The global smart education and learning market size is projected to reach USD 783.48 billion by the end of 2027. The rising smartphone penetration, coupled with the ease of availability of high speed communication networks across the world will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled "Smart Education and Learning Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Learning Mode (Collaborative Learning, Virtual Instructor Led Learning, Simulation-Based Learning, Social Learning, Blended Learning), By End User (Corporate, Academic, Government), and Regional Forecast, 2020-2027," the market was worth USD 191.32 billion in 2019 and will exhibit a CAGR of 19.6% during the forecast period, 2020-2027.
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Smart education and learning has been an integral part of our lifestyle ever since the roots of technology have been spread across the world. The implementation of real time concepts has proven beneficial for several applications, including smart education. The changing lifestyle habits and schooling patterns have created several growth opportunities for the companies operating in the market. The presence of several large scale companies in this sector has subsequently emerged in favor of the growth of the overall market. The massive investments in technological integration are consequential to the benefits offered by smart education and learning, especially in unprecedented times such as pandemics and emergency situations. The primary aim of smart education and learning is to introduce a simplified way of learning and evidently, these platforms have catered to the COVID-19 pandemic.
Smart Education Has Almost Perfectly Fit-In During the COVID-19 Pandemic
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has compelled governments across the world to focus on implementing strict measures that would include social distancing practices to curb the spread of the virus. In such situations, platforms such as smart learning and education become an essential part of our life. As more people are left with no other option than to stay indoors, online platforms blend in perfectly with this kind of lifestyle. The presence of numerous large scale vendors will have a significant impact on the growth of the overall market during the COVID-19 pandemic.
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Company Mergers are an Increasing Trend Among Major Companies Across the World
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and collaborations has made the highest impact on market growth. Due to healthy market competition, companies have found it increasingly difficult to penetrate in the consolidated regions and it looks like collaborations have given most of the companies a platform to expand their businesses. In June 2020, Skillsoft announced that it has collaborated with Data Society to develop a new virtual classroom platform. The company will develop its first Python Bootcamp that will enable attendees' interaction with all other people in the session. The company will look to develop a customized virtual classroom that will help address the rising product demand across the world. Skillsoft's latest collaboration with Data Society is one of several company collaborations of recent times that have had a huge say on the growth of the overall market.
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies will have a huge impact on the growth of the regional market. The increasing demand and adoption of online platforms as well as home schooling, especially in the United States, will bode well for the growth of the regional market. The rising coronavirus cases in the United States have been pivotal to the widespread adoption of the product and subsequently, the growth of the market. As of 2019, the market in North America was worth USD 68.54 billion and this value is projected to increase further in the coming years.
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List of companies profiled in the report:
? Blackboard Inc. (Washington, D.C., United States)
? Ebix Inc. (Atlanta, Georgia, United States)
? Cisco Systems, Inc. (San Jose, California, United States)
? McGraw Hill. (New York, United States)
? D2L Corporation. (Kitchener, Canada)
? NIIT (Gurugram, Haryana, India)
? Pearson (London, United Kingdom)
? SkillSoft (Nashua, New Hampshire, United States)
? SMART Technologies ULC (Calgary, Canada)
? Ellucian Company L.P. (Virginia, United States)
? BYJU'S (Bengaluru, Karnataka, India)
? PROMETHEAN LIMITED (Seattle, Washington, United States)
? Saba Software (Dublin, California, United States)
? SAMSUNG (Seoul, South Korea)
? Cengage (Boston, Massachusetts, United States)
? NetDragon Websoft Holdings Limited (Fuzhou, China)
? Absorb LMS Software Inc. (Calgary, Alberta, Canada)
? Cornerstone OnDemand, Inc. (Santa Monica, California, United States)
? Oracle Corporation (Redwood City, California, United States)
? Paradiso Solutions LLC (Silicon Valley, California, United States)
? CrossKnowledge (John Wiley & Sons, Inc.) (Suresnes, France)
? JZero Solutions Ltd (Slough, Berkshire, United Kingdom)
? Edmodo (Mariners Island Blvd, San Mateo, CA, USA)
October 2019 -- Saba Software announced the launch of a personalized learning experience platform, to provide better user engagement.
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