The global EdTech and smart classroom market was valued at USD 85.91 billion in 2020 and is expected to grow at a CAGR of 16.4% during the forecast period. The rapid rise in digitalization in the education industry and the rising proliferation of e-learning solutions are significant factors driving the market demand for EdTech and the smart classroom market. Increasing public-private initiatives promoting online education throughout the world, along with increased availability of online courses by top education institutes, are also accelerating the growth of the global market of EdTech and smart classrooms.
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However, the security concern and data privacy issues related to intelligent schoolrooms and EdTech due to the growing cybercrime incidents are expected to restrain the market growth of EdTech and smart schoolroom. Apart from this, the integration of smart technologies, such as artificial intelligence (AI) and machine learning (ML), in online learning models is expected to create significant growth opportunities in the EdTech and smart classroom market over the forecast period.
The COVID-19 pandemic has had a positive impact on EdTech and the smart classroom market. This is due to the imposition of lockdowns due to COVID-19, and orders to shift schools online have significantly impacted the EdTech and smart classroom market. Digital education is the only effective mode of learning amidst the pandemic, and thus, many schools and institutes are moving towards EdTech education. The Jordon School District Board of Education also opted to move six schools online in November 2020 due to the ongoing spread of the COVID-19.
Similarly, in November 2020, the School District of Lancaster also decided to reintroduce online learning and EdTech for elementary schools following a month of its reopening of the traditional classrooms, owing to the surge in COVID-19 cases. This, in turn, is projected to result in the high proliferation of EdTech and smart classrooms as an alternative to conventional education, leading to market growth of EdTech and smart classrooms in recent years.
In the current scenario, EdTech and smart classroom is gaining significant prominence worldwide. It typically enhances the learning and teaching process to identify the academic paths and educate the students about the present and future learning opportunities. Growing digitalization in the education sector, coupled with the rise in implementation of connected and smart devices in e-learning, is the significant force that escalates the market demand for the market. Digital education and smart classrooms are also generating new learning opportunities for students' engagement through the online digital environment, boosting the overall quality of education.
In July 2020, Vasta Platform, a Brazilian K-12 EdTech firm, funded more than USD 300 million to provide digital content and administrative technologies, with a customer base that includes 4,100 private schools and more than 1.5 million student accounts across the country. Therefore, the EdTech and smart classroom has observed a significant rise in adoption due to improving the quality of education over the foreseen period.
Additionally, the rise in public-private initiatives promoting online education throughout the world is also driving the growth of the global EdTech and smart classroom market. Nowadays, online learning is also considered a productive alternative to conventional classroom-based education, and therefore, expanding the investment in digital tools from educational institutions. This has also turned the government's focus towards e-learning solutions into the mainstream by framing a policy to include EdTech platforms and certifying curriculums.
The market is primarily segmented on the basis of hardware, education system, technology, end-use, and region.
By Education System
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Based on the hardware segment, the interactive displays segment is expected to hold the largest market capture in the global market during the foreseen period. The growth of interactive displays can be attributed to the technological advancement in interactive displays technology and systems and the significant presence of innovative classroom hardware manufacturers. Further, the considerable presence of an interactive display can influence learning in many ways as it typically serves to increase the level of learner engagement, encourage students, and promote enthusiasm for learning.
Moreover, most hardware manufacturers have been stepping up in the business of offering interactive display hardware, which facilitates companies to relocate the technology and develop the hardware accordingly. For instance, in August 2021, Singer unveiled a new all-in-one interactive flat panel smartboard that incorporates the feature of TV, projector, computer, and whiteboard.
On the contrary, the interactive projector is expected to be the second-leading segment in the EdTech and smart classroom market, and hence, is witnessing considerable growth throughout the world. An interactive projector is the most ideal solution for classroom and collaborative office meetings.
In 2020, the K-12 segment held the largest revenue in the global market, owing to the extensive implementation of digital education software in education institutes because of the proliferation of digitalization in teaching processes.
Further, EdTech and smart classroom is gaining wide popularity in the K-12 on the back of technological breakthrough in learning and teaching in several countries for better engagement among students and teachers, along with the growing transformation of the conventional education practices. This, in turn, is expected to gain a significant profit share that accelerates the growth of the global market of EdTech and smart classrooms.
Geographically, North America leads the global market in 2020 and is estimated for the largest share in revenue due to the surge in trend and popularity of online education and the rising inclination towards digital technologies in the education sector. Additionally, the increasing availability of various online courses and programs offered by schools, colleges, and universities fuels the growth of EdTech and the smart classroom market in the region.
As a result, in May 2020, IBM Corp. has unveiled a new free digital education platform, namely Open P-Tech, which highly emphasized workplace learning and digital skills. This platform equips 14-20 years old learners and educators with foundational technology competencies. Such initiative undertaken by the market vendors in the key countries of the particular region is expected to bolster the region's EdTech and smart schoolroom growth.
Moreover, APAC is expected to register the highest CAGR in the global market in 2020. The market demand for EdTech and smart classrooms in the region is attributed to an increase over the study period, owing to the extensive implementation of EdTech solutions to identify the power of sophisticated learning methodologies and the growing usage of e-learning content in the region. Moreover, government-led initiatives and public-private partnerships are constantly growing in both rural and urban areas are also projected to contribute to the region's EdTech and smart classroom growth.
Some of the major market players operating in the global market of EdTech and smart classrooms include 2U, Anthology Inc., Apple Inc., Blackboard Inc., Cisco Systems, Cornerstone, D2L Corporation, Dell EMC, Discovery, Inc., Ellucian, FUJITSU, Google, IBM, Instructure Inc., Lenovo, Microsoft Corporation, Oracle Corporation, PROMETHEAN LIMITED, SAP SE, Smart Technologies ULC and Workday Inc.
Market size value in 2020
USD 85.91 billion
Revenue forecast in 2028
USD 277.21 billion
16.4% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Hardware, By Education System, By Technology, By End-Use, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
2U, Anthology Inc., Apple Inc., Blackboard Inc., Cisco Systems, Cornerstone, D2L Corporation, Dell EMC, Discovery, Inc., Ellucian, FUJITSU, Google, IBM, Instructure Inc., Lenovo, Microsoft Corporation, Oracle Corporation, PROMETHEAN LIMITED, SAP SE, Smart Technologies ULC and Workday Inc.