The Smart Learning Market size is projected to grow from USD 23.2 billion in 2019 to USD 56.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period. The major factors driving the growth of the smart learning market include the proliferation of connected devices in the education sector, adoption of eLearning solutions, and growing use of Artificial Intelligence (AI) and Machine Learning (ML) in smart learning.
By component, the hardware segment to record a larger market size during the forecast period
The smart learning hardware market consists of gadgets, equipment, and systems that help gain access to digital content through the internet. It includes hardware devices, such as interactive displays, interactive projectors, smart tables, and smart podiums. The advent of innovative hardware technology helps learners and teachers communicate using devices, such as tablets, smartphones, laptops, Personal Digital Assistants (PDAs), and Notebooks. These equipment come with an incorporated platform, which helps in the collaboration of learners and tutors by connecting multiple desktops, laptops, and smartphones in any location. The use of this technology for learning purposes has sparked a knowledge evolution where students can use mobile applications to connect with faculty members and where trainers can offer instant feedback, thus reducing the learning effort. The implementation of advanced technological aids, such as interactive displays and interactive projectors, helps increase student interactivity and knowledge retention. The hardware industry for smart learning is highly competitive due to the use of developing technologies in the education segment. Educational hardware vendors provide additional software to enable effective collaboration and learning. In the hardware devices space, there exists a competition between SMART Technologies, BenQ, Huawei, Dell, Panasonic, Promethean World, Samsung, and Microsoft.
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By learning type, the synchronous learning segment to record a higher growth rate during the forecast period
Synchronous learning is online learning, which happens in real time. In this type of learning, learners can interrupt the tutor and ask their doubts between ongoing sessions. Online communication helps learners’ stay-in-touch with their teacher and fellow students. In this type of learning, one individual (instructor) takes a lead role in the learning process by giving instructions to other learners. Several corporate organizations follow the synchronous learning training process to train their employees, wherein experienced employees usually take the role of the instructor, while comparatively less experienced employees take the role of a learner. Synchronous learning has some of the benefits of asynchronous learning, such as classroom engagement, dynamic learning, and instruction depth. In the smart learning market, synchronous learning is picking up the pace and growing at a higher CAGR, owing to technological enhancements enabling users to communicate in real time.
Key market players profiled in this report include Blackboard (US), IBM (US), Samsung (South Korea), SMART Technologies (Canda), Adobe (US), Saba Software (US), Oracle (US), SAP (Germany), Microsoft (US), Cornerstone OnDemand (US), BenQ (Taiwan), Huawei (China), D2L (Canada), Newrow (US), Pearson (UK), McGraw-Hill (US), CrossKnowledge (US), Alphabet (US), Ellucian (US), Cisco (US), and UpsideLMS (India). These players have adopted various growth strategies, such as partnerships and new service launches to expand their presence further in the smart learning market and broaden their customer base.
Blackboard is a leading solution provider that offers a wide range of products and services in the education and learning sector. These products and services simplify and make the process of learning more entertaining. Blackboard’s strategies to broaden its business portfolio in the past decade have led to the development of several complementary platforms, such as Blackboard Connect, Blackboard Collaborate, Blackboard Mobile, Blackboard Analytics, and Blackboard Student Services. The company has a strong global presence, with offices in the US, Australia, China, India, South Korea, Netherlands, Czech Republic, Germany, UK, and Colombia. In regions where it does not have a direct presence, the company has partnered with various distributors and third-party partners to expand its customer base. Blackboard is an undisputed leader in providing solutions to the education sector, but recently, the company acquired several customers from other industry verticals, such as government, defense, healthcare, and the commercial sector.
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SMART Technologies has undergone a tremendous change in recent years. The company reorganized its business segments into two groups, one that caters to education and the other to businesses. It plans to change the culture of the company by focusing on expanding its customer base. The company’s main strategy is to stabilize the education segment and grow its enterprise segment. SMART Technologies wants to focus on geographical expansions to grow its sales in the foreign markets. In the education segment, its growth strategy revolves around knowledge and pedagogy. The company is one of the leaders in providing smart learning solutions and is focusing on developing enterprise solutions with the help of strategic associations with companies in the education and training sector. It partnered with Microsoft to deliver a smart room system for its clients. It further plans to expand its product offerings to the business and government verticals. The company is expected to focus on improving products and solutions with the help of partner associations.
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