In 2019, the market for EdTech and Smart Classroom Market Size was valued at $75.24 billion, and it is expected that it will reach US$ 234.41 billion by 2027; it is estimated to rise at a CAGR of 15.3% during the period of time spanning from 2020 to 2027.
The global market for educational technology and “smart classrooms” has been segmented into the following geographic regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. North America had a dominant position in the global market for educational technology and smart classrooms in 2019, with a revenue share of around 37.0% of the total market.
Two of the distinguishing features of North America are its developed countries, such as the United States and Canada, which have a strong industrial base and a high adoption rate of technology. Other developing nations in the area include Mexico and Brazil.
E-learning is becoming more popular as a result of the increasing use of technology in the educational system. The proliferation of many online programs and courses offered by educational institutions such as schools, colleges, and universities is a driving force behind the expansion of leading educational technology and smart classroom enterprises in the area.
Early users of educational technology and smart classrooms include a number of nations, including the United States of America, the United Kingdom, China, India, Japan, South Korea, and Australia. In addition, many educational establishments in Europe are fully aware of the advantages that can be gained from EdTech and Smart Classroom Market Size solutions, and the area is seeing a significant increase in the demand for online courses of the highest possible quality.
During the time covered by this estimate, it is predicted that the EdTech and Smart Classroom Market Size would see the greatest CAGR in APAC. It is expected that the increase in the use of new technologies in the education sector as a result of supporting government measures would be a key contributor to the development of the market in this area.
In addition, in the next years, the expansion of the market in APAC is anticipated to be driven not only by the fast expanding economies but also by the rising usage of mobile devices and the presence of prominent institutions. However, places such as South Asia and the Middle East and Africa are still in the exploratory phase of their potentials at this point.
This is because there is an inadequate supply of qualified personnel in the areas to supervise the implementation of EdTech and Smart Classroom Market Size in educational institutions. It is anticipated that the markets in MEA and SAM would expand at a consistent rate since there has been an increase in the number of government efforts to digitalize the economies in these areas.
The Effect of the COVID-19 Pandemic on the EdTech and Smart Classroom Market Size in the Asia-Pacific Region
Students at primary schools, secondary schools, and colleges throughout Asia and the Pacific make up a large portion of the region’s massive population. Because of this issue, there is a growing need across the area for a wide variety of EdTech and Smart Classroom Market Size .
Another factor that is propelling the growth of the EdTech and Smart Classroom Market Size in the area is the high penetration of consumer electronics and the rising demand for e-learning and remote learning solutions in countries such as China and India.
The current COVID-19 pandemic, along with the subsequent cancellation of in-class instruction at schools and other educational institutions, is providing further impetus for the adoption of various education technology solutions. Additionally, the existence of a high number of EdTech and Smart Classroom Market Size firms that are well-funded in this area is a primary driver of the market development.