Overview
Smart education and learning focus primarily on mobile devices and the mobility of learners. It also gives way for flexible learning processes by doing away with traditional classroom teaching methods. Several schools across the globe are increasingly shifting towards smart education and learning by adopting smart devices for classroom teaching, including whiteboards and various mobile devices such as tablets and notebooks.
While the global smart education and learning market stood at $240 billion in 2017, it is bound to grow to a staggering $994 billion by the end of 2024. Various factors come into play to support such growth for the sector. One such crucial factor is the rising importance of smart education and learning. There is a strong demand for smart learning among students, employees, as well as others in the education domain.
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Additionally, there is an increase in the number of virtual schools and schools implementing the BYOD or bring your device programs. Such trends can present significant opportunities in the smart education and learning markets in the near future.
Market Segmentation
The adoption of learning management systems or LMS across the education sector is one of the critical factors that has contributed to such growth. Over the years, there has been an increase in demand for such modes of learning not just among students, but also among corporate professionals. These professionals are turning towards SaaS-based learning management systems to enhance their skills and become more competent.
One other significant growth factor for the sector is the courses which offer to upgrade the existing skills of the employees in addition to building new ones. Other learning models have also been adopted to cater to the growth of the smart education and learning markets, including video-based learning, gamification, and virtual classrooms. These methods are highly effective and engaging, and hence, are increasingly making their way into the education sector.
Regional Analysis
When it came to the adoption of self-paced learning methods, Russia and the UK were leading the pack in 2018. While North America was found to dominate the markets by learning mode during the forecast period. However, the Asia Pacific region, and especially India and Southeast Asia also presented a more extensive scope for growth in these markets during the forecast period. Different e-learning programs implemented across Europe have also played a vital role in the growth of the smart education and learning markets.
Similarly, in Latin America, there is high involvement of millennials in both professional as well as personal e-learning programs. In Brazil, the education sector is gradually going into stagnation. But that hasn’t stopped the region from exhibiting substantial growth in the corporate as well as vocational eLearning sectors.
The Middle East will also witness staggering growths in the smart education and learning markets, and especially in the gamification and SaaS-based learning systems during the forecast period.
Latest Industry News
Leading vendors across the world are also lending a hand to the growth of the smart education and learning markets. Such vendors have not only launched LMS and other amplified learning courses but have also offered various freemium programs with short-term subscriptions. They have also invested in product development for smart education and learning to come up with new products and services for the same. By getting the prices right, they hope to capture a larger share of these markets.
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