In recent years, the global EdTech and smart classroom market has matured significantly, with its total market value being US$ 95,952.4 million in 2021. According to Research and Markets, this share is projected to reach US$ 188,768.5 million between 2021-2026, registering a CAGR of 14.5%.
EdTech and smart classroom market has reshaped the way learners consume and interact with content. The sophisticated technologies used in this market empower instructors to curate customized learning plans, creating headways to incorporate diversity, inclusion, and innovation in education. Moreover, these technologies are also pivotal in today’s business environment where enterprises consistently find new ways to improve collaboration, efficiency, communication, and personalization.
In the near future, the global EdTech and smart classroom market is poised to record intense innovation, experimentation, and product differentiation as online learning platforms attract millions in investments from public and private entities alike.
Key insights and trends dominating the EdTech and smart classroom market
Interactive display technology’s implementation is expected to scale over the forecast period owing to its positive outcomes in engagement-oriented learning, efficient two-way communication, and the ability to host a wide range of audio-visual content.
With the global shift to remote work lifestyles, EdTech and smart classrooms are poised to witness extensive utilization to execute online events, meetings, conferences, and other internal routine activities in organizations.
As the world gradually lifts lockdowns, distance learning continues to hold a strong foothold. Despite the opening of schools, educators strongly rely on blended learning, signaling that demand for novel distance education tools is set to increase in the foreseeable future.
Gamification and advanced technology set to create high-value and robust growth
Based on technology, the EdTech and smart classroom market can be classified into gamification, enterprise resource planning, analytics, and frontier technologies such as cloud. In terms of value, analytics is projected to hold the highest value share in 2021.
At present, the fastest-growing technology segment is gamification and, by 2026, it is estimated to register a CAGR of 15.7%. Advanced technology is also maturing at a remarkable pace; it is expected to garner a CAGR of 11.2% over the forecast period. Moreover, between 2021-2026, the cloud segment is expected to create favorable growth opportunities worth US$ 73,938 million.
North America and Europe chart the path to innovation-focused sustainable growth
North America, followed by Europe and some major Scandinavian countries, have emerged as the foremost contenders across the EdTech and smart classroom market.
Favorable public policies, high funding in next-gen education technologies, strong investments in EdTech businesses, extensive usage of digital devices, and stellar internet speeds enable these regions to sustain a sound environment for EdTech and smart classrooms. In 2021, the largest share in the market was commanded by North America; in terms of value, between 2021 and 2022, this region is poised to grow at an annual rate of 13.4%.
Prominent vendors across the global EdTech and smart classroom market include multinational corporations such as IBM Corporation, Apple Inc., Alphabet Inc., Cornerstone On-demand Inc., Cisco Systems Inc., Learning Technologies Gr, Microsoft Corporation, Amazon.com Inc., SMART Technologies ULC, Blackboard Inc., and Dell Inc. among others.
In the coming years, despite stiff competition from regional players, these companies are expected to powerfully capitalize the opportunities dispersed across the global EdTech and smart classroom market.