Smart Learning Market Worth $56.5 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Jan. 28, 2020 /PRNewswire/ -- According to a new market research report "Smart Learning Market by Component (Hardware, Software (Integrated Solution and Standalone Solution), and Services), Learning Type (Synchronous Learning and Asynchronous Learning), End User (Academic and Enterprise), and Region - Global Forecast to 2024", published by MarketsandMarkets(TM), the Smart Learning Market size is projected to grow from USD 23.2 billion in 2019 to USD 56.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period.
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The major factors driving the growth of the Smart Learning Market include the proliferation of connected devices in the education sector, adoption of eLearning solutions, and growing use of Artificial Intelligence (AI) and Machine Learning (ML) in smart learning.
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By component, the hardware segment to record a larger market size during the forecast period
The smart learning hardware market consists of gadgets, equipment, and systems that help gain access to digital content through the internet. It includes hardware devices, such as interactive displays, interactive projectors, smart tables, and smart podiums. The advent of innovative hardware technology helps learners and teachers communicate using devices, such as tablets, smartphones, laptops, Personal Digital Assistants (PDAs), and Notebooks. These equipment come with an incorporated platform, which helps in the collaboration of learners and tutors by connecting multiple desktops, laptops, and smartphones in any location. The use of this technology for learning purposes has sparked a knowledge evolution where students can use mobile applications to connect with faculty members and where trainers can offer instant feedback, thus reducing the learning effort. The implementation of advanced technological aids, such as interactive displays and interactive projectors, helps increase student interactivity and knowledge retention. The hardware industry for smart learning is highly competitive due to the use of developing technologies in the education segment. Educational hardware vendors provide additional software to enable effective collaboration and learning. In the hardware devices space, there exists a competition between SMART Technologies, BenQ, Huawei, Dell, Panasonic, Promethean World, Samsung, and Microsoft.
By learning type, the synchronous learning segment to record a higher growth rate during the forecast period
Synchronous learning is online learning, which happens in real time. In this type of learning, learners can interrupt the tutor and ask their doubts between ongoing sessions. Online communication helps learners' stay-in-touch with their teacher and fellow students. In this type of learning, one individual (instructor) takes a lead role in the learning process by giving instructions to other learners. Several corporate organizations follow the synchronous learning training process to train their employees, wherein experienced employees usually take the role of the instructor, while comparatively less experienced employees take the role of a learner. Synchronous learning has some of the benefits of asynchronous learning, such as classroom engagement, dynamic learning, and instruction depth. In the Smart Learning Market, synchronous learning is picking up the pace and growing at a higher CAGR, owing to technological enhancements enabling users to communicate in real time.
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APAC to record the highest growth during the forecast period
APAC countries considerably contribute to the growth of the Smart Learning Market. The adoption of smart learning solutions has explicitly been implemented in this region to discover the power of innovative learning methodologies. Intrinsic strength and rapid economic growth make this region one of the fastest-growing education markets internationally. Countries such as Australia and Japan are expected to experience significant growth because of wider technological infrastructure. The Smart Learning Market is an upcoming segment with high growth potential in this region. The demand for custom eLearning content and technologies is one of the factors that is driving the Smart Learning Market in APAC. APAC continues to be the largest exporters and consumers of education services. APAC countries differ greatly, some being among the most technologically developed, while others still show signs of major weakness in terms of adopting the latest technologies. Lack of technological access in developing nations and lack of knowledge among end users are the key barriers that limit global educational technology providers from entering Asian countries, such as China and India. Australia and Japan have been submissive to smart learning solutions due to the emergence of innovative devices, such as interactive displays, interactive projectors, and printers. China and India, on the other hand, are now slowly becoming receptive to the incorporation of advanced technologies in sectors, such as Banking, Financial Services, and Insurance (BFSI); education; retail; and government. APAC is considered to be one of the major regions for software providers, as it covers a large terrestrial area and holds significant growth in this market. APAC continues to experience rapid growth in all areas of technology. The region being broad and diverse, not all countries enjoy the same levels of technology expansion and approachability.
Major vendors of Smart Learning Market include Blackboard (US), IBM (US), Samsung (South Korea), SMART Technologies (Canda), Adobe (US), Saba Software (US), Oracle (US), SAP (Germany), Microsoft (US), Cornerstone OnDemand (US), BenQ (Taiwan), Huawei (China), D2L (Canada), Newrow (US), Pearson (UK), McGraw-Hill (US), CrossKnowledge (US), Alphabet (US), Ellucian (US), Cisco (US), and UpsideLMS (India).
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