EdTech and Smart Classrooms Market Revenue to Hit US$232.9 billion by 2027- Report by MarketsandMarkets™
Chicago, Nov. 25, 2022 (GLOBE NEWSWIRE) -- The globalEdTech and Smart Classrooms Market is expected to grow from USD 125.3 billion in 2022 to USD 232.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period, according to report by MarketsandMarkets. Rising adoption of edtech platforms in government organisations, academic institutions, and other institutions, increasing internet and smartphone penetration, eLearning solutions, AI based learning, and the expansion of the edtech and smart classroom market across developing regions are driving growth in the global edtech market.
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286 - Tables
48 - Figures
253 - Pages
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Scope of the Report:
|Market size available for years||2021–2027|
|Base year considered||2021|
|Segments covered||Hardware (interactive displays, interactive projectors), education system (LMS, SIS, TMS), end user, deployment type, and region|
|Geographies covered||North America, Asia Pacific, Europe, Middle East & Africa, and Latin America|
|Companies covered||Apple (US), Cisco (US), Blackboard (US), IBM (US), Dell EMC (US), Google (US), Microsoft (US), Oracle (US), SAP (Germany), Instructure (US), 2U INC (US), Ellucian (US), Anthology (US), Lenovo (China), Smart Technologies (Canada), Cornerstone OnDemand (US), D2L (Canada), Workday (US), Discovery Education (US), Promethean (UK)|
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Interactive Displays segment to hold the highest market size during the forecast period
An interactive display is a wall-mounted device that allows users to create vibrant visual presentations and control on-screen data via digital touchscreen interactions. Interactive LCD panels, which come in a variety of sizes, are ideal for collaborative spaces ranging from small preschool classrooms to large corporate boardrooms. Today's interactive displays not only allow teachers and presenters to share information more clearly, but their touchscreen capabilities also make the entire audience more engaged. While traditional keyboard and stylus input options are available, today's leading interactive displays include multi-touch controls that recognise up to 20 points of touch at the same time. Unlike interactive whiteboard products, which frequently necessitate extensive training for new users, these interactive panels take advantage of the widespread popularity of tablets and smartphones by providing intuitive touch controls that feel familiar from the first use. Growth in flexible display technologies, increased demand for interactive whiteboards in the education sector, and an increase in the trend of touch-based devices are the major factors driving the global interactive display market. Many enhancements and improvements to the original design have been made in the 30 years since SMARTboards were first introduced in classrooms. The current models include features such as HyPr Touch with InGlass technology, which allows up to 20 simultaneous interactions with the board, the tool explore platform for the use of various stamps, pens, and other objects, and the ability to annotate over applications, web browsers, or any other pages the user shares with its students. These displays used in adaptive learning, lectures, behavioural learning, blended learning, information gap activities, task based learning. Interactive display helps in better student engagement. It also offers effective and trackable feedback. Touch screen interactive displays help keep classes productive and focused.
On-premise deployment is growing in a rapid pace during the forecast period
On-premises EdTech offers greater control over configurations and upgradation of the system. This will encourage organizations to adopt on-premises higher education tools. The on-premises deployment is a system that is arranged on the infrastructure in organizations and associated with the Local Area Network (LAN). On-premises EdTech solutions are stored on the server of the organization, and the user or buyer needs to acquire a license to use the solutions. Set up and maintenance are taken care of by the internal IT staff of the buyer, who has full control over the LMS software. The on-premises EdTech applications enable enterprises to create, store, and deliver business-critical data and control the access to learning programs. The percentage share of on-premises EdTech solution deployments is reducing as these applications demand high initial investments and long-term developer commitments. On-premises applications are used by enterprises where the continuous availability of a learning system is significant for a business process outcome. The on-premises deployment type offers high speed, scalability, flexibility, and security but lacks remote access to stored data. On-premise helps in learner centered instruction, lesson plan and self-organised learning environment. The world's most recent higher education institutions, in collaboration with relevant industries, have collaborated to develop programmes and curricula that ensure an exchange of essential knowledge while focusing on developing students' competencies and capabilities to meet the needs of the industry. Some of the distinguishing features of this innovative educational paradigm include mobile technology, internet coverage and high-speed internet, as well as social media platforms that allow students to learn whenever and wherever they want. Another distinguishing feature is that in this modern era of education, teachers' roles have shifted to those of facilitators and mentors. According to Statista, in 2020, approximately 51% of prospective students stated that affordability was the most important factor in selecting an institution for an online education course.
Europe is projected to be the third fastest growing region during the forecast period
Europe exhibits progressive growth in terms of the adoption of EdTech solutions. The European Commission works on several policy initiatives to modernize education and training. It further provides funding for research and innovation toward digital technologies in learning; and monitors the progress of digital transformation in schools. The European Union (EU) has adopted a communication on the Digital Education Action Plan, which helps individuals, educational institutions, and Education System Solutions to better adapt to rapid digital changes. Europe has a competent technological background that provides cost-effective solutions concerning strictly to customer requirements.
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In Europe, at the national level, eLearning policies are now emerging and focusing on policy measures, such as building up digital competencies among teachers and learners. Through the Self-reflection on Effective Learning by Fostering the Innovative Educational Technologies (SELFIE) tool, the European Commission assists schools across Europe in developing digital strategies to enhance teaching and learning. Europe has a competent technological background that strictly provides cost-effective solutions per customer requirements. The United Kingdom is a major hub for emerging edtech companies, as evidenced by the number of venture capitalists looking for edtech companies in the region. IBIS Capital, a London-based hedge fund that invests in early stage ventures in the media, technology, and education sectors, discovered that 184 institutional investors (funds, family offices) and 1,800 ultra-high net worth individuals with more than GBP20 million to invest in the UK were actively seeking investment opportunities in the edtech sector. The teacher training, teaching practice, webquest, direct method, instructional practice and instructional methods are highly applicable in Europe region.
Some prominent players across all service types profiled in the EdTech and Smart Classrooms Market study include Apple (US), Cisco (US), Blackboard (US), IBM (US), Dell EMC (US), Google (US), Microsoft (US), Oracle (US),SAP (Germany), Instructure(US).
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