The surge in demand for online & remote learning tools and favorable government initiatives & corporate funding to promote smart education drive the growth of the smart education and learning market
PORTLAND, Ore., July 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Education and Learning Market by Component (Software, Services, and Hardware), Learning Mode (Virtual Instructor-led Training, Simulation-based Learning, Social Learning, Blended Learning, Adaptive Learning, and Collaborative Learning), and End User (Academics and Corporate): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global smart education and learning Market was valued at $260 billion in 2022 and is estimated to reach $1.4 trillion by 2032, exhibiting a CAGR of 18.4% from 2023 to 2032.
Prime determinants of growth
The surge in demand for online & remote learning tools and favorable government initiatives & corporate funding to promote smart education drive the growth of the market. In addition, an increase in the need for interactive and personalized learning environment fuels the growth of the smart education and learning market. However, a lack of digital literacy and skills and data privacy and security concerns limits the growth of this market. Conversely, the rise in the implementation of AR and VR technology in the education sector is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $ 260 billion |
Market Size in 2032 | $ 1.4 trillion |
CAGR | 18.4 % |
No. of Pages in Report | 267 |
Segments covered | Component, Learning Model, End-User, and Region. |
Drivers | Surge in demand for online and remote learning tools Favorable government initiatives and corporate funding to promote smart education Increase in need for interactive and personalized learning environment |
Opportunities | Rise in implementation of AR and VR technology in the education sector |
Restraints | Lack of digital literacy and skills Data security and privacy issues related to IoT devices |
COVID-19 Scenario
- The smart education and learning market had witnessed stable growth during the COVID-19 pandemic, due to the increased demand for online learning solutions. Educational institutions, governments, and private investors allocated significant funds towards developing and expanding smart education infrastructure. There was a significant rise in investments in technology, software platforms, content creation, and digital learning resources.
- Moreover, education technology companies were often seen to deploy technologies such as process automation and hybrid learning models to provide improved efficiency and reduce maintenance expenses during the outburst of the COVID-19 crisis.
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The software segment to maintain its leadership status throughout the forecast period.
Based on the component, the software segment held the highest market share in 2022, accounting for nearly half of the global smart education and learning market revenue, owing to an increase in the need for personalized learning, enhanced accessibility, and delivering interactive and engaging content. However, the same segment is also projected to manifest the highest CAGR of 20.9% from 2023 to 2032.
The blended learning segment to maintain its leadership status throughout the forecast period
Based on learning mode, the blended learning segment held the highest market share in 2022, accounting for more than one-third of the global smart education and learning market revenue, owing to, the rise in demand for cost-effective solutions in educational institutions to provide optimized resources. However, the adaptive learning segment is projected to manifest the highest CAGR of 23.2% from 2023 to 2032, due to the increasing adoption of adaptive learning systems to heighten the need for personalized learning experiences.
The Academics segment to maintain its lead position during the forecast period
Based on end users, the academics segment accounted for the largest share in 2022, contributing to more than two-thirds of the global smart education and learning market revenue, due to numerous beneficial factors, including flexibility and accessibility. However, the corporate segment is expected to portray the largest CAGR of 20.7% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to increasing demand for the connectivity of learning infrastructure in the corporate sector with effective tools and platforms for employee training and development.
Asia-Pacific maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for around one-third of the global smart education and learning market revenue, due to high demand for high-quality mobile services, extensive availability of fiber, and rise in penetration of the advanced technology across the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.6% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the increase in demand for quality education and skills development, coupled with the rapid expansion of internet connectivity and mobile device adoption.
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Leading Market Players:
- Adobe Systems Incorporated,
- Blackboard Inc,
- Cisco Systems, Inc,
- Desire2Learn Incorporated,
- Educomp Solutions Limited,
- Ellucian Company L.P,
- NIIT Limited,
- Saba Software, Inc,
- SMART Technologies Inc,
- Unit4 Business Software Ltd,
The report provides a detailed analysis of these key players in the global smart education and learning market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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