Smart Teaching and Learning Market Size & Share – Global Development and Demand Forecasts, 2024-2030

Market Overview

The smart teaching and learning market estimated value is USD 38.2 Billion (E) in 2023, and it will propel at 21.1% compound annual growth rate during 2024–2030, to reach USD 144.2 Billion by 2030.

The growth of the industry is ascribed to the increasing need for innovative educational solutions. With the continuous technological advancements, the focus has shifted to personalized & interactive learning. The incorporation of VR, AR, and adaptive learning platforms is transforming traditional teaching approaches into modern and student-centered approaches, increasing student engagement and improving educational results.

• As per a study by the National Education Policy Center, students utilizing personalized learning technology show a decrease in the achievement gap between 30 to 40% than students utilizing conventional instructional approaches.

Moreover, the demand for education technology is likely to reach USD 998.4 billion in 2030. Such a drive towards digitalization in the education sector globally fuels the industry, as institutions strive for efficient and effective tools to keep up with the evolving requirements of modern learners.

Drivers

• Increase of technology acceptance in education: Technology is now widely used in educational institutions to improve learning outcomes. This involves virtual reality simulations, online learning platforms, and interactive whiteboards.
• As per a study on the use of VR in medical education, found that 60.5 percent of studies comprised commercially accessible surgical VR simulators.
• Rising need for personalized learning: Students have different learning styles as well as speeds. Advanced solutions such as AI tutors and adaptive learning platforms can customize the teaching process and address individual requirements.
• Increasing Funding in Education Technology: The EdTech businesses are attracting major investment from private equity firms and venture capitalists, enabling innovation as well as further growth.
• The pandemic of COVID-19: The pandemic of COVID–19 has boosted the integration and implementation of online learning and other home-based teaching tools, pointing to the need for flexible and convenient education approaches.
• According to a recent study, online student enrolment has risen from 30% to 70% during the pandemic of COVID-19.
• Emphasis on enhancing educational outcomes: Educators as well as policymakers are looking for ways to enhance student performance. Smart technologies create data-driven insights as well as tailored interventions to assist students in their success.

Trend

• Incorporation of artificial intelligence (AI)
• The arrival of immersive technologies

Advanced technologies such as blockchain, artificial intelligence (AI), AR, VR, and others improve both learning and engagement. VR is one of the technologies that can improve the methods by which students learn. It gives students the chance to process and grasp the concepts in an interactive and better way. In addition, AR enhances the active participation of students through critical thinking analy\sis, creativity, and problem-solving. Collaborating as well as managing distributed data in a database is essential for the online learning method.

• For instance, the demand for AI in education will reach a value of USD 25,772 million in 2030.

Educational content can be effectively managed and collaborated by blockchain technology. Likewise, AI in smart education is experimenting with different innovative concepts that make the process of learning simpler and tailored. AI-powered advanced learning systems are being used to track and evaluate academic achievement. Therefore, advanced technologies are making more and more contributions to the promotion of competitiveness, which is leading to the transformation of the smart learning environment.

Challenge

• Data privacy & security: Issues regarding the privacy and security of student data must be resolved to ensure the safe and ethical application of such data.
• According to a report, over 1 in 3 parents, 38%, are very concerned about the security & privacy of their child’s data. Moreover, 93% of parents say it is essential for schools to engage with guardians or parents regarding how they plan to utilize student data.
• Interoperability & standardization: The inability to work together between different educational technology platforms makes it difficult to have smooth integration as well as data transfer.
• Cost & Affordability: For some educational institutions, the initial investment in technology and infrastructure can be a hindrance, especially in emerging economies.
• Digital divide: Unequal access to technology as well as internet connectivity is a barrier to the extensive acceptance of smart educational solutions.
• For instance, as per the UNICEF and the International Telecommunication Union (ITU), 2 out of 3 school-age children across the globe, or 1.3 billion children, who are aged between 3–17 years, don’t have internet access/connection in their homes.
• Teacher support & training: Effective incorporation of technology need continuous professional development for teachers to change their teaching methods to be able to use new tools appropriately.

Academic Category Is Leading Industry

The academic category, based on user type, is the largest contributor to the industry. This can be mainly ascribed to the surging need for tailored as well as adaptive learning solutions. The growth of the smart education and learning solutions adoption in the academic sector is powered by the requirement to improve the quality of student engagement and performance, in education, and address the skills gap in the workforce.

• According to a study, participants retained approximately 80 percent of visual data, whereas they retained 25 percent of spoken/written information after 3 hours.

Smart education and learning systems bring various advantages to educational institutions by allowing the delivery of engaging and multimedia-rich content, facilitating distance learning and cooperation, and supplying immediate feedback and evaluation. Moreover, the category is also growing due to technological inventions, including VR and AI, which are accelerating smart education and learning solutions.

Service Is Leading Product Category

The service category, based on product, accounted for the largest share of the industry. This is because of the rising use of smart education and learning solutions which necessitate specialized expertise as well as support for effective employment & maintenance. Service providers provide a set of services which include solution design, needs assessment, customization, training, constant technical support, and deployment.

• ASU Prep Digital (an online K-12 school affiliated with Arizona State University) partnered with Google Public Sector in July 2022. The partnership will enhance the availability of remote immersive learning technology to students in the U.S. and across the globe.

These services help educational establishments and administrations achieve the best use of smart education as well as learning tools while guaranteeing their proper functioning. In addition, the category is also gaining traction from the surging need for cloud-based solutions, which necessitates cloud deployment and management expertise.

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North America Is Dominating Market

Globally, North America is the largest contributor to the industry. This can be mainly ascribed to the surging acceptance of digital technologies in the education industry on the continent. The region hosts many well-recognized smart education and learning solution providers and has an advanced technology infrastructure and advantageous government initiatives that drive the adoption of smart education and learning solutions. In addition, with the rising adoption of cloud technology, AI, and VR, the regional industry will continue to grow during this decade.

• According to a report, in 2023, investments in the U.S. edtech businesses reached USD 2.8 billion.
• Moreover, approximately 8.5 million students in the U.S. take online courses at public higher education establishments.

APAC is likely to advance at a significant compound annual growth rate in the years to come. This can be because of the existence of developing nations, including China, Japan, and India. Government initiatives including government-funded projects on literacy development in the rural locations are likely to accelerate the expansion of the industry in this region.

• For instance, in May 2020, the PM e-VIDYA initiative was initiated in India, which combines all efforts associated with online/digital/on-air education to allow multi-mode access to education.

Competitive Landscape

Key companies in the industry are acquiring small companies as well as start-ups to improve their foothold. Moreover, these companies are concentrating on new technology which are user-friendly and cost-effective for professionals and students.

• In May 2021: Cisco Systems Inc. acquired Slido, an audience interaction technology business that offers a platform to enhance events & meetings.
• In July 2021: Pearson introduced “Pearson+”, an innovative college learning app, enhancing the approaches of students in accessing and experiencing college textbooks.

Major Companies in the Market

• Adobe Inc.
• Educomp Solutions Ltd.
• D2L Corporation
• Cisco Systems Inc.
• Samsung Electronics Co. Ltd.
• Smart Technologies
• Blackboard Inc.
• Pearson PLC
• Ellucian Company L.P. 
• MPS Interactive Systems Limited. 
• Cornerstone OnDemand Inc.