The EdTech and smart classroom market is estimated to reach at a CAGR of 16.03% during the forecast period (2022-2029).
The education technology and smart classroom are described as learning modes, educational products, and applications. The education technology and smart classroom utilizes projectors, interactive displays, interactive whiteboards, interactive tables, printers, audio systems, and others to improve teaching practices in the education sector.
The market includes using the latest technologies such as educational gaming, educational enterprise resource planning, educational analytics, and educational dashboards for secondary and higher education, kindergarten, college, and other educational institutes.
Source: DataM Intelligence Analysis (2021)
The global EdTech and smart classroom market growth is driven by developing education systems towards more technologically advanced options and growing investments in the sector.
Developing education systems towards more technologically advanced options
The increasing use in multipurpose applications is driving the global EdTech and smart classroom market. In a digital world, education is no longer limited to the four walls of a classroom. Learners can now attend classes, study, communicate and receive assignments online.
With wide convenience to broadband, technology-augmented education is the new standard. Students can build a highly custom learning experience, all at their pace. In a recent Cengage survey, nearly three-quarters (73%) of students said they would prefer to take some courses to be held fully online after the pandemic. Hence, Organizations are seeking an equipped workforce ready for the future. For example, Arizona State University now offers 63 online undergraduate programs for over 30,000 students a year. Almost 70,000 Grand Canyon University students have gone online for classes and the University of Arizona extends its online registration to be triple by 2024.
Growing investments in the sector
The market has been gaining significant investments in the EdTech and smart classroom sectors among various countries due to the immense need to modify old teaching methods with modern technologies. For instance, in 2021, Class Technologies has created learning tools directly for Zoom and is ramping up its market after a US$ 105 million investment from SoftBank. The concept behind Class was to take those necessary core skills, the things that the instructors did in the physical classroom, and deliver them online.
The international funding for the EdTech industry is expected to boom in the upcoming years globally. Online talent platforms are anticipated to reach significant global GDP and boost employment rates in the upcoming years. Continuing technological advancement in the educational sector has given rise to these investments all around the globe. Education technology and smart classrooms are substituting the conventional classroom teaching method. Educational institutes are focused on adopting new advanced teaching methods, including projectors, whiteboards, smart notebooks, etc.
Improper access to the internet
The improper access to the internet in various countries is responsible for restraining the EdTech and smart classroom market growth. The EdTech and smart classroom requires proper access to the internet, which is still not available in various developing regions. For instance, in 2020- South Asian countries have millions of population without internet connections.
India and China are listed among the top internet issues, with 685 and 582 million populations not connected to the internet. Moreover, the lack of data storage infrastructure and technical know-how are other major factors restraining the market growth, especially in several underdeveloped countries.
Covid-19 Impact Analysis
Due to the pandemic, stakeholders across the EdTech and smart classroom industry have been growing exponentially. Countries around the globe are dependent upon online classes and EdTech systems to continue the education sector. During the unfavorable series of lockdowns, governments have implemented stringent rules to help dwindle the spread of the virus, which have forced the educational institutes to generate a solution to resume teaching even in much more serious conditions.
The demand for EdTech and smart classroom solutions has seen progress for e-learning, virtual classrooms and other digital solutions for offering uninterrupted education to students across the globe. The sudden changes in education systems and methods in the wake of an ongoing pandemic are shifting stakeholders to spend in modern technologies and modifying the sector's evolving technology landscape. Therefore, the EdTech segment grew amidst pandemics as developers and governments made significant investments worth billions of dollars into the education sector. Online learning platforms are getting tremendous demand, with billions of users globally.
By deployment type, the EdTech and smart classroom market is segmented into cloud-based and on-premises.
The need for performing complex operations is boosting sales for cloud-based deployment
Cloud-based deployment is expected to hold the significant EdTech and smart classroom market in the forecast period. In the cloud-deployed EdTech, solutions are entertained over the internet connection and users can log into the service provider's site. Teachers can upload content, create courses, and communicate with learners via their internet browsers to avoid installing the required management software. This cloud deployment market has been gaining demand due to better and enhanced security, lower setup costs, quicker deployment, easy accessibility, enhanced storage space, automatic upgrade of course materials and automatic licensing done by vendors.
Education providers are instantly adopting newer methodologies to develop their catalogs by adding upgraded features with top Cloud Service Providers such as Microsoft, AWS and Google Cloud Platform governing the cloud market. The platforms are uniquely located to accommodate flexible support to support the shift in global learning habits. Many companies leveraging exam-ready platforms, e-learning and digital repositories transferred their on-premises infrastructure to the cloud. The need for obtaining scalable bandwidth and computational resources to handle thousands of users accessing the sources was imminent. EdTech companies can quickly build, deploy and execute simple and complex operations with ease using intensely integrated cloud services.
Source: DataM Intelligence Analysis (2021)
The recent government initiatives in the education sector are boosting the market in the Asia-Pacific region
Asia-Pacific region holds the important market share for the EdTech and smart classroom market globally. EdTech solutions have widely been adopted in this region to explore the potential of innovative learning methodologies. Rapid economic growth and modifying technologies in the EdTech field make the region the fastest-growing education market internationally. The requirement for custom eLearning content in educational institutes is one of the major factors driving the Asian EdTech and smart classroom market.
Various latest initiatives have been taken on the national level to develop the new educational foundations in the country. For instance, in 2020, the Directorate General of Training in India joined the NASSCOM Foundation and Microsoft to provide digital content for ITI students and future-ready employability skilling plans for reskilling and upskilling and reskilling. Nearly 1,20,000 students in nearby 3000 ITIs across India can benefit from this digitized e-learning module via the Bharatskills portal. Moreover, in 2021, Indian EdTech Teachmint has raised US$20 million to expand to new categories and geographies. The company hired over 1 million teachers from over 5,000 cities in India and the company’s users are growing by over 100% each month.
Source: DataM Intelligence Analysis (2021)
The EdTech and smart classroom market is highly competitive. The global companies are targeting K-12, higher education, and kindergarten sectors with their innovations. The local companies are also getting significant investments from the organizations to expand the market globally. In addition, some of the key players contributing to the market's growth are Apple Inc, Cisco Systems Inc, Blackboard Inc, IBM, Dell EMC, Google LLC, Microsoft Corporation, Oracle Corporation, SAP SE, Instructure Inc, and others. The players are adopting various new strategies to dominate the market, such as launching new technologies, acquisitions, partnerships, and collaborations, contributing to the global growth of the EdTech and smart classroom market.
Cisco Systems Inc
Overview: Cisco Systems, Inc. is a multinational company headquartered in San Jose, California. Through its diverse acquired subsidiaries, such as OpenDNS, Jabber, Webex, and Jasper, Cisco specializes in particular tech markets, such as the IoT, domain security, and energy management.
Product Portfolio: The Company offers hybrid learning and online learning services to schools and colleges.
Key Development: In 2020, Cisco launched its Webex Classrooms, a new platform supporting schools to manage hybrid and online classrooms. The platform works with Webex Meetings, Cisco's videoconferencing assistance, and gives educators, students, and parents a secure personal place to connect online.
The global EdTech and smart classroom market report would provide approximately 77 market data tables, 76 figures, and 180pages.
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