Smart Education Market to Reach USD 61.7 Billion by 2027 at a CAGR of 13.9% | Valuates Reports
BANGALORE, India, July 19, 2021 /PRNewswire/ -- The Global Smart Education Market is Segmented by Type (Content, Software, Hardware), by Application (K-12 Schools, Higher Education). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. This report is published on Valuates Reports under Education Category.
The global Smart Education market size is projected to reach USD 61.7 Billion by 2027, from USD 24.8 Billion in 2020, at a CAGR of 13.9% during 2021-2027.
Smart education refers to a self- directed (learning attitude), motivated (interest), adaptive (aptitude and ability), resource enriched (plenty of learning materials), and technology embedded (ICT utilization) education system.
Major factors driving the growth of the smart education market are:
TRENDS INFLUENCING THE GROWTH OF THE SMART EDUCATION MARKET
The rise in demand for educational content that is easily accessible anytime anywhere is expected to drive the smart education market. Because of the effective interconnection created via the application of sophisticated technologies, a smart education system allows improved access to information at any time and from any location. This feature is expected to drive the smart education market.
Increasing adoption of smart education by education institutions and corporates is expected to drive the growth of the smart education market. Smart education and learning solutions highlight the use of mobile instruments and place a premium on the learner's mobility. It also offers a customizable learning approach that may be used to replace traditional classroom teaching methods. A growing number of educational institutions are embracing the smart education concept by implementing high-tech teaching methods such as smart notebooks, whiteboards, and other technologies.
Furthermore, the rise in the number of virtual schools and the advent of the bring-your-own-device (BYOD) trend is projected to create significant market expansion prospects in the near future.
Proactive government initiatives in the developing markets to promote e-learning are expected to drive the smart education market. Many countries have taken significant steps to expand the adoption of smart education and learning systems, which is projected to open up the lucrative potential for the industry. The US government, for example, actively promotes the use of e-textbooks, graphics, and other interactive smart materials to increase learning, mainly in the K-12 segment.
SMART EDUCATION MARKET SHARE ANALYSIS
North America is expected to be the most lucrative during the forecast period due to the availability of adequate infrastructure and increased adoption of technologies in educational institutions in this region.
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SMART EDUCATION MARKET SEGMENTATION
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- The Virtual Schools market size is projected to reach USD 8007.2 Million by 2027, from USD 3418 Million in 2020, at a CAGR of 13.0% during 2021-2027. Global Virtual Schools key players include K12 Inc, Connections Academy, Florida Virtual School (FLVS), etc. Global top three manufacturers hold a share over 50%. The United States is the largest market, with a share of about 90%, followed by Canada and China, both having a share of about 5 percent. In terms of product, For-profit EMO is the largest segment, with a share of about 90%. And in terms of application, the largest application is Middle Schools, followed by Elementary Schools, High Schools, Adult Education.
- Virtual Classroom Market is expected to grow from USD 10.46021 Billion in 2019 to USD 26.78647 Billion by 2025, at a CAGR of 16.96%.
- Smart Education and Learning Market is projected to reach USD 730500 Million by 2027, from USD 281680 Million in 2020, at a CAGR of 14.1% during 2021-2027.
- Smart Education Infrastructure Market is segmented by Type Hardware (IaaS), SaaS, PaaS, by Application School Management System, APPs for Online Course and by various regions.
- Smart Education System Market is segmented by Type Hardware, Software, Service, Educational, by Application K-12, College, Corporate and by various regions.
- Smart Education and Learning Software Market is segmented by Type Cloud based, On premise, by Application Academic, Corporate and by various regions.
- K12 Education Technology market is projected to reach USD 56490 Million by 2026, from USD 11850 Million in 2019, at a CAGR of 25.0% during 2021-2026.
- Online Higher Education Market is segmented by Type Higher education hardware, Higher education software, by Application Young, Adults and by various regions.
- eLearning market is projected to grow USD 370 Billion by 2026, from USD 226 Billion in 2020, at a CAGR of 8.56% during 2021-2026.
- The Education Software market is projected to reach USD 6735.9 Million by 2026, from USD 3244.4 Million in 2019, at a CAGR of 11.0% during 2021-2026. USA, Europe and China are now the key developers of Education Software. There are some vendors with poor quality products, and the high quality products are mainly supplied by overseas producers. Articulate Global, Microsoft, Tyler Tech, MAXIMUS, Merit Software, MediaNet Solutions, Edupoint, SEAS, Brainchild, Neusoft, Wisedu, ZFSoft, Kingosoft, SAP and Oracle are the key suppliers in the global Education Software market. Top 10 took up about 22% of the global market in 2016. Microsoft, MAXIMUS and SAP, which have leading technology and market position, are well-known suppliers around the world.
- Digital Education Market to Grow With 33.28% CAGR for 2020–2026.
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