The education sector has seen profound developments and will continue to observe the same in the future. The rising importance of education across the globe, especially in developing countries with large population numbers has attracted tremendous advancements. With the emergence of novel technologies, the means of receiving education have increased exponentially. Smart learning has become one of the popular learning methods and based on this factor, the smart learning & education market is estimated to observe promising growth.
Transparency Market Research (TMR) expects the global smart learning & education market to expand at a whopping ~24 percent CAGR during the forecast period of 2020-2030. The emergence of the COVID-19 pandemic and the availability of user-friendly tools are vital factors that will have a large influence on the growth of the smart learning & education market.
Many factors are responsible for the growth of the smart learning & education market but a few of them will have the most influence on the growth. Here are the 5 robust pillars of growth of the smart learning & education market.
As per a survey by the United Nations Educational, Scientific and Cultural Organization (UNESCO), more than 1.2 bn individuals are impacted by the closure of educational institutions due to the pandemic. With these alarming figures, smart learning & education is the only way to offer quality education without the threat of the pandemic. This aspect has increased the growth prospects of the smart learning & education market to a considerable extent.
Internet Connectivity to the Remotest Places
The use of the Internet has increased extensively. According to Nielsen, there were 504 mn regular internet users in India in 2019. The figure has swelled to 47 mn from 2020-21. Access to the Internet is rapidly seeing an improvement in densely populated and developing countries like India and China. These countries have a massive number of remote areas. As traditional education is difficult to access here, the penetration of the internet in these areas can assure quality education.
The smart learning & education market is witnessing large amounts of investment from varied well-known companies around the world. The overwhelming demand for smart education and the profitability quotient will prove to be significant factors that will attract investors.
BlinC Invest, a venture capital firm recently announced its initiatives to invest hefty amounts in edtech startups. In another development, Virohan, a healthcare edtech startup raised US$ 3mn in Series A funding. Such initiatives bode well for the growth of the smart learning & education market.
The advent of data analytics techniques in the education sector will form the foundation of the growth of the smart learning & education market. Other technological advancements such as virtual reality (VR) and augmented reality (AI) have brought in great growth opportunities for the education sector. MagniLearn, an intelligent language learning platform is making efforts to collaborate with leading book publishers to bring their content on the AI platform. The growing use of technology in the education sector will bring immense growth prospects for the smart learning & education market.
The government bodies of numerous countries are encouraging online education. The growing initiatives and awareness campaigns regarding e-learning will serve as a important growth pillar of the smart learning & education market. Punjab, a state in India recently approved the distribution of smartphones to more than 2 lakh students for the current academic session. This initiative will facilitate seamless e-learning for the students. Similar initiatives are being taken by other countries around the world. Thus, all these factors will influence the growth of the smart learning & education market substantially
Self-paced digital materials such as recorded video clips from professors and remote learning are gaining popularity in vocational education, owing to the coronavirus outbreak. Education for sustainable development is a transformational concept that is encouraging engagement between students and professors via smart classrooms. However, it is potentially challenging for teachers to adopt emerging smart technologies. Hence, companies in the smart learning & education market should increase the availability of user-centric and user-friendly tools to cater the needs of professors new to the technology. Apps catering to competitive exams such as JEE/NEET and Bank PO are gaining popularity in India. Online classes for conceptual understanding, personalized learning, and individual attention are bringing a significant change in the education system.