Chicago, June 04, 2024 (GLOBE NEWSWIRE) -- The Smart Learning Market is projected to grow from USD 67.1 billion in 2024 to USD 155.2 billion by 2029 at a CAGR of 18.3% during the forecast period, according to a new report by MarketsandMarkets™. The rapid advancements in technology are revolutionizing the smart learning market. AI-powered tools are enhancing personalized learning experiences by adapting educational content to meet individual students’ needs, thereby making teaching and learning more effective. Similarly, AR and VR technologies are creating immersive learning environments, simplifying complex subjects, and making them more engaging for students. Additionally, the use of big data allows educators to conduct detailed analyses of student performance and learning behaviors, helping them tailor instruction to improve outcomes. IoT devices further facilitate seamless connectivity and data sharing between students and teachers, enhancing interactive learning.
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Smart Learning Market Dynamics:
Drivers:
- Gamification in EdTech
- AI emerging as critical tool to enhance learner engagement
- Growing demand for LMS software to effectively manage learning content
- Enterprises focusing more on human capital development
- Rising enrollments in higher education sector
Restraints:
- High cost of infrastructure
- Infrastructure limitations
Opportunities:
- Transnational education
- Advancements in smart learning technologies
List of Top Companies in Smart Learning Market:
- IBM (US)
- Samsung (South Korea)
- Adobe (US)
- Anthology (US)
- SMART Technologies (Canada)
- Oracle (US)
- SAP (Germany)
- Microsoft (US)
- Cornerstone OnDemand (US)
- Pearson (UK)
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The hardware offering segment contributed the largest market share in the smart learning market during the forecast period.
The hardware segment of the smart learning market encompasses a diverse range of devices and equipment designed to facilitate interactive and immersive learning experiences. It includes hardware devices, such as interactive displays, interactive whiteboards, smart boards, smart tables, and others (interactive podiums, interactive tablets, projectors, and digital pens). Together, these hardware solutions empower educators and learners to explore, create, and interact with educational content in innovative ways, thereby improving learning outcomes and fostering a culture of active participation in educational settings. The hardware industry for smart learning is highly competitive due to the use of developing technologies in the education segment. Educational hardware vendors provide additional software products with such products to enable effective collaboration and learning. In the hardware devices space, competition exists between Smart Technologies, BenQ, Huawei, Dell, Panasonic, Promethean World, Samsung, and Microsoft.
The Synchronous learning type registered the highest CAGR in the smart learning market during the forecast period.
Synchronous learning is online learning, which happens in real-time. In this type of learning, learners can interrupt the tutor and ask their doubts between ongoing sessions. Online communication helps learners stay in touch with their teachers and fellow students. Several corporate organizations follow the synchronous learning training process to train their employees, wherein experienced employees usually take the instructor role. In contrast, comparatively less experienced employees take the role of a learner. Synchronous learning solutions include Blackboard Collaborate, Google Workspace Suite, McGraw Hill SIMnet, Adobe Connect, and Cisco Meetings. Synchronous learning has some benefits of asynchronous learning, such as classroom engagement, dynamic learning, and instruction depth. In the smart learning market, synchronous learning is growing at a higher CAGR, owing to technological enhancements enabling users to communicate in real-time.
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Based on region, North America holds the largest market size during the forecast period.
North America spearheads the global edtech sector, embracing cutting-edge smart education solutions. US and Canada command robust demand for smart learning solutions thanks to its well-established digital infrastructures in this region. The region's early adoption of 5G technology is expediting the adoption of smart learning solutions, with the US and Canada emerging as significant contributors to the North American smart learning market. Key market players such as Cornerstone and Anthology are instrumental in driving the region's growth, shaping a future characterized by enhanced learning paradigms.
Key players in the smart learning market are IBM (US), Samsung (South Korea), Adobe (US), Anthology (US), SMART Technologies (Canada), Oracle (US), SAP (Germany), Microsoft (US), Cornerstone OnDemand (US), Pearson (UK), BenQ (Taiwan), Google (US), McGraw Hill (US), Cisco (US), Huawei (China), D2L (Canada), Ellucian (US), Alphabet (Alphabet Inc), Upside LMS, Edsys (India), echo360 (US), Knowledge Anywhere (US), Instructure (US), SkyPrep (Canada), Paradiso Solutions (US), and Latitude CG (US). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative smart learning market technologies and offerings owing to the emergence of new application areas for smart learning markets. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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