At 15.3% CAGR, Edtech and Smart Classroom Market Global Forecasts with COVID-19 Impact by Top Market Players - Microsoft Corporation, Oracle Corporation, SAP SE, SMART Technologies

Edtech and smart classroom market was valued at US$ 75.24 billion in 2019 and is projected to reach US$ 234.41 billion by 2027; it is expected to grow at a CAGR of 15.3% during 2020–2027.

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)

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Impact of COVID-19 Pandemic on APAC Edtech and Smart Classroom Market

Young and tech-savvy school and college students account for large share of the huge population of APAC. This factor propels the demand for various types of edtech and smart classroom solutions in the region. Additionally, the high penetration of consumer electronics and growing demand for e-learning/distance learning solutions in countries such as China and India is another factor fueling the edtech and smart classroom market in the region. The ongoing COVID-19 outbreak and consequent suspension of classroom learning at schools and other educational institutions is further fueling the adoption of education technology solutions. Moreover, the presence of a large number of well-funded edtech startups in this region drives the market growth.

Rising Digitalization in Education Sector DrivesEdtech and Smart Classroom Market Growth

Digital transformation has been transforming industries worldwide by driving the adoption of digital technologies, and smart and connected hardware, which increasesthe overall operational productivity and revenues of companies worldwide. Education is one of the key industries where digitalization is rapidly evolving with the growing adoption of smart devices such as interactive displays, tablets, notebooks, and smartphones in classrooms, as well as in the routines of students and school staff. In addition, the growing digital content creation for education sector, online/e-learning courses, online exams, virtual classrooms, edutainment, and digital textbooks are further boosting the global edtech and smart classroom market growth. The US, China, India, UK, France, South Korea, and Australia are a few of the key countries wherein the trend of digitalized education has been growing at an impressive pace. Moreover, in China, the US, and India, digitalization in the educational sector is booming with unprecedented increase in edtech investments since the past few years.

Strategic Insights

The edtech and smart classroommarket players focus on offering innovative products integrated with advanced technologies and features in their products to compete with the competitors.

In 2020, Blackboard Inc declared the accessibility of the Reporting Tier for the Blackboard Data platform, which offered institutions access to reports designed to offer insights on use of learning tools within the Blackboard SaaS EdTech ecosystem.
In 2020, Cisco introduced Webex Classrooms that securely connect teachers, students, and parents in a single place, irrespective of their actual location.

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