According to global smart learning market analysis by Research Dive, the global market forecast will be $74,179.1 million in 2026, at a 19.2% CAGR and is growing from $18,200.0 million in2018.
Smart Learning Market Drivers: Growing acceptance of e-learning in academic & corporate sectors along with technological improvements in smart education is the major driver for the global smart learning market growth. In addition, smart learning has observed a growth in its adoption due to several benefits including convenience and improved focus of learners. Moreover, it has empowered both students and teachers to enhance their efficiency and productivity. These abovementioned factors will boost the market growth in the projected time. In addition, growing trend of emergence of bring your own devices (BYOD) is estimated to rise the implementation of smart education and learning platforms, creating growth opportunities in the global market. Furthermore, growing number of virtual schools across the globe is also further estimated to fuel the market growth in the coming years. However, heavy investments are needed for implementation of advanced teaching technologies, which is a major restraining factor for the growth of the smart learning market.
Software component segment registered the highest global smart learning market share in 2018; it was valued at $7,898.8 million and is projected to generate a revenue of $33,009.7 million till 2026. Software based online platforms provide digital classrooms with enabled virtual reality, and this softwareis widely being used in smart schools and emerging educational institutions.This factor is projected to drive the smart learning market growth in the coming years. Services component segment will garner up to $19,286.6 million in 2026 and is anticipated to grow at a health rate of 19.4% CAGR during the forecast timeframe.
Asynchronous segment will witness to grow at a rate of 20.6% CAGR and is projected to generate a revenue of $37,905.5 million by the end of 2026. Asynchronous learning can enable student & teacher collaborations and is available in both offline and online modes; this aspect will further help to enhance the market size in the forecast period. Synchronous segment accounted for evident market share in 2018 and is projected to experience a healthy growth throughout the projected time. This growth is attributed to major benefits of synchronous learning such as classroom engagement, dynamic learning and enabling regular & frequent interactionof students with professors.
The smart learning market for enterprise segment will experience a noteworthy growth and will reach up to $35,160.9 million by 2026, growing with a significant rate of 21.5% CAGR. Most of the multinational enterprises are increasing adoption of smart learning tools to train and employees, thereby reducing their total expenditure because such enterprises are located at several places. The market for academic segment held the highest smart learning market size and is projected to generate a revenue of $39,273.6 million till 2026 with a 17.4% CAGR. Growing demand for online learning tools in the academic segment and increasing adoption of smart learning tools by most of the educational institutes is anticipated to impel the academic smart learning market growth in the projected time.
The major smart learning market players include SMART Technologies ULC, IBM, Saba Software, Huawei Technologies Co., Ltd, Cornerstone, McGraw-Hill, Alphabet, SAP, Blackboard Inc., Adobe, SAMSUNG, Oracle, BenQ, Microsoft, CrossKnowledge and Pearson. These players are implementing several strategies such as new product launches, collaboration & partnerships, R&D investments and joint ventures to gain majority of market share in the global market.
Porter’s Five Forces Analysis for Smart Learning Market:
Negotiating Power of Suppliers:Smart learning market contains high concentration of large and small & medium size suppliers and negotiating power is predicted to be high. The cost of the advanced education tools variesfrom one supplier to another. However, increasing user demand is generating vast growth prospects in the industry. The negotiating power of suppliers is HIGH.
NegotiatingPower of User: Smart learning market contains high number of users, but cost associatedwith the advanced learning platforms is high. Also, preference towards digital classrooms of the conventional classrooms is projected to enhance the demand for smart learning tools. The negotiating power of the user is HIGH.
Risk of New Entrants: This marketneeds high initial investments for the implementation of smart education and learning technologies. In addition, dearth of resources in the developing economies is also predicted to hamper the market size and result in high risk for new participants. The risk of new participantsis LOW.
Risk of Alternatives: This market contains fewer alternative systems & technologies and delivers significant demand for the smart learning tools. The risk of alternates is LOW.
Competitiveness in the Industry: Smart learning market has high number of significant players. These players are emphasizing on product developments and R&D activities to improve the product performance and quality. Most of the players have adopted same strategies to strengthen their presence in the global market. The competition in the industry is HIGH.
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