Knowledge, Competence, Personal Experience Constitute Online Learning During COVID-19 Outbreak
Many schools and educational institutes continue to use smart learning tools, since the COVID-19 outbreak has not completely subsided. Owing to this shift, consumers have adapted to online learning on the long-term basis, which is creating business opportunities for companies in the smart learning & education market. Several startups are planning on investments in launching educational apps to ensure continuity of educational programs.
Online teaching is being met with challenges. Stakeholders in the smart learning & education market need to address deep restructuring of the teaching process and use different digital tools to enhance interaction with students. Knowledge, competence, and personal experience of students are factors to be taken into consideration, while deploying online learning.
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Video Conferencing Apps Help Students Stay Updated About their Course Remotely
The smart learning & education market is projected to expand at an astonishing CAGR of ~24% during the forecast period. Smart learning has been able to overcome challenges of higher education, especially in countries of the Middle East. This teaching reduces the hassles associated with the high cost of transportation, school fees, and cost of health insurance.
Indian education apps are storming the smart learning & education market. E-learning apps such as BYJU’s and Vedantu are gaining prominence in online classrooms, especially during the ongoing coronavirus outbreak. Companies are innovating in video conferencing apps to help students stay updated about their course remotely. App developers are making use of animated videos and other intuitive tools to make learning more engaging in online classrooms.
Smart Learning & Education Market: Overview
- According to a latest research report on the global smart learning & education market published by Transparency Market Research for the historical period 2018–2019 and the forecast period 2020–2030, rise in Internet penetration and smartphone users is anticipated to propel the smart learning & education market during the forecast period. Rising enrollment of learners in online learning platforms has raised demand for smart learning education solutions and services. Additionally, increase in the number of colleges and universities across developing economies has further impacted the demand for smart learning & education.
- As per the World Economic Forum, approximately 1.2 billion children are out of school during the COVID-19 situation, globally. Smart learning & education offers an online classroom that helps students to attend classes effectively and remain coordinated remotely. Global initiatives on a large scale to leverage technology is favoring the smart learning & education market.
- In terms of revenue, the global smart learning & education market is estimated to exceed the value of US$ 984.7 Bn by 2030, expanding at a CAGR of ~24% during the forecast period
Increase in Internet Penetration and Advent of Technology: A Key Driver of Smart Learning & Education Market
- According to the Internet World Stats, there are 4.79 billion Internet users in the world. Rising number of Internet users across the globe has brought tremendous change across all sectors. Therefore, the education sector has transformed traditional-based learning, which is driving the demand for smart learning & education.
- Smart learning & education techniques deliver knowledge with the help of electronic media and resources. The major benefit of smart learning is that it is highly cost-efficient, as it reduces the cost component in the purchase of course materials. All course materials are free in online learning.
- In classrooms throughout the world, the use of smart learning & education solutions is becoming more popular. Therefore, public schools need to make appropriate changes in their educational infrastructure, which, in turn, is likely to fuel the demand for smart learning & education solutions in the upcoming years. Teacher skills are considered a vital element for this reason.
- COVID-19 has triggered the educational sector to transform land-based learning to smart learning & education. The educational sector has merged with various e-learning companies, enabling students to continue their studies without any hindrance. The major benefit of smart learning techniques is that it allows students to attend lectures from anywhere on any device. Secondly, it allows students to record their lectures and it can be used many times.
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Hardware Solutions Used in Smart Learning & Education
- The growing concern to minimize the cost of studies has forced governments to increase their investment in digitalizing entire educational institutes
- Some other factors leading to the growth of hardware solutions are the increased efficacy of animated learning, along with versatility in learning. Shortage of trained staff in different schools and colleges across developing countries also encourages students to adopt smart learning & education.
- The most popular hardware resources used in smart learning & education are video conferencing and interactive whiteboards, which are widely used in online learning platforms, as they offer real-time connectivity between students and teachers. Synchronous and interactive virtual classes allow students to be actively involved, creating an atmosphere comparable to a physical classroom.
- Additionally, enhancement in the infrastructure of colleges and schools is expected to result in increasing demand for smart learning & education techniques and tools in the near future. Moreover, all leading players are continuously launching their software solutions, which sustains their position in the market.
Smart Learning & Education Market: Competition Landscape
- Detailed profiles of providers of smart learning & education have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global smart learning & education market are
- Adobe Corporation
- Blackboard, Inc.
- Cisco Systems, Inc.
- Cornerstone OnDemand, Inc.
- D2L Corporation, Dell, Inc.
- EduComp Solutions
- Ellucian Co. LP
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Ellucian Company L.P
- InFocus Corporation
- NewRow, Inc.
- Smart Technologies
- Unit4 N.V.
Read TMR Research Methodology at https://www.transparencymarketresearch.com/methodology.html