Smart Education Market to grow at a CAGR of 20.44% during 2024-2028
The Smart Education Market is expected to grow at a CAGR of 20.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 486.2 billion. In the burgeoning Smart Education Market, numerous vendors are introducing innovative products, capitalizing on its significant growth potential. Notably, in February 2022, SMART Technologies unveiled the SMART Learning Suite (SLS) software, designed to assist educators in managing the challenges of hybrid teaching environments. This cutting-edge solution empowers teachers to deliver engaging, interactive learning experiences, irrespective of students' physical locations. Furthermore, the new SMART Learning Suite Online offers convenient access to SMART Notebook lesson contents on any device, complementing SMART Board interactive displays and accessories. These advancements are anticipated to bolster market expansion in the forecast period.
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Technavio analysts predict that the Academics subsegment will lead the End-user segment during 2024 and 2028 In the higher education sector, institutions are adopting sophisticated EdTech solutions to streamline the learning experience and stay abreast of technological advancements. However, universities face challenges in reducing education expenses while maximizing the utility of acquired EdTech resources. To achieve strategic objectives and maintain competitiveness, smart education tools are viewed as essential. Institutions are investing in innovative learning solutions, with a focus on measuring the educational outcomes derived from their implementation. For example, social learning is being prioritized through the replacement of conventional Learning Management Systems with next-generation alternatives. Moreover, analytics is gaining widespread adoption across various aspects of education delivery.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising focus toward e-learning
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The Smart Education Market is experiencing significant growth due to the increasing adoption of digitization in the education sector. Investments in education technology, particularly in digital learning solutions, have surged as corporations recognize the benefits of cost-effective training and flexible learning options. Artificial intelligence (AI) is playing a pivotal role in this transformation, providing personalized learning experiences and enhancing deep topic comprehension. Virtual classrooms, web-based learning, and online learning are becoming increasingly popular, offering multichannel learning experiences that cater to various learning styles. Traditional in-person instruction still holds value, with face-to-face discussions and tutor-led activities remaining essential for social learning and hands-on experience. Images, videos, and online exercises are essential learning materials in this multichannel process. The integration of AI in education also allows for interactive visuals and real-time feedback, deepening understanding and engagement. The benefits of smart education extend beyond cost savings, with learners able to access a global community of fellow learners and tutors for collaboration and knowledge sharing. The blended learning approach, which combines traditional and digital methods, offers the best of both worlds, allowing for a more effective and engaging learning experience. Overall, the smart education market is poised for continued growth, with the potential to revolutionize the way we learn and acquire new skills.
In the Smart Education Market, key inputs encompass capital investments, skilled educators, instructional materials, on-site and online classroom instruction, writing instruments, and learning centers. The pitching and profiling function is crucial, enabling firms to grasp industry and client business needs, thereby proposing superior value propositions. Concurrently, resourcing and communication operations streamline workflows, reducing resource utilization. Key activities include project management, resource planning, enhanced client engagement, and communication, ultimately boosting value perceptions and client satisfaction.
The Smart Education Market is experiencing significant growth, fueled by the rising focus toward e-learning. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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