A look into the billion dollar Ed Tech market
The education technology (Ed Tech) and smart classrooms market is expected to grow from $43.27 billion in 2015 to $93.79 billion by 2020, at a CAGR of 16.7%, according to analysts MarketsandMarkets.
So what makes up the Ed Tech and smart classrooms market?
The concept of a smart classroom stems from the incorporation of the latest advancements in the education technology and solutions.
Smart classrooms require investments in the form of hardware and software products. These products are integrated to fulfil the individual needs of the classroom.
The hardware products comprise interactive whiteboards, projectors, interactive displays, printers, interactive tables, and audio systems.
On the other hand, the educational systems have been classified into learning management systems (LMS), learning content management systems (LCMS), learning content development systems (LCDS), student response systems (SRS), assessment systems, collaboration systems, classroom management systems, and document management systems.
The global Ed Tech and smart classrooms market is impacted largely by enabling technologies, such as educational gaming, educational analytics, educational ERP, educational security, and educational dashboards.
Ed Tech engulfs innovations that help educational institutions or universities, which deploy large amounts of data and interactions across various students engaged in different systems, such as LMS, SRS and student information systems (SIS).
Educational cloud is expected to be the largest adaptor for technologies used in the education sector in current situation.
The end-users of this market are schools, colleges, universities, and other institutions that offer professional courses for students and learners all over the world.
There are various new tools that have been developed in the Ed Tech and smart classroom market, which help educators and instructors to keep a track of the progress of the students.
These are further augmented by social, mobile, and video learning. In fact, more instructors are beginning to connect with their students by using network and communication channels across the globe.