Report : Edtech and Smart Classroom Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Hardware, Software, and Services), Deployment Type (On-Premises, Cloud, and Hybrid), and End-User (Upto K-12 and Higher Education)
Growing Popularity of Cloud-Based Solutionsto Support Edtech and Smart ClassroomMarket Growth
According to our latest market study on “Edtech and Smart Classroom Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services), Deployment Type (On-Premises, Cloud, and Hybrid), and End-User (Upto K-12 and Higher Education),” the market was valued at US$ 75.24 billionin 2019 and is projected to reach US$ 234.41 billionby 2027; it is expected to grow at a CAGR of 15.3% from 2020 to 2027.The report highlightskey factors driving the market growthand prominentplayers withtheir developments inthe market.
Cloud-based software solutions provide easy scalability and high operational flexibility to e-learning companies and institutions while reducing their overall costs and operational risks. Moreover, the ever-evolving cloud architecture and system algorithms, easy accessibility, and advanced featureintegration are fueling the adoption of these solutions in diverse industry verticals, including education sector. Cloud deployment is an attractive option for organizations of all sizes as it ensures payment on use-basis, regular data backup, high security, lower capital andoperational costs, and instant provisioning features for up to date functionality provided by such solutions. These benefits associated with the cloud deployment of various EdTech and smart classroom solutions are fueling the adoption of these solutions worldwide.With increasing number of companies—such as Citrix Systems, Inc.; IBM Corporation; Microsoft Corporation; and Oracle—offering cloud-based solutions for the education sector, the adoption of these solutions is anticipated to outnumber the on-premises deployments at an impressive rate during the forecast period.
Impact of COVID–19 Pandemic on North America Edtech and Smart ClassroomMarket
North America is the largest market in for edtech and smart classroom market. The demand for education technology solutions and services is high in developed nations such as US and Canada owing to the huge presence of edtech companies, smart device manufacturers, and cloud service providers, and high adoption of advanced technologies in schools and educational institutions. The education technology industry has been flourishing at an impressive pace in the US due to its high adoption among endusers, and growing investments and funding initiatives for edtech startups. As per the WHO reports, the US is the world’s worst-affected country by the COVID-19 outbreak in terms of confirmed cases and deaths. However, in the wake of lockdowns and social distancing measures imposed by governments, increasing number of schools and universities have adopted distance learning programs through virtual classrooms and with the help of online exam and assessment tools. This has propelled the demand for video conferencing, digital content consumption, virtual classrooms, and other education technologies.
The global edtech and smart classroommarket has been segmented as follows:
Edtech and Smart Classroom Market – by Component
Edtech and Smart Classroom Market – by Deployment Type
Edtech and Smart Classroom Market – by EndUser
Edtech and Smart Classroom Market – by Region