The education market has embraced the latest tech such as artificial intelligence, machine learning, and IoT to render enhanced learning experiences to students and improve workforce performance. IoT-enabled devices have proved to be real game-changers in education from various aspects – be it campus security, resource management, or easy access to information.
The global IoT market in the education sector was valued at $5.31 billion in 2019 and is expected to hit the $19.57 billion mark by 2027; the CAGR rate is 17.75% from 2020 to 2027. The demand for improving operational activities and connecting multiple devices for simplifying educational activities are the primary factors for driving the market growth.
How Important Is IoT In The Global Education Market?
Global IoT in the education market uses the latest technology to enhance teaching and learning with visual aids. IoT holds a lot of capacity to transform the education structure and its environment, and make education and management much more accessible.
However, a couple of factors have majorly contributed to the rising demand for such technology in education.
- The prevailing coronavirus pandemic led to sudden school closures, which have forced millions of educators, students and parents, to adopt e-learning solutions for different study levels to bridge the learning gap.
- The growing demand for online courses for better career prospects is another factor for growth in the IoT market.
- Easy availability of cloud services, customised education apps, and unlimited storage at an affordable price has made IoT-enabled gadgets and devices all the more popular in the education market.
IoT has disrupted the global education market (in a positive way, of course). College and university students have shifted from conventional learning tools like paper books toward IoT-enabled devices like laptops and tablets. With such easy accessibility, students have the opportunity to indulge in self-paced learning at home, similar to school.
IoT has not only enhanced education for learners but made the teaching process more convenient for educators too. Graders no longer have to drown in the ocean of paperwork. They can gather student’s data from the cloud and carry out different school activities. Teachers can design customised lessons based on the data and adopt effective teaching methods with extensive IoT connectivity.
Global IoT In Education Market: Segmentation
The IoT education market is segmented by:
- Component – Services and solutions
Services are segmented as training and consulting deployment and integration and support and maintenance. Out of these, deployment and integration may rapidly grow with the highest CAGR.
Solutions are segmented as application management, network management, device management, and more. The application management is expected to have the highest CAGR growth attributing to enhancing learning and student-teacher communication. It will also reduce cost and encourage feasibility, thereby driving the growth of the segment.
- Hardware – Whiteboards, displays, tablets, tracking systems, cameras, and more
Display devices are getting more popular due to countless software and applications to make display suitable.
- End-user – Corporates and educational institutions
Even though the end-user is segmented into two sectors, educational institutions are expected to surpass growth in the education market, bridge the communication gap between students and educators, and make learning more fun for students.
- Application – LMS, surveillance, management, etc.
LMS or the Learning management segment is projected to have rapid growth because of its extensive use in simplifying learning.
- Geography – North America, Europe, Asia, and so on.
North America is highly technologically advanced and expected to hold the most prominent IoT market share in 2021. With the rapid increase in the adoption of intelligent devices and digitalisation, North America will take technology advancement with IoT to a new level.
Global IoT In Education – Market Prediction In 2021 & Beyond
- Professional Services May Lead The Market Share
Professional services are projected to lead the largest market share in the world. It will remain a pivotal factor to connect teachers, students, parents, providing online assignment help and the administration within the speculated time frame. Several survey reports highlight the communication gap in higher studies. Top-ranked universities like Harvard and MIT now offer open access to students to allow students stay connected.
Furthermore, universities are now collaborating with online course providers to cut higher education costs and make professional management reliable and cost-effective. The demand for training and consultation will also increase in the IoT education market and corporate trainers to bridge the knowledge gap among university students and fulfill the need for professional skills to sustain today’s job market.
- Application Management Is Expected To Generate The Highest Revenues
Despite having one of the best higher education systems globally, thousands of students in the US drop out from colleges due to hefty student loans. A study shows:
- 6 out of 10 Americans believe that higher education in America is beyond expensive, and 84% of students avoid higher education because of it.
- 65% of students further cited that higher education isn’t sufficient to land a job
- 54% believed that universities took extreme measures to protect students.
- 54% of students cited professors’ social and political activism as an issue.
Although high academic cost is the primary reason behind such an alarming dropout rate in the US, the survey also indicates other factors like social and political activism as a significant flaw in the traditional classroom learning model.
Fortunately, the investment in IoT space will increase in 2021 for the extensive learning opportunities through 3D animations or STEM learning. The e-learning system will promote the growth of IoT space in the education market, as more organisations will turn to the latest tech to manage large workloads and provide safe academic access. The increasing demand for e-learning and the challenges of traditional learning will only create more opportunities for global IoT marketers.
- The Pandemic May Drive New Opportunities
Since the virus outbreak, many education institutions have deployed new technology to reduce the learning gap. The virus has caused a ruckus in everyone’s lives but has opened doors to technological advancements. Millions of students had to switch to laptops and tablets from traditional notebooks and embrace e-learning.
Even so, one question remains – is e-learning a suitable alternative for the traditional classroom learning model? Several studies show that the current study scenario will help educators and students balance online learning and conventional learning forms despite the advantages and challenges.
E-learning has helped educators provide a customised, one-to-one learning opportunity to students and fulfill their academic needs. The growing demand for tailored lessons for self-paced learning is a significant opportunity for the stakeholders in the global IoT in education market.
IoT is powering transformation in the education market and how. By integrating technology with learning, it is projected to bring a massive difference in the academic sector. Even though the significant competitors in the IoT education market are IBM, Microsoft, Google, Samsung, Cisco, Intel Corporation, and AltSchool, more organisations are coming forward to use this technology to make learning and other activities more accessible. Even in 2021, amidst the pandemic, the global IoT is on pace to grow to ensure an easy lifestyle.