Europe EdTech and Smart Classroom Market Forecast to 2027: Coming Together of Latest Technologies for Enhanced Learning
Up to K-12 Segment to Dominate Europe EdTech and Smart Classroom Market during 2019-2027
Europe EdTech and Smart Classroom Market is expected to reach US$ 61,250.6 million by 2027 from US$ 20,571.2 million in 2019. The market is estimated to grow at a CAGR of 14.6% from 2020 to 2027.
The report provides trends prevailing in the Europe EdTech and smart classroom market along with the drivers and restraints pertaining to the market growth. Acceptance of EdTech solutions is increasing due to cloud based solutions and this is the major factor driving the growth of the Europe EdTech and smart classroom market. However, issues associated with improper awareness and setup investment costs hinders the growth of Europe EdTech and smart classroom market.
The Europe EdTech and smart classroom market has been segmented on the basis of component, deployment type, and end user. Based on the component, the market is segmented into hardware, software, and services. Software components are further categorized as learning management systems, student information systems, classroom management systems, classroom assessment systems, and others. Hardware held the largest market share over the forecast period from 2020 to 2027.
On the basis of deployment type, the Europe EdTech and smart classroom market is segmented into cloud, on-premise, and hybrid. Cloud segment contributed a substantial share in 2019. The market based on end-users has been segmented into upto K-12 institutes and higher education. Upto K-12 led the Europe EdTech and smart classroom market with largest market share in 2019.
The presence of developed countries such as Germany, the UK, France, Italy, Norway, and Sweden, with huge education spending and high investments in EdTech startups, makes Europe one of the key markets for EdTech and smart classroom product providers. Also, the noticeable adoption of advanced technologies in various industries makes this region an ideal market for EdTech and smart classrooms.
At present, Russia, the UK, Spain, Italy, Germany, Turkey, and France are a few of the major European countries affected by the COVID-19 outbreak. Governments of these countries have imposed lockdowns/movement restrictions and closed down the educational institutions to contain the outbreak.
Despite the negative impact of COVID 19 outbreak on economies of these countries, the demand for EdTech and smart classroom solutions has seen an upward trend owing to increasing demand for e-learning, virtual classrooms, and other digital technology solutions for uninterrupted delivery of education to students across Europe. The sudden adjustments in education systems and processes in the wake of ongoing pandemic is pushing stakeholders to invest in modern technologies and adapt to the evolving technology landscape in the education sector.
Apple Inc.; Blackboard Inc.; Cisco Systems, Inc.; D2L Corporation; IBM Corporation; Microsoft Corporation; Oracle Corporation; SAP SE; SMART Technologies are among the leading companies in the Europe EdTech and smart classroom market.
The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, SAP SE introduced new digital learning initiative providing innovative, interactive educational content to support students, professionals and anyone wishing to continue to learn during this challenging time.