New York, USA, Aug. 31, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global smart learning market is anticipated to generate significant revenue of $74,179.1 million, at a CAGR of 19.2% during the forecast period, 2019-2026.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Rising implementation of advanced education technologies by the educational institutes is expected to be one of the major factors driving the growth of the market during the forecast period. The state-of-the-art education system with innovative technologies such as augmented and virtual reality has elevated the way of education in recent years. This smart learning process has also diminished the cost of the educational institutes. These are the factors behind the growth of the market.
Restraint: Initial investment for the implementation of advanced learning technologies is quite high which poses to be one of the major restraining factors for the market. Other hindering factor includes lack of technical skills among the geriatric teachers.
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Opportunity: Rising classroom trends such as bring your own device (BYOD), augmented reality (AR), and virtual reality (VR) are becoming popular among teachers and students which is expected to create numerous opportunities for the market in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on component, learning type, end-user, and regional outlook.
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Component: Software Sub-segment Expected to be the Most Profitable
Software component sub-segment recorded a CAGR of 43.4% in 2018 and is predicted to generate significant revenue with 19.6% CAGR during the analysis period. The software component offers most of the institutes the leverage of ERPS or enterprise resource planning systems, enabling the teachers to manage crowded classrooms with ease. This factor is expected to enhance the growth of the market sub-segment during the analysis period.
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Learning Type: Asynchronous Learning Sub-segment Predicted to be the Most Lucrative
Asynchronous learning type sub-segment is predicted to garner the highest revenue of $37,905.5 million by the end of 2026. Asynchronous learning system has many benefits such as, it provides the students and teachers complete control over smart learning and the lessons can be delivered in both online and offline modes, which makes it more convenient than any other learning types. These factors are expected to fuel the growth of the sub-segment during the forecast period.
End-user: Enterprise Sub-category Expected to be the Most Profitable
Enterprise sub-segment is expected to grow at a significant CAGR of 21.5% during the forecast period. Small, medium, and large enterprises are adopting smart learning technologies to train their employees from anywhere in the world at any time. This is the major factor enhancing the growth of the market sub-segment.
Region: North America Expected to Dominate the Market
North America regional market generated $5,824.0 million in 2018 and is further predicted to continue its dominance during the analysis period with a revenue of a revenue of $21,957.0 million, at a CAGR of 18.0%.
Growing adoption of smart learning technologies by the regional countries is expected to be the main factor behind the growth of the market during the analysis period.
Key Market Players & Strategies
• Saba Software
• Blackboard Inc
• SMART Technologies ULC
• Huawei Technologies Co., Ltd
In February 2021, SMART Technologies, the global leader in edtech, announced the arrival of new teacher-driven enhancements to its flagship SMART Learning Suite (SLS) software. The new augmentations include elaborated image functions to assist student interactions, a library of ready-made activities and lesson resources, and an upgraded ability to personalize activities to develop better level of engagements with students.
The report mentions numerous factors of all the crucial market players that are active in the market. Some features such as financial performance, present strategic plans, product file, developments and SWOT scrutiny are also included in the report. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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