Virtual Classroom Market Worth $19.6 Billion by 2023 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, March 14, 2019 /PRNewswire/ -- According to a new market research report "Virtual Classroom Market by Solution (Content Management, Device Management, UCC, Security), Hardware (Mobile Computing Devices, VR Devices), Service (Professional & Managed), Deployment Mode, User Type, and Region - Global Forecast to 2023", Published by MarketsandMarkets(TM), the Virtual Classroom Market size is expected to grow from USD 9.3 billion in 2018 to USD 19.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period.
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The major factors driving the Virtual Classroom Market include the wide acceptance of AR or VR for corporate training and development, continuous innovation in VR/AR technologies, increased participation and engagement in learning, demand for personalized learning experiences, and the use of connected devices in virtual classrooms.
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The content management segment to hold the highest market share
The content management segment is expected to gain traction in the Virtual Classroom Market during the forecast period. Furthermore, an educational content management system enables educators, trainers, authors, and subject matter experts to create, store, manage, and deliver digital content in the form of texts, videos, or audios to be used by learners. The demand for online educational content with enhanced learning experience is growing rapidly in both educational institutes and corporates. This factor is driving the growth of the content management segment.
Among hardware, mobile computing devices segment is gaining traction in K-12 institutions, specifically in the US
PCs, tablets, and mobile devices play an important role to enhance the learning process of students and employees. These devices need to be implemented with applications and strategies designed to meet needs of users. The growing adoption of the Bring Your Own Device (BYOD) policy and its implementation have seen steady and impressive growth in the last few years. For instance, Intel has implemented the BYOD policy throughout the organization by providing 30,000 mobile devices to its employees for the training and development purpose. Mobile computing devices convert the conventional classroom into mobile-centric education.
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North America to hold the highest market share during the forecast period
North America is one of the major contributors to the Virtual Classroom Market, due to technological developments. The US and Canada are the top contributing countries to the Virtual Classroom Market in this region. These countries have established economies, which empower them to strongly invest in R&D activities.
Moreover, the rapid development of the startup culture and high adoption of technologies in education are expected to fuel the growth of the Virtual Classroom Market in North America. In this region, enterprises are now shifting to virtual learning for better results and convenience of use. Multiple users can simultaneously access learning materials and resources from anywhere and at any time, and this has drastically helped the corporate sector cut down on expenses related to employee training.
This reason is one of the major factors that has led corporates to adopt virtual classrooms over old traditional teaching methods. Many academic and corporates have implemented virtual classroom for its modes, such as technology training, distance learning, instructor-led training, and flipped learning and blended learning.
The major vendors covered in the Virtual Classroom Market include Sony (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Google (US), Microsoft (US), Panasonic Corporation (Japan), Hitachi (Japan), Barco (Belgium), LG Electronics (South Korea), Veative Labs (Singapore), Cisco (US), Blackboard (US), Dell (US), IBM (US), Saba Software (US), Oracle (US), Edvance360 (US), Electa Communications (US), BrainCert (US), SKYPREP (Canada), Impero Software (UK), WizIQ (India), BigBlueButton (US), Digital Samba (Spain), and TutorRoom (Taipei).
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