Transformation of Educational Patterns to Embrace Online Education Could Drive Growth across EdTech and Smart Classrooms Market
by SHRUTI NIKAM
1. World over, the value of EdTech and smart classrooms market is anticipated to reach US$189 Bn by 2026, escalating from US$72.1 Bn in 2018. In the forecasted period of 2021- 2026, the market for EdTech and smart classrooms is expected to grow at a robust CAGR of 14.5%.
2. North America is one of the largest EdTech and smart classroom markets and is projected to grow at a whopping CAGR of 13.4% during the forecast period. The market is replete with lucrative opportunities and growth nodes in the region, as universities and schools in the U.S. and Canada incorporate leading-edge technologies for education. In order to provide quality education to the students, virtual reality adoption in North America will propel growth across the market.
2.1. The leading competitors in the EdTech and smart classrooms market across the globe are Apple Inc., Alphabet Inc., Cisco Systems Inc., IBM Corporation, Amazon.com Inc., and Learning Technologies Gr. These players face cut-throat competition in terms of interoperability and product enhancements. For instance, IBM launched Open P-TECH which provides students and educators access to digital learning & Blackboard introduced a Blackboard Unite for K-12. Further, the emergence of local players in the market is also posing some constraints; however, with consistent upgrades and innovations, top-notch companies remain unaffected by such adversities.
