New York City, NY, 28 January, 2020/ 24 Market Reports: It is estimated for the global smart learning systems market to reach USD 56.9 billion by 2024 from that of USD 23.8 billion in the year 2019 witnessing the growth at a CAGR of 19.1% during the forecast period of 2019 to 2025. 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 are the factors that are driving the growth of the market during the forecast period.
The software segment of the smart learning market, based on components is estimated to grow at the highest CAGR during the forecast period. Integrated solution and standalone solution are the categories for the smart learning software market. 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 are the inclusions for the standalone solutions. An offering of well-organized Enterprise Resource Planning (ERP) systems that help faculty members build enhanced courses and manage classrooms and schools proficiently is been done by the software solutions. Management of a large audience without any budget constraint through virtual classrooms is been done by online education platforms.
The asynchronous learning segment, by learning types, is estimated to lead the smart learning market during the forecast period. Online as well as offline are the options for asynchronous learning. Delivering the course work through web, email, or message boards posted in online forums is the process of asynchronous learning. The learners cannot get their doubt solved in real-time in this type of learning and the learners even cannot receive immediate feedback from their fellow learners or tutors. Message boards, discussion groups and self-paced groups are the benefits that the asynchronous learning offers.
Retail, government, healthcare and Banking, Financial Services and Insurance (BFSI) are the segmentation for the enterprise sector. For providing various instructions and suggestions, the corporate users implement learning solutions as a tool to train and assess employees. In deploying faster communication with its employees about new policies and other instructions the enterprise management takes the help of the real-time mass notification solutions. Based on the number of employees in the organization this segment is further classified into Small and Medium-sized Enterprises (SMEs) and large enterprises.
By geography, North America is estimated to account for the highest share in the market during the forecast period. A significant increase in the number of mobile learning applications is been driving the growth of the market in the region. Increased investments in this sector are also propelling the growth of the market in this region. Increased adoption of mobile applications by the teachers as well as the students in the region to access the information at any time and any place is resulting in the growth of the market during the forecast period.