Smart Education & Learning Market worth $446.85 Billion by 2020
MarketsandMarkets expects the total smart education and learning market to grow from $105.23 Billion in 2015 to $446.85 Billion by 2020 at a Compound Annual Growth Rate (CAGR) of 24.4% during the forecast period.
Smart Education Market, Smart Learning Market
As technology continues to develop, it brings with it the latest opportunities and challenges for educators and students. The biggest challenges for education institutions are the difficulties in adopting a secure infrastructure and the lack of digital fluency among institutions towards the latest technological trends.
Budget cuts continue to emerge for many K-12 and higher education institutions as they largely dependent on state funding. Educational institutions lack IT governance which is essential for making the right decisions while adopting products and software solutions. The vendors in the smart education & learning market are constantly innovating and remodeling their current planning to build more proficient and modern information systems.
The smart education & learning market caters to users from both the academic as well as the corporate world. The market consists of various large and niche players who provide proficient software solutions such as Learning Management Systems (LMS), Learning Content Management Systems (LCMS), Enterprise Resource Planning (ERP), test and assessment, and mobile education apps. These software solutions are gaining traction in various industry verticals such as retail, BFSI, government, and healthcare.
Major vendors in the smart education & learning market are Blackboard, Smart Technologies, EduComp Solutions, Three Rivers Systems, NIIT Limited, Scholastic Corporation, Saba Software, Ellucian, Cisco Systems, and Adobe Corporation. The major forces driving this market are the increasing growth of mobile educational applications and the improved collaboration between hardware vendors and educational content providers.
The education sector is no longer involved with the conventional form of teaching. The model of education has shifted and is now surrounded by digital technology. Schools and universities permit students to bring their own devices, thus making learning more engaging and interactive.