The âGlobal Smart Education and Learning' market is expected to reach $220 billion by 2017, claims a new report called the "Smart Education and Learning Market: Advanced Technologies, Digital Models, Adoption Trends and Worldwide Market Forecast (2012 – 2017)'' released by MarketsandMarkets states that:
"The smart education market is expected to increase from $73.8 billion in 2011 to $220.0 billion by 2017, showing a CAGR of 20.3%, from 2012-2017. Services segment accounted for maximum revenue in the products' market with $24.6 billion in 2011, and is estimated to reach $97.9 billion by 2017 with a CAGR of 26.6%, from 2012 to 2017. Content segment is estimated to be $72.9 billion in 2017, at a CAGR of 12.1%, from 2012 to 2017. Software is estimated to reach $37.2 billion and hardware with the least market share is estimated to reach $12.1 billion in 2017."
The Smart Education system is an online education system that takes all of the traditional classroom teaching methods and puts them into a virtual environment. This is done through the use of online classes and tutoring, virtual books and learning materials, and online data collection. It will speed up the process of delivering educational lessons and dictations to students, as well as expediting the process through which materials are delivered. The figures alone show how popular online learning is becoming.
The main idea here is to bring teaching into the digital age. The majority of kids', and many adults', lives center around the virtual world and technology. The Smart Education system is trying to communicate with kids and adults in the virtual world they know so well. This communication makes learning easier and more entertaining.
The study centers on a vast network of products especially needed for various applications in the smart education world, in which their features and performance are key factors, states MarketsandMarkets' study. The hardware products used in the smart education system include Interactive White Board and Simulation Based Learning hardware. The software faction includes Learning Management Systems/ Learning Content Management Systems, Open Source software and Mobile education application. The most used services in the smart board sector are Portals, Learning Service Provider, support services, etc. The growth in product use permits flexible educational programs, learning portfolios, collaborative technologies, and virtual learning materials for educators and pupils.
The majority of buyers for the Smart Education system are colleges, high schools, elementary and middle schools, healthcare companies, the government, and business educators.