Smart Learning Market was valued around USD 37.4 billion in 2021 and is expected to touch USD 167.3 billion by 2029, expanding at a CAGR of 20.6% over the forecast period 2022-2029 attributed to growing demand for smart learning solutions to manage content and rising focus of enterprises on human capital development.
Major Smart Learning Market Drivers
Smart Learning Market is primarily driven by growing need for developing interactive and engaging working environment, increasing enrolment in higher education sector and rising demand for online learning during pandemic. Smart learning solutions uses visual elements like charts and graphs to make concepts clearer to its students. This helps in increasing learning interest of student’s interest in different subjects. As per recent estimates, total enrolment in the higher education sector in India has increased by 5% to reach around 4.1 crore, which indicates an increase of about 7% as compared to 2019-2020. As the enrolment of students in higher education sector is increasing, demand for smart learning solutions will increase in coming years. Moreover, smart learning solutions are gaining popularity in the education industry and enterprises of different sizes as it offers it is cost-effective, offers personalized experience to users and can be accessed as per convenience.
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Due to the outbreak of covid-19, governments in various countries implemented social distancing norms and closed schools and colleges, to contain the spread of the newly emerged virus. Thus, online education became a critical part of curriculum in almost all schools and colleges. Post-lockdown online education has become more relevant, as it has potential to reach wider audience and many institutes are offering online courses and degree programs to meet the demand for flexible and accessible education. Moreover, growing focus of governments on developing new smart cities, increasing adoption of connected device in the education sector and integration of advanced technologies like Artificial Intelligence (AI) and Internet of Things (IoT), are supplementing the smart education and learning market. However, equipment required for setting up smart classrooms is costly, only large enterprises can afford to such equipment, which is restricting the growth of smart learning market.
Based on Component, Software segment is projected to expand at a higher CAGR.
Smart learning software are gaining traction in the Smart Learning Market due to its increasing use in enterprise planning systems as it helps faculty members to increase overall efficiency, quality of learning and managing classrooms.
Based on Learning Type Asynchronous learning segment is forecast to dominate the market.
Asynchronous learning solutions offers various advantages such as increased flexibility, more convenience, scalability and control over learning, which is increasing its adoption in the smart learning market.
Based on Region, Asia-Pacific region is projected to grow at the fastest rate.
Asia-Pacific smart learning market is driven by government initiatives promoting digital learning, increasing demand for distance learning and growing popularity of mobile learning applications and rising adoption of advanced technologies.
Top Market Players
Some of the leading players operating in the smart learning market are D2L Corporation, Cornerstone OnDemand, Inc., Huawei Technologies Co., Ltd., IBM Corporation, SAP SE, SMART Technologies, Saba Software, Blackboard, Inc., Samsung, Microsoft Corporation, Adobe, Inc., BenQ Corporation, Pearson, and McGraw-Hill among others.
- In June 2021, Blackboard and K16 Solutions entered into a strategic partnership to streamline learning management system (LMS) migration to learn Ultra.
- In March 2020, SMART Technologies, a major developer of interactive whiteboards announced that it has combined its SMART Learning Suite Software with G Suite for Education.
- In September 2019, Microsoft Corporation partnered with Central Board of Secondary Education (CBSE) of India to provide access to latest technologies like Cloud and AI to educators in India.
Segmentation by Component
o Interactive Projectors
o Interactive Displays
o Standalone Solution
o Student Information System
o Learning Management System/Learning Content Management System
o Test & Assessment
o Integrated Solution
o Support & Maintenance
Segmentation by Learning Type
o Asynchronous Learning
o Synchronous Learning
Segmentation by End-User
o Small & Medium-sized Enterprises
o Large Enterprises
o Higher Education
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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