share of the global EdTech and smart classroom market in 2019. The US and Canada are among the most advanced countries in the region with respect to the adoption of technology across the sectors, such as education and training. Moreover, the presence of well-known EdTech and smart classroom market players, and widespread awareness regarding these smart technologies are anticipated to propel the market growth during the forecast period. The adoption of smart technologies allows educational institutions to gain better understanding of candidates seeking education from them, which enables them to offer customized content along with bringing down the rate of student attrition. Similarly, the faculty can design curriculum for education and learning systems by leveraging these software solutions.
The higher education institutions in North America are switching to the cloud technology for offering advanced education to their students and training their faculties to adjust with new applications used in online learning. The 2020 National Education Technology Plan is announced by the US government focuses on bringing new technological developments in the education sector and providing better learning opportunities to all students in schools and universities. In February 2020, the North Central Missouri College (NCMC) selected D2L’s Brightspace platform for the learning management system. Moreover, Benesse Holdings, Inc. funded US$ 50 million to Udemy, an online learning platform. Through the establishment of offices in Denver, Colorado; Dublin, Ireland; Gurgaon, India; Ankara, Turkey; and Sao Paulo, Brazil, the company is investing in the markets in San Francisco, as well as in the global market.
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