Massive change taking place in education technology market
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With rapid and continuous advancement in technology, the requirements of students and teachers in education are undergoing a tremendous change, according to MarketsandMarkets (MM).
Teachers have begun to connect with their students by using network and communication channels across the globe.
Furthermore, a phase of interactive marketing hub has emerged where students studying at any level can get connected with their teachers and parents through these devices on a regular basis, MM says.
The concept of a smart classroom stems from the incorporation of the latest advancements in the education technology (ed tech) and solutions.
Ed tech includes innovations that help educational institutions or universities employ the large amounts of data and interactions across various students engaged in different systems such as Learning Management Systems (LMS), Student Information Systems (SIS) and Student Response Systems (SRS).
Recently, numerous new tools have been developed which help educators and instructors to keep a track of the progress of the students and advise them when needed. These are further augmented by social, mobile and video learning, says MM.
According to MM, five types of enabling technologies that are offered in ed tech are educational gaming, educational analytics, educational ERP, educational security, and educational dashboards.
The major forces driving the market are lower developmental costs, increased hardware and connectivity, expanded distribution and ease of use.
At the same time, various opportunities exist for the smart classroom market such as growing literacy skills, funding limitations, and breaking down district-wide barriers.
MM finds the global ed tech market is estimated to grow from $31.31 billion in 2013 to $59.90 billion in 2018. This represents a Compound Annual Growth rate (CAGR) of 13.9% from 2013 to 2018.
In the current scenario, educational cloud is expected to be the largest adaptor for technologies used in the education sector. In terms of regions, over the next five years, Asia-Pacific (APAC) is set to experience increased market traction to become the biggest ed tech market globally.