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Education Reinvented: Smart Learning's Growth Forecast for 2024
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According to The Business Research Company's, The smart education and learning market size has grown exponentially in recent years. It will grow from $332.35 billion in 2023 to $395.01 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. The growth in the historic period can be attributed to access to remote education, customized learning, an increasing need for flexible and accessible learning options, favorable government initiatives and corporate funding, increase in internet penetration.
The smart education and learning market size is expected to see exponential growth in the next few years. It will grow to $883.75 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to the increasing adoption of IoT devices, growing demand for adaptive learning systems, increased focus on data analytics, growing need for corporate training and professional development, and growing need for virtual classrooms. Major trends in the forecast period include AI-powered adaptive learning systems, virtual reality (VR) simulations that provide immersive, interactive learning experiences, cloud-based learning platforms, and natural language processing (NLP) algorithms that enable voice-activated learning assistants and chatbots.
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Market Drivers and Trends:
The increasing adoption of e-learning methods is expected to propel the growth of the smart education and learning market going forward. E-learning methods refer to educational approaches that utilize electronic technologies to access curriculum outside of traditional classrooms. The increasing adoption of e-learning methods signifies a growing preference for digital education solutions worldwide. Smart education and learning enhance e-learning by providing personalized, interactive, and efficient educational experiences through advanced technologies. For instance, in February 2021, Google LLC, a US-based technology company, reported that over 150 million students, educators, and school leaders worldwide used Google Classroom for teaching and learning, a significant rise from 40 million users in 2020. Therefore, the increasing adoption of e-learning methods is driving growth in the smart education and learning market.
Major companies operating in the smart education and learning market are focusing on developing advanced solutions, such as smart classroom services, to enhance digital learning experiences. Smart classroom services in smart education and learning provide interactive, technology-enhanced environments that facilitate modern teaching and learning practices. For instance, in February 2023, Huawei Technologies Co. Ltd., a China-based digital communications technology company, launched a new smart classroom solution. This solution supports live streaming, automated recording, and class analysis. It enables advanced teaching methods by combining edge-cloud technology. Intelligent edge devices connect video resources to the cloud platform, allowing features such as smart attendance, real-time speech-to-text conversion, and online video resource management.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Samsung Group, Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Cisco Systems Inc., NIIT Limited, Adobe Inc., Pearson PLC, McGraw-Hill Inc., Ellucian Company, Blackboard Inc., Udemy Inc., Coursera Inc., Smart Technologies, Sum Total Systems, Desire2learn Corporation, Tata Class Edge Limited, Khan Academy, Saba Software Inc.
Smart Education And Learning Market 2024 Key Insights:
• The smart education and learning market size is expected to see exponential growth in the next few years. It will grow to $883.75 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%.
• Driving Growth In The Global Smart Education And Learning Market Through E-Learning Adoption
• Advancements In Smart Classroom Services Drive Digital Learning Innovation
• North America was the largest region in the smart education and learning market market in 2023
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