By 2026, the global smart learning market is predicted to grow immensely, chiefly due to increased adoption of advanced technologies. Also, ability of asynchronous learning techniques to provide complete control over smart learning in both online and offline modes is expected to help the asynchronous sub-segment to register huge growth. Market in the North America region is predicted to be most profitable one by 2026.
New York, USA, March 14, 2023 (GLOBE NEWSWIRE) — According to the newly published Research Dive report, the global smart learning market is anticipated to rise at a stable CAGR of 19.2%, thereby garnering a revenue of $74,179.1 million in the 2019-2026 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the smart learning market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2026. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In the recent years, there has been an overall increase in the adoption of advanced and innovative technologies, which is expected to become the primary growth driver of the smart learning market in the forecast period. Additionally, increased utilization of smart learning processes by the educational institutions to reduce training costs is anticipated to push the market forward.
Opportunities: Increased implementation of augmented reality and virtual reality is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, rising trend of bring your own device is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, huge initial investment for advanced technologies might become a restraint in the growth of the smart learning market.
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Segments of the Market
The Research Dive report has fragmented the smart learning market across different segments such as component, learning type, end user, and region.
Component: Software Sub-segment to Have a Significant Growth Rate
By component, the software sub-segment is expected to grow rapidly with a CAGR of 19.6% by 2026. Software components provide educational institutions with efficient enterprise resource planning systems (ERPS) that support faculty staff to manage and handle high number students, this factor is predicted to help in the growth of this sub-segment.
Learning Type: Asynchronous Learning Sub-segment to Flourish Immensely
By learning type, the asynchronous learning sub-segment is predicted to have a tremendous growth rate and generate a revenue of $37,905.5 million by 2026. The ability of asynchronous learning techniques to provide complete control over smart learning in both online and offline modes is predicted to boost the growth of this sub-segment.
End User: Enterprise Sub-segment to Generate a Huge Revenue
By end user, the enterprise sub-segment is predicted to have a substantial market share and grow with a rate of 21.5% CAGR by 2026. Growing adoption of smart learning tools by large, medium, and small size enterprises to train their employees is predicted to boost the growth of this sub-segment.
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North America Region to be Most Profitable
By regional analysis, the smart learning market in North America region is anticipated to be the highly dominant and register a revenue of $21,957.0 million by 2026. Rise in the adoption of smart learning tools along with presence of significant market players is predicted to be the main growth driver of the market in this region.
Prominent Market Players
Some prominent players in the smart learning market are
- Huawei Technologies Co. Ltd
- SMART Technologies ULC
- Saba Software
- Blackboard Inc.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
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For instance, in January 2020, Pearson, a leading learning company, announced that it was acquiring Smart Sparrow, an ed-tech startup. This acquisition is predicted to boost the market share of the acquiring company, i.e., Pearson in the next few years.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Smart Learning Market:
- Top 5 Most Amazing Trends Reshaping the World of Smart Learning
- Smart Learning Market: Instilling Newer Possibilities in the Realm of Education
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