According to a recent report published by Allied Market Research, titled, Smart education & learning market by Component, Learning Mode and End User: Global Opportunity Analysis and Industry Forecast, 2018-2024, the global smart education & learning market was valued at $240 billion in 2017, and is projected to reach at $994 billion by 2024, growing at a CAGR of 22.7% from 2018 to 2024. In 2017, the educational content segment accounted for the highest revenue share in the smart education & learning market.
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Increased acceptance of e-learning in corporate & academic set-ups, proactive government initiatives for the promotion of e-learning in the developing markets, technological advancements in smart education & e-learning, growth in number of mobile learning applications majorly contribute towards the growth of the market. However, factors such as security & privacy concerns and high cost of implementation hamper the growth of the smart education & learning market.
Based on component, the educational content segment dominated the global market in 2017, and is expected to continue this trend during the forecast period, owing to the emergence of digital learning libraries and increase in emphasis on personalized learning. Furthermore, the services segment is expected to grow at the highest CAGR during the forecast period, owing to increase in adoption of software-as-a-service trend.
The global smart education & learning market was led by the academics segment in 2017, and is projected to maintain its dominance during the forecast period. However, the corporate segment is expected to witness the highest growth, owing to surge in adoption of smart education & learning to impart corporate training through a range of online training courses.
In 2017, the global market was dominated by the virtual instructor-led training segment, and is expected to remain dominant during the forecast period. However, the adaptive learning segment is expected to witness the highest growth, owing to increase in need for individualized learning.
Key Findings of the Smart Education & Learning Market:
- By component, the educational content segment is expected to exhibit significant growth in the global smart education & learning market during the forecast period.
- In 2017, North America accounted for the highest revenue among the other regions.
- Based on learning mode, the virtual instructor-led training segment generated the highest revenue in 2017.
- By end user, corporate segment is anticipated to exhibit substantial growth during the forecast period.
Some of the key market players profiled in the report include Adobe Systems Incorporated, Educomp Solutions Ltd., NIIT Limited, Smart Technologies, Inc., Blackboard, Inc., Ellucian Company L.P., Saba Software, Inc., Unit4, Desire2Learn Corporation Ltd., and Cisco Systems, Inc.