The smart learning market size is projected to grow from USD 23.2 billion in 2019 to USD 56.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.5%

New York, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Learning Market by Component, Learning Type, End User And Region - Global Forecast to 2024" - https://www.reportlinker.com/p04450349/?utm_source=GNW
5% during the forecast period. The major factors driving the growth of the smart learning market include the proliferation of connected devices in the education sector, adoption of eLearning solutions, and growing use of Artificial Intelligence (AI) and Machine Learning (ML) in smart learning.

Software segment to grow at the highest CAGR during the forecast period
Based on components, the software segment of the smart learning market is projected to grow at the highest CAGR during the forecast period.The smart learning software market is categorized into integrated solutions and standalone solutions.

The standalone solutions include Learning Management System (LMS)/Learning Content Management System (LCMS), Student Information System (SIS), test and assessment, collaboration, eContent, and others, such as content authoring tools, screen capturing tools, and open-source software.Software solutions offer institutions with well-organized Enterprise Resource Planning (ERP) systems that help faculty members build enhanced courses and manage classrooms and schools proficiently.

Online education platforms create virtual classrooms, enabling teachers to manage a large audience without any budget constraint. K-12 and higher education institutions constantly struggle to administer complex and contrasting Information Technology (IT) solutions scattered across the campus.

Asynchronous learning segment to record a higher market share in 2019
The asynchronous learning segment among learning type is projected to lead the smart learning market during the forecast period.Asynchronous learning can be carried out online as well as offline.

It involves the coursework to be delivered by web, email, or message boards posted in online forums.In this type of leaning, learners cannot put forth their doubts in real time.

With asynchronous learning, learners cannot receive immediate feedback from their fellow learners or tutors.Learners can be self-paced, which is not possible with the synchronous learning type.

It provides benefits, such as message boards, discussion groups, and self-paced groups. Message boards help students put up their questions and doubts on a central board/forum or comment on the answers.

Enterprise segment to grow at a higher CAGR during the forecast period
Organizations and institutions in business domains, apart from the education sector, have been classified as enterprises in the report.Enterprise users include organizations catering to various verticals, such as retail; government; healthcare; and Banking, Financial Services and Insurance (BFSI).

Corporate users implement these solutions as a tool to train and assess employees for providing various instructions and suggestions.Real-time mass notification solutions help enterprise management deploy faster communication among its employees about new policies and other instructions.

This segment is further classified into SMEs and large enterprises based on the number of employees in the organization.

North America to record the highest market share in smart learning market in 2019
North America plays a huge role in the development of technology, which helps in the adoption of new smart learning solutions across the major end-user segments.A significant increase in the number of mobile learning applications has been witnessed in the region.

According to an article published by Edweek Market Brief in February 2019, spending on educational technology till date exhibits to be more than USD 13.0 billion in the US alone. The North America Education Technology (EdTech) industry is growing significantly with abundant investments. In 2017, investments in EdTech products were more than USD 9.5 billion. This market has brought in many programs designed to help with elementary math and English skills. Various students and educators in the region are adopting mobile apps that enable them to access information at any time and any place.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart learning market.
• By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
• By Designation: C-level – 45%, Directors – 30%, and Others – 25%
• By Region: North America – 30%, Europe – 35%, APAC – 25%, and RoW– 10%

Major vendors include Blackboard (US), IBM (US), Samsung (South Korea), SMART Technologies (Canda), Adobe (US), Saba Software (US), Oracle (US), SAP (Germany), Microsoft (US), Cornerstone OnDemand (US), BenQ (Taiwan), Huawei (China), D2L (Canada), Newrow (US), Pearson (UK), McGraw-Hill (US), CrossKnowledge (US), Alphabet (US), Ellucian (US), Cisco (US), and UpsideLMS (India). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.

Research coverage
The market study covers the smart learning market across different segments.It aims at estimating the market size and the growth potential of this market across different segments by component (hardware, software [integrated solution and standalone solution], and services), learning type (synchronous learning and asynchronous learning), end user (academic and enterprise), and region.

The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall smart learning market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities
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