Education technology is the study of improving performance of the students with help of various technological process, tools and mediums. Otherwise known as EdTech, this is a study of facilitating e-learning and educational experience. The concept of smart classrooms, enabled with advanced and interactive tools is gaining popularity across the world. Although new, market is showing great potential for future in terms of growth and innovation. Revolution in information technology is a positive influence for the adoption of these technologies across developing countries, which is a vital driver for the industry.
Market trends for Education Technology
Smart classrooms enabled with EdTech help effective integration of flexible teaching technologies that combine learning with boosting intelligence and performance through utilizing, creating, and managing various technological processes. Thanks to growing applications of these flexible methodologies, many traditional classrooms are being replaced with education technology. This is creating significant growth in global market. EdTech and smart classroom markets comprise of advanced education systems, technologies and hardware.
Rapid changes in the teaching culture across the globe, involvement of information technology in different walks of life and continually evolving smart technologies provide major boost to the global EdTech industry. On the other hand, industry are concerned, changing cultures, intra regional barriers and budgetary constraints are some major challenges that the industry needs to overcome. Researchers study the global market for these technologies on various parameters including the socioeconomic factors, political, cultural and regional aspects, segmentation and prevailing market trends.
Researchers have analyzed all the aforementioned factors while creating forecasting reports for the timeframe of next four to five years. According to in-depth analysis about all these segments, the global education technology market is expected to grow at a healthy CAGR of over 13% from 2013 to 2018. During the forecasting period, the market is estimated to grow from $31.31 billion in 2013 and reach past $59.90 billion by the end of year 2018. These figures are impressive considering the maturity and current global existence of the market.
According to the research, hardware segment of the education technology market was dominating the global market. The same segment is poised to witness highest market shares during the forecasting period. This trend will automatically create maximum opportunities for growth, investment and expansions in the smart classroom industry. Based on geography, North America is set to dominate the global market, which will be followed by other regions like Europe, Asia Pacific and rest of the world.