Global Smart Learning Systems Market - Segmented by Product (Hardware, Software, Services), Users (Academic and Corporate), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global smart learning systems market was valued at USD 51.75 billion in 2017, and is expected to reach a value of USD 119.70 billion by 2023, at a CAGR of 15%, during the forecast period (2018-2023).
The learning trend encompasses a wide range of activities, tools, and services, which are aiming to directly improve educational outcomes for students, and employees are gaining prominence. Moreover, the smart learning sector is most likely to be benefited from the rising interest in distance learning, as well as the expanded use of these services on smartphones, tablets, other mobile devices, and wearable technology. These factors open several possible growing paths for industries engaged in smart learning and services. At university level, institutions are adopting innovative methods, such as smart learning to provide alternative pathways and opportunities for students to develop relevant and valuable skills in line with industry needs. The artificial intelligence/machine learning based software coupled with textbook learning are further adding value to the learning process in the educational institutions. Charitable institutions, like Bill & Melinda Gates Foundation, based out of the United States are working extensively on the implementation of adaptive learning in educational institutions, and have invested USD 3.3 million to blend adaptive online learning solutions with a suite of services to enable students to earn high-quality college degrees at a low cost.
Growing Number of Mobile Learning Applications and Affinity Towards Digital Learning are Driving the Market
Businesses are changing and are also becoming more competitive, so end-users are demanding more effective database solutions that can increase productivity. The industry has been witnessing a change in the working culture of organizations. With constantly changing business scenarios, it is necessary for organizations to develop a mobile workforce to stay competitive. With this, the demand for flexible IT services is also increasing, which can be met by cloud solutions. Also, the concept of BYOD, which allows employees to use their personal devices such as laptops, tablets, and smart-phones for work, is gaining popularity. Further, changes in work locations, time zone barriers, and the need to access official and confidential data via employees' personal devices is resulting in increased demand for cloud services. In order to address these issues, IT service providers are now providing their cloud services tailor-made for smart-phones and tablets. This trend is expected to strengthen in the future, thereby pushing the market's growth.
Large Number of Software Rising Up in the Market
The integration of hardware with appropriate software results in the best smart learning solution. These comprise computer-supported collaborative learning, learning management systems, and simulation modeling tools, adaptive learning platforms and assessment systems. Among this software, the learning management systems software has the largest share in the smart education and learning market. Its share is expected to grow because of its flexibility to create and deliver course according to the requirements. Learning management systems facilitate learners and educators to participate and collaborate from anywhere through mobile access. Furthermore, the shift in IT sector from traditional IT offerings to cloud services will make cloud computing one of the most disruptive forces of IT spending giving Cloud LMSs a new place in the market.
North America To Hold The Largest Share In 2018
Eight universities in the top 10 world’s best universities belong to North America. These institutions employ the usage of online learning programs such as MOOCs and distance learning programs, which further bolster the market for smart learning. The ConnectED initiative implemented has an aim of connecting 99% of the American students to high-speed broadband and internet facilities. American K-12 schools have spent about USD 9.94 billion on education technology, and further growth is expected in the market owing to various factors, such as increased demand for interactive learning, better education content, etc. Los Angeles Unified school district has aimed at equipping 640,000 students in its district with iPad tablets, at a total financial cost 1 billion to be invested in the initiative. San Antonio Independent School district has distributed Dell Latitude 10 tablets to about 33 of the total 90 libraries with e-book capability to facilitate the learning activity.
Key Developments in the Market