According to a new market report published by Transparency Market Research, the global smart classroom market was valued at US$ 49,173.1 Mn in 2016 and is expected to expand at a CAGR of 8.5% from 2018 to 2026, reaching US$ 109,660.3 Mn by the end of the forecast period. According to the report, the global smart classroom market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of about 9.0% throughout the forecast period.
Surge in Student Mobility Driving the Market
The global smart classroom market is majorly driven due to rising student mobility globally, which refers to the rate of students that leave their home countries to pursue education in other countries. This trend is majorly seen in Asia Pacific. According to the Organisation for Economic Cooperation and Development (OECD), more than 5 million students left their home countries in pursuit of higher education in 2015. In 2016, Malaysia had about 172,886 international students studying in higher education institutions, international and private schools, and other language centers.
The Government of Malaysia has announced plans to attract about 250,000 international students under its initiative Malaysia Education Blueprint 2015-2025 (Higher Education) by 2025. The Philippines follows a similar trend. Enrolment of foreign students in the education system in the Philippines has been increasing steadily. According to the Bureau of Immigration statistics, around 7700 international students were studying in the country in 2011. The number increased to 26,000 in 2013, 61,000 in 2014, and to 210,000 in 2016. Rise in inbound mobility is helping economies gauge the right talent to improve economic development. Thus, education institutions are encouraged to adopt smart school solutions to enhance education offerings and attract international students, thus boosting the smart classroom market.
Smart Classroom Market: Scope of the Report
In terms of region, North America is expected to have the dominant share in the smart classroom market over the forecast period due to extensive investment done by regional governments and prominent players across the region undertakingtechnological development in the education industry. Europe is the second largest shareholder in the global smart classroom market. Constant rise in number of educational institutes in the region is expected to drive the market.
Furthermore, presence of leading players in the region is also one of the factors driving the market in Europe.The market in Asia Pacific is expected to grow with the highest CAGR during the forecast period. This is majorly due to rising number of enrollments in the developing countries of this region. Increasing student enrollments is compelling educational institutes to undertake smart learning solutions to provide better educational facilities, thus driving the smart classroom market in the region.
Global Smart Classroom Market: Competitive Dynamics
Partnership and acquisitions are some of the prominent strategies adopted by smart classroom players in order to sustain in the market or strengthen their presence. Companies are also focusing on providing customized solutions to customers at unique pricing. Furthermore, the players are concentrating on signing long term contracts with educational institutes which would help them to generate continuous revenue from the customers over the years. Some of the key players operating in the smart classroom market are Samsung Electronics Co. Ltd, Microsoft Corporation, Dell Inc., Fujitsu Ltd, IBM Corporation, and others.