Ed tech market grows, thanks to ongoing innovations
The education technology and smart classrooms market is set to reach $93 billion by 2020, driven by education hardware and software innovations, according to a new research report.
Research and Markets, a leading resource for niche and top industries, has released the report titled, ‘Education Technology (Ed Tech) and Smart Classrooms Market by Hardware, Systems, Technologies - Global Forecast to 2020’.
The report shows this market is expected to grow from $43.27 billion in 2015 to $93.76 billion in 2020, at a CAGR of 16.72% during the forecast period.
Smart classrooms are significant as they are increasingly helping educators to understand and enhance the learners' abilities to grasp different things in a single go.
Furthermore, they develop learners' skills to facilitate them in the competitive educational world, the report states.
Research and Markets classifies educational products as educational hardware, educational systems, and enabling technologies. Verticals are classified as kindergarten, primary and secondary school, and higher education.
In these settings, technology-enabled classrooms comprise various tools and systems, such as interactive whiteboards, interactive displays, projectors, collaboration solutions, dashboards and smartphones.
Technology systems that have been deployed by smart classrooms include systems to manage learning, content, students, and development.
According to Research and Markets, there are many more technologies that are utilised in smart classrooms, available both online and offline.
"The introduction of e-learning has led to the integration of elements of information and communications technology to improve the quality of the learning process.
"The existence of technologies like learning management systems, software as a service, and cloud computing has also accelerated the pace of education hardware innovations," says Faisal Ghaus, Technavio vice president.
The researchers have highlighted various key players in the market, namely Apple, Blackboard and Cisco Systems.
More key players include Dell, Discovery Communication, Dreambox Learning, Dynavox Mayer-Johnson, Fujitsu Limited, HP, IBM, Jenzabar, Lenovo, Microsoft, Panasonic, Promethean, SABA, Smart technologies and Toshiba.