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12 February, 2021, New York, USA - The global IoT in education market remains a promising prospect as rapid adoption of e-learning, and cost-saving opportunities in cloud adoption are quickly realized. The global IoT in education market reached a notable valuation of USD 4.8 billion in 2018, and will likely grow at 19.31% CAGR during 2021-2028 period. The growing demand for e-learning solutions due to the worldwide pandemic, and increasing efficacy of online courses for higher education remains a major promise for growth in the global IoT in education market.
The global IoT in education market remains an innovative, and competitive landscape, thanks to growing diversity in product offerings in hardware, and software solutions, and services. Moreover, the large scope of opportunity in network management, application management, security management, and content management also remains a promising prospect for new players in the global IoT in education market. Some key players in the global IoT in education market are Alphabet Inc, Amazon Web Services, Oracle, Cisco, Huawei, Unit 4, Microsoft, Intel, and SAP. The cost of development, and lack of skilled resources remain a major concern for growth in the global IoT in education market.
Application Management Segment to Hold Largest Share of Revenues in the IoT in Education Market
The investment in IoT space remains a major horizon for the education sector, especially higher education. On one hand, it promises vast improvements over traditional classroom-based learnings through 3D animations in key educational sphere such as STEM learning. Moreover, it also promises to reduce costs by delivering distributed costs through en masse product offerings. The high costs of higher education remain a concern in countries like the US, wherein many students opt out of college experiences due to large loans associated with it. For example, according to a Pew study in 2017, 6 in 10 Americans cited that the higher education in the US was headed the wrong way. Moreover, 84% cited high costs of higher education as key reasons for their reluctance to embrace the education system in its current form. Furthermore, while 65% of students believed the higher education did not prepare them well for the job market, 54% believed the college took on cumbersome, and unnecessary responsibilities of protecting them from offensive views. Additionally, 54% cite social and political activism from professors in classrooms as reasons for their disappointment with higher education. This highlights many challenges facing the traditional classroom-learning model. Issues like high-costs are self-explanatory. However, political and social activism in classrooms and have become difficult problems to solve as these are external influences on the educational systems. These will likely remain a core part of the education system as long as classroom-models catering to local populations remains the business order of the day. On the other hand, concepts like MOOCs or Mass Open Online Courses are readily embraced by students, and companies alike. The online system will likely open new opportunities for growth in the global IoT in education, as managing large workloads of dealing with mass enrolments, and providing best access to the latest technology will promise new opportunities for segments like application management. The growing demand for e-learning, and conventional challenges associated with higher education will promise new areas of growth for players in the global IoT in education market.
Professional Services Will Likely Hold the Largest Market Revenue Share
The global IoT in education market report is divided into professional services, training and consulting, deployment & integration, support and maintenance, and managed services. Among these, the professional services are expected to account for the largest revenue share during the forecast period. The professional services remain key to connecting parents, students, professors, and administrators through innovative new technology. Moreover, lack of proper communication also remains a major concern facing universities amidst the rising shift to online learning. Furthermore, major universities like Harvard, MIT, among several others are increasingly offering open access to students in an attempt to be more receptive to growing demand for better higher education. Furthermore, major universities have also announced collaboration with online MOOC providers to reduce costs of higher education, and demand for reliable, cost-effective, and highly professional management will likely drive strong growth for professional management systems during the forecast period. Moreover, demand for training and consultation will also remain high as among end-users in the IoT education market, corporate training programs remain in robust demand. These programs designed to eliminate gaps between university education, and needs for professional skills will likely witness strong growth, as students continue to report notable differences between the two. The strong growth in professional management, and training will be two major opportunities for growth in the IoT in education market.
The Covid-19 Impact Will Likely Linger to Drive New Opportunities
Covid-19 has been a major boon for the IoT in education market. The pandemic has pushed many education institutes, and students from their comfort zone in traditional classroom-based model to deploy technology to learn new. The pandemic has resulted in millions buying new notebooks, laptops to work from home, or engage in e-learning. However, the question remains whether this impact will continue in the long run. Growing studies support the notion that this pandemic will help students, and education find a balance between online learning, and classroom learning. Both these forms provide tremendous advantages to stakeholders, as well as myriad of challenges. For example, the online systems are still plagued with lack of quality teachers who can communicate their knowledge using advanced tools, and remain effective as educators. Furthermore, the online education system has provided educators the opportunity to engage students in one-on-learning along with the ability to patent their teaching material to cater to millions around the world. The growing emergence of the online model will prove to be a major opportunity for players in the global IoT in education space in the long run, as stakeholders experience the online module for the first time in generations.
The Global IoT in Education Market Report is Segmented as Below:
On the basis of Component, the IoT in education market has been segmented as follows:
On the basis of Solution, the IoT in education market has been segmented as follows:
On the basis of Service, the IoT in education market has been segmented as follows:
On the basis of End User, the IoT in education market has been segmented as follows:
On the basis of Application, the IoT in education market has been segmented as follows:
On the basis of regions, the IoT in education market has been segmented as follows:
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