Technological innovations – the major growth factor of smart learning market
The successive wave of technological innovations has reshaped almost every sphere of business and the world. The world has been disrupted by the wonders of technology such as AR, VR, IoT and Blockchain, Big Data, or robotics. This wave has touched and revolutionized every sphere ranging from healthcare, lifestyle, retail, aerospace, media, logistics, and education to name a few.
This wave has also came with new armors to change and redefine the way of education. AR and VR, gamification have made learning more fun, engaging, and efficient than ever. In this process of learning and teaching, smart devices are used in a great way. Hence it is called smart learning.
Learners can access digital resources in their smart devices using Wi-Fi directly which help them experience of personalized, seamless learning.
Apart from this, smart learning environment also enables the students to experience interactive and engaging learning systems remotely. Smart learning solutions also offer the students personalized guidance whenever needed, reference tools to solve complex problems as required.
A brief outlook on the growth factors
The growing application of high-level education technologies by the academic institutes around the world is one of the significant growth boosters of the smart learning market.
Here’s an instance: in Arizona State University (ASU), nearly 65,000 scholars have benefited from an advanced learning technology platform inclusive of more than 12 academic courses.
Another factor impelling the growth of the global smart learning is the smooth education process conferred by implementation of innovative technology platforms in the classroom.
Moreover, growing acceptance of smart learning process by the educational organizations to reduce the training costs is anticipated to enhance the smart learning market growth.
According to a recent report , the leading players of the smart learning market arePearson, SMART Technologies ULC,IBM, Saba Software, McGraw-Hill,SAP,SAMSUNG, Cornerstone, Huawei Technologies Co., Ltd, Alphabet, Blackboard Inc., Adobe, Oracle,CrossKnowledge, and Microsoft, BenQ.
Here are a few vignettes of recent developments in the market:
- Pearson, one of leading market player has recently announced the acquisition of the digital learning technology from Smart Sparrow. Smart Sparrow is an edtech solution provider based out of Sydney, Australia. The value of the deal is US $25 million.
The acquired technology will contribute significantly in enhancing the current capabilities of Pearson in adaptive learning. It will also help accelerate the roll-out of Pearson's Global Learning Platform (GLP).
- Authessis a developer of an assessment platform used by students, educators and employers which is based out of Boston. The company has been acquired by the academic and research publishing platform, Elsevier which is well-known for its subscription journals.
The market players are adopting several smart strategies including product innovation and launches, current technology upgradation, mergers and acquisitions, and partnerships and collaborations to grab the highest market size.