High-tech education systems have become the need of the changing times. Technological advancements in education sector have given way to numerous innovative methods of improved teaching systems. Methods like smart classrooms are gaining immense popularity across different parts of the world. Thanks to the encouragements from developed regions and improved economical conditions of the developing countries, global education technology market is thriving on the global platform. According to the recent findings, the global market is expected to grow at a steady rate, with more and more emerging countries adopting the modern way of academics and education. This is a positive sign for the industry for long-term growth.
Key Takeaways from EdTech
Education technology or EdTech helps educational institutes and research organizations to develop high-tech smart classrooms. These classrooms are equipped with modern amenities in terms of tools for teachers and students. Although most countries in the world are still using the traditional teaching tools, the conditions are changing at a rapid pace. Conventional tools educate the students but they fail to develop technological knowledge amongst the students. One can call this the biggest disadvantage of the traditional schooling systems. However, lowering costs and rapid technological advancements are making the required reforms in the global education technology market.
According to the experts, smart classrooms are made to engage students with information, which offers education in an innovative, interactive way through intriguing visuals and multi-media tools. The most common tools used include VCR, CD, DVD, PowerPoint, etc. all these tools are included with several conventional methodologies of teaching. These classrooms are currently based on experimentation, which also includes remote control and remote sensing technologies. These technologies help capturing the actions and locations of the students and teachers and change the classroom atmosphere accordingly. Advanced tools like video conferencing, language translation, collaboration and other innovative tools allow students to interact in a free environment.
Segmentation Trends and Forecasting Reports
Researchers have studied the education technology market over a long time and have come up with market trends and forecasting reports from 2013 to 2018. Based on these reports, the market is expected to grow at a healthy CAGR of 13.9%. In 2013, the market is expected to be worth $31.31 billion, which is expected to reach past $59.90 billion by the end of 2018. The market comprise of all the innovative systems used for the development of fine human capabilities. Machines, hardware, software and other digital technologies like smartphones, projectors, interactive whiteboards, dashboards, collaboration and translation solutions and gamification tools are studied in the market.
According to the researchers, emerging economies like Asia Pacific, Middle East, Africa and Latin America are expected to show remarkable progress in education technology, during the research span. These are great signs for global investments for the interested investors and existing service providers and stakeholders.