Smart Education and Learning Market Expected to Reach $1359.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Education and Learning Market," The smart education and learning market was valued at $259.98 billion in 2022, and is estimated to reach $1359.9 billion by 2032, growing at a CAGR of 18.4% from 2023 to 2032.

Smart education and learning emphasize shifting the focus from traditional teacher-centered instruction to online learning approaches. Smart education and learning prioritize individual learner needs, interests, and preferences. It involves providing personalized learning pathways, adaptive content, collaborative opportunities, and self-directed learning experiences to empower learners and promote active engagement in the learning process. It offers flexible learning options that fit the diverse needs of learners. Online courses, asynchronous learning, and mobile learning enable learners to study at its own pace and schedule. This flexibility accommodates working professionals, students with busy schedules, and individuals with other commitments.

Surge in demand for online and remote learning tools and favorable government initiatives and corporate fundings to promote smart education are driving the growth of the market. In addition, the increase in need for interactive and personalized learning environment is fueling the growth of the smart education and learning market. However, Lack of digital literacy and skills and data privacy and security concerns limits the growth of this market. Conversely, rise in implementation of AR and VR technology in the education sector is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

On the basis of component, the software segment dominated the smart education and learning market share in 2022 and is expected to continue this trend during the forecast period, as the increase in popularity of online learning and the shift towards digital education, drive the demand for educational content in digital formats, which helps in expanding the growth outlook of the software segment. However, the same segment is expected to witness the highest growth in the upcoming years, owing to the growth in focus on improving the educational institutes and learning software, which drives the segment growth globally.

On the basis of region, the smart education and learning market was dominated by Europe in 2022 and is expected to retain its position during the forecast period, due to increase in adoption and growth of advanced and latest technologies such as cloud computing, AI, and ML. However, Asia-Pacific is expected to witness significant growth during the forecast period, due to the widespread adoption of cloud computing technologies and data and analytics for delivering better performance in virtual learning, which is expected to fuel the market growth in this region.

The global COVID-19 pandemic significantly impacted educational operations in 2020, owing to the spread of a novel coronavirus that has led to restrictions on schools and colleges. The schools and educational institutions were forced to close its physical classrooms to mitigate the spread of the virus. According to the World Economic Forum, in April 2020, school closures resulting from the global epidemic have affected more than 1.2 billion students in 186 countries. It further caused a global decline in the demand for physical classes and learning institutes due to lockdown measures and transport restrictions imposed by national authorities, while enabling smart education and learning to deliver crucial services. These measures directly impacted the economy of the educational sector with the partial or complete shutdown of learning activities. However, the pandemic has caused a significant incline, and there has been a surge in the adoption of online learning platforms and technologies, which in turn is expected to contribute to driving the growth of the smart education and learning market.

In addition, several companies incorporate advanced and innovative solutions and provide advanced education and learning models to seamlessly provide an effective learning solution to end users. For instance, in June 2020, NetDragon Websoft Holdings Limited launched KONKA-Promethean Smart Education Panel to bring teachers extraordinary teaching experience and improve interaction between teachers and students. Such strategic initiatives create numerous opportunities for high market growth in the forecasting years. 

Key Findings of the Study

• By end user, the academics segment accounted for the largest smart education and learning market share in 2022.
• Region-wise, Europe generated the highest revenue in 2022.
• On the basis of component, the software segment generated the highest revenue in 2022.

The global smart education and learning market is dominated by key players such as Adobe Systems Incorporated, Blackboard Inc, Cisco Systems, Inc, Desire2Learn Incorporated, Educomp Solutions Limited, Ellucian Company L.P, NIIT Limited, Saba Software, Inc, SMART Technologies Inc, Unit4 Business Software Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.