Favorable Government Policies & Technological Advancement to Spur Growth Across EdTech and Smart Classroom Market
The education system has been functioning on mainstream patterns and technology for years now. To deliver quality education, several governments have devised policies and schemes that encourage children to attend schools. However, an increasing number of students getting access to education eventuate the need for better educational facilities. To this end, the cutting-edge technological advancements in the educational sector have been of great significance.
Educational institutes across the globe are adopting EdTech and smart classrooms as it makes lectures more interactive and provides a better understanding of the subject through enhanced visuals and texts. In addition to this, educational technology facilitates a much broader and more sophisticated lens to view and understand obscure courses. Unlike conventional education systems, these EdTech and smart classrooms garner learning modules, educational data, and applications into a single and accessible platform. Thus, the objective to enhance the educational standards backed by government support is expected to proliferate the incorporation of EdTech and smart classrooms in the educational industry.
By 2026, the EdTech and smart classroom market value is projected to reach US$188.8 Bn in contrast to US$72.1 Bn in 2018. Therefore, this registers an exceptional CAGR of 14.5% for the forecasted timespan of 2021 to2026.
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Learning Management Systems are the Beating Heart of EdTech and Smart Classroom Market Expansion
Learning management systems dominate the market for smart classrooms and EdTech. Exceptional features to assign tasks/courses, track student performance, grant grade, and certifications are key growth drivers for the LMS in the educational industry. Fully-automated administration, supervision, and other managerial capabilities of LMS ensure efficiency and reduce manual efforts of the instructor/teacher.
Consequently, driven by advanced technology, availability of educational resources, and powerful automation altogether are likely to boost the demand for learning system management in the times to come.
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Emergence of COVID-19 Propels Tremendous Growth Across the EdTech and Smart Classroom market
The emergence of COVID 19 led to the worldwide shutdown of educational institutes. Sudden cessation shifted the educational scenario and redirected it towards an online platform. The growing need to deliver education online underpinned the demand for educational technology and smart classrooms. Furthermore, these applications are tailor-made to be accessed over mobile devices as well as desktops. Hence, the market for EdTech and smart classrooms is anticipated to grow at a promising pace in the years to come.
North America Leads in the EdTech and Smart Classroom Market
North America is expected to be the leading marketplace for EdTech and smart classrooms. Irrespective of industry, the region is open to accepting new technology which makes it amongst the top regions incorporating EdTech in the universities and schools. Besides, European countries such as the United Kingdom, France, Italy, Germany, and Norway are paving their way through the EdTech and smart classroom market. The government support alongside shore-up investments is envisaged to be the key growth drivers in the regions.
Competitive Players Across the EdTech and Smart Classroom Market
World over, the companies taking the lead across the EdTech and smart classroom market are IBM Corporation, Amazon.com Inc., Cisco Systems Inc., Alphabet Inc., Learning Technologies Gr, and Apple Inc. These players give a competitive edge to businesses with consistent innovation and cutting-edge tech advancements.
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