Smart learning has changed the existing definition of education. Let’s say smart education has created a paradigm shift from the traditional way of learning to smart learning. With a radical change in the technology, it is a hard time for the teachers and educators to process the future of the educational field after few years. Apparently, smart education is growing rapidly, since it provides a holistic development to the students. The Coronavirus outbreak has changed the existing mode of education. Over 90% of the global students are not attending regular schools these days. This scenario made many countries to focus on the smart education to continue the education process.
Apparently, the business sector is facing phenomenal challenges since the pandemic has changed the lives. The pandemic has affected the education industry too. It was reported that the American campuses are nearly empty as the lockdown and social distancing turns the life line of us. In fact, the US education market hasn’t seen an ultimate fall in the market. The education market in the US valued around USD 1,350 billion in the year 2017 and it is expected to grow approximately USD 2,040 billion by 2026.
The fast-growing smart education market is expected to reach USD 680.1 billion by 2027. The market would witness a CAGR of 17.9% from 2020 to 2027. The demand of smart education is progressing each day. Educational institutions and corporate companies are opting for smart learning to get better results. The colleges and universities are adopted by the concept “bring your own devices (BYOD)” in the classroom has encouraged the smart learning way before.
The proliferating use of smart devices in the education made the international vendors to focus more to expanding their market; Discovery, Inc., Ellucian Co. L.P., Instructure Inc., Pearson LLC, and Samsung Electronics Co. Ltd. are some major market participants. Since smart education grows; the trend of collaboration between the content providers and hardware vendors increased tremendously.
The demand of virtual classroom setups are proliferating; the e-learning market and virtual technologies will grow at a CAGR of 11% during the forecast time span. A virtual classroom can provide the most effective learning environment to the students. Virtual reality classrooms will drive the education market after the pandemic, undoubtedly. It turns in to mandatory for the government to train the educators to improve their skills to adapt the alternative teaching methods. Thus, the government and school, college authorities have to collaborate with the software and hardware vendors to get the proper guidance.
Virtual Reality and Augmented Reality: We can say the AR, and VR is the next big thing beyond any doubt. No other technologies can engage the students like a VR can do. Through VR equipment, the students can learn the subject better. AR is another significant platform, which allows the students and teachers to get a better understanding of the curriculum. Public schools in US spend $3 billion each year for the digital education contents.
Block Chain Technology: Another technology strengthening in the education system. It would provide a greater efficiency in the examination management system. It would help the educators to store the educational records of a lifetime. The more advanced block chain technology can monitor the behavior of the children and record it accordingly.
Artificial Intelligence: Several researches have stated; students learn good when the activities and lessons are customized to their needs. It will be an arduous task for a teacher to plan customized lesson for the students. Here, the AI plays the vital role. AI learning app can provide a unique customized lesson to the student wherever they are.
Educational Gaming: A study by NPD, 91% of the US children from the age of 2 to 17 begins play video games. Since the children are fond of video games, the education industry can make use of the positive aspects of video games to teach children. The Joan Ganz Cooney Center reported 55% of the teachers use video game at least once in a week to teach the students. However, 47% of these teachers stated that use of video games in the education has remarkable space.
Even before the pandemic smart learning made incredible space in the education industry. The e-learning industry turned to fast-growing pace in the market during the pandemic. The number of players in the smart education market is increasing each day, thus the competition. Still, the demand of e-learning and smart education is proliferating; we can expect a steady growth in the smart education market in the coming years. The marketers are facing several challenges to get in touch with the right prospects to sell their products. Even the educational institutions are facing difficulty to buy the right products to enhance their education. But still we can expect a rapid growth and advance technologies in the smart education market. Smart education took education industry to another platform.