Major players in the smart learning market are Blackboard (US), Adobe (US), Educomp Solutions Ltd., Samsung (South Korea), SMART Technologies (Canda), Cisco Systems Inc., McGraw Hill Education, Microsoft (US), and Pearson.
The Global Smart Learning Market is expected to grow from USD 298.5 billion in 2019 to USD 371.9 billion in 2020 at a compound annual growth rate (CAGR) of 24.60%. The mark able growth is mainly due to the COVID-19 outbreak and extending lockdown. In order to keep learning undisturbed, the education communities across the world are introducing smart learning with devices supporting the access, at comfort of home. The market is then expected to grow and reach USD 650.1 billion in 2023 at CAGR of 20.46%.
The Smart Learning Market consists of sales of the mobile applications for learning and related services. The sales consist of revenues generated by sales of a particular online course or package to an individual. It is used by students and job holders to grow in their career. Smart learning is a broad name for education in today’s modern age. It reflects how advanced technologies are enabling learners to digest knowledge and skills more effectively and conveniently.
North America was the largest region in the Smart learning market. The Asia pacific region is expected to be the fastest growing region in the forecast period.
In the Smart learning market, most of the firms are introducing personalized education based on artificial intelligence in their smart learning platforms. The innovative and adaptive learning systems are providing an individualized learning experience for students based on their unique strengths and weaknesses, that helps in student overall development. AI learning tools are improving students and teacher experience. Therefore, AI tools are expected to improve the smart learning market.
The smart learning market covered in this report is segmented by software into learning content management system, adaptive learning platform, assessment systems, learning management system. It is also segmented by hardware into interactive white boards, interactive displays, interactive tables, student response systems and by learning mode into collaborative learning, virtual instructor led training, simulation based learning, adaptive learning, social learning, blended learning.
End-user lacking the skill and knowledge to operate the technology is expected to limit the growth of smart learning. According to UNICEF 2019 report, the literacy rate is lowest in least developed countries and around 77% in developing countries, unlike developed countries with literacy rate more than 95 percent. Therefore, the adoption rate of smart learning in developing countries is low compared to developed countries. The low awareness of the technology, skill to operate, and lack of knowledge in developing countries is likely to have a negative impact on the growth of smart leaning.
In January 2020, Pearson acquired digital learning technology from Smart sparrow an ed-tech innovator based in Sydney, Australia for a deal amount of USD 25 million. The deal comprises the acquisition of related assets and long-term licensing agreements.
The rise in many virtual schools across the globe contributed to the growth of the smart learning market. According to US Federal department data, the number of students taking at least one online course grew from 31.1 percent in 2016 to 33.1 percent in 2017 and 34.7 percent in 2018. The rate of growth was 1.6 percent from 2017 to 2018 compared to 2 percent from 2016 to 2017, which is a slow growth. However, the increase in virtual school is expected to drive the market in coming years. Currently, the global pandemic and extending lockdown has increased the online enrollment and the market for smart learning is on rise.
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Ankur Gupta, Head Marketing & Communications