April 22, 2021
According to the report titled ‘Global EdTech and Smart Classroom Market Size study, by Hardware (Interactive, Displays and Interactive Projectors), by Deployment Type (Cloud and On-Premises), by Education System (Learning Management System, Student Information System, Classroom Assessment System, Classroom Collaboration System, Classroom Management System, Document Management System, Student Response System and Talent Management System), by Enabling Technology (Gamification, Analytics, ERP, Security and Advanced Technology), by End User (Kindergarten, K-12 and Higher Education) and Regional Forecasts 2020-2027’, available with Market Study Report, global EdTech and smart classroom market was assessed at USD 73.9 billion in 2019 and is projected to reach USD 244 billion by 2027, growing at a yearly rate of 16.1% throughout.
Increasing government investment and initiatives in the education sector, rising adoption of e-learning methods, and incorporation of machine learning (ML) and artificial intelligence (AI) in smart classrooms are proliferating the growth of global EdTech and smart classroom market. For example, India government allotted USD 8.56 billion to the Department of School Education & Literacy according to the Union Budget 2020-21.
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For the unversed, EdTech and smart classroom refers to the utilization of modern teaching methods which enhance understanding of concepts among students and encourages them to learn new technology. It makes use of white boards, projectors, and smart notebooks for the same. Technological developments in education sector have also facilitated worldwide EdTech and smart classroom market expansion.
The report states that strategic moves like product launches, alliances etc. by leading companies will boost the industry share. For example, IBM Corp. launched a free digital education platform which trains people in cloud computing, AI, cybersecurity, design thinking and other professional skills. This platform named Open P-Tech was launched on 5th May 2020 and has content in English, Portuguese as well as Spanish.
On the other hand, growing cyberattacks on educational enterprises and institutes increase privacy and security concerns, which will hinder growth of global EdTech and smart classroom industry in ensuing years.
From the regional frame of reference, North America captured majority of global EdTech and smart classroom market share in the past year, due to development of new technologies, and presence of technologically & economically advanced countries like Canada and US. Meanwhile, Asia Pacific market size is projected to record the highest annual growth rate over 2020-2027.
Leading players profiled in the report are Google LLC, SAP SE, Blackboard Inc., International Business Machines Corporation (IBM), Apple Inc., Dell EMC, Oracle Corporation, Cisco Systems Inc., Instructure Inc., and Microsoft Corporation.