Edtech and Smart Classroom Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component, Deployment Type, and End-User
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.
NEW YORK, Nov. 23, 2020 /PRNewswire/ -- The global edtech and smart classroom market was valued at US$ 75.24 billion in 2019 and is projected to reach US$ 234.41 billion by 2027; it is expected to grow at a CAGR of 15.3% during 2020-2027.
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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.
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.
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 global edtech and smart classroom market has been segmented on the basis of component, deployment type, and end user.On the basis of component, the market is segmented into hardware, software, and services.
The software components are further categorized as learning management systems, student information systems, classroom management systems, classroom assessment systems, and others.On the basis of deployment type, the edtech and smart classroom market is segmented into cloud, on-premise, and hybrid.
The market based on end-user has been segmented into K-12 institutes and higher education institutes. Further, on the basis of geography, the edtech and smart classroom market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East, and Africa (MEA), and South America (SAM).
Overall size of the edtech and smart classroom market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market .
The process also serves the purpose of obtaining overview and forecast for the edtech and smart classroom market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the edtech and smart classroom market .A few of the key global EdTech and smart classroom market players profiled in this market study include Apple Inc.; Blackboard Inc.; Cisco Systems, Inc.; D2L Corporation; IBM Corporation; Lenovo Group Limited; Microsoft Corporation; Oracle Corporation; SAP SE; and SMART Technologies.
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