According to Future Market Insights’ smart classroom market analysis report, the size of global Smart Classroom market in 2022 was US$ 77.7 billion. With an expected 8% market CAGR from 2023 to 2033, the market is expected to be worth US$ 181.3 billion by 2033.
Expanding education investment has been a major driver of the smart classroom market’s expansion. With $14.6 billion in VC-backed education investments in 2020, the increased expenditure on smart education is likely to boost the smart classroom industry even further. The expenditure has more than doubled from the previous year’s figure of US$ 7 billion. For instance, BYJU obtained $ 460 million for K-12 personalized learning programs, extending the momentum through 2021. Articulate raised $1.5 billion for business training solutions, while BYJU raised the same amount.
Higher mobile use and decreased e-learning resource pricing are seen as major changes in the expansion of the education industry. Europe, the United States, and emerging nations are at the forefront of internet and mobile penetration. Meanwhile, developing nations are expected to grow rapidly, with mobile becoming a vital tool for learning.
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The smart classroom business is also heavily driven by government initiatives aimed at offering digital education to students. Several governments throughout the world are getting interested in offering digital learning at different educational institutions. Governments are pressuring educational institutions to provide online learning programs in addition to internet access.
Key Takeaways from the Market Study
- K-12 Education is forecast to be the fastest-growing revenue-generating market, with a CAGR of more than 7.3% from 2023 to 2033.
- The market grew at a 7.5% CAGR during the last five years.
- The Asia Pacific region is expected to grow at an 8.1% CAGR.
- From 2023 to 2033, the hardware category is expected to dominate the market at a CAGR of roughly 7.4%.
- With a predicted market size of more than US$ 45 billion by 2033, the United States is expected to hold the greatest share of the worldwide smart classroom industry.
Competitive Landscape
Collaboration, mergers and acquisitions, collaborations, and the development of new products and technology are among the strategic efforts pursued by market participants.
- In May 2022 – Dukkantek, a retail management system supplier, has partnered with Qureos, an education platform provider based in the United Arab Emirates. As a result of this agreement, Dukkantek plans to create employment prospects throughout the GCC.
- In April 2022, Instructure completed the acquisition of Concentric Sky, the creator of Badgr. As a result of this acquisition, Canvas LMS clients will be able to upgrade to Badgr Pro’s advanced range of capabilities in the latest “Canvas Credentials,” including limitless badging, leaderboards, analytics, and customized route progress visualizations.
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Key Companies Covered
- Microsoft Corporation
- Dell Inc.
- Apple, Inc.
- Fujitsu Ltd.
- Cisco Systems, Inc.
- Discovery Communications
- Dynavox Mayer-Johnson
- Huawei Technologies Co.
- Blackboard Inc.
- SAP SE
Market Segments Covered in Smart Classroom Market Analysis
By Component:
- Hardware
- Interactive Whiteboards
- Digital Displays
- Smart Projectors
- Others
- Software
- Learning Management Software
- Student Response Software
- Classroom Management and Assessment Software
- Distance Learning Solutions
- Security
- Others
- Services
- Managed/Outsourced
- Professional
By End-use:
- Early Education
- K-12 Education
- Higher Education
- Language Education
- Vocational Education
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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