IoT in Education Market

Global IoT in Education Market Size & Growth Analysis (2023 - 2028)

The global IoT in Education market was worth USD 6.01 Billion in 2022 and is estimated that it will reach 17.42 billion US dollars by the end of 2028, registering a compound annual growth rate of about 14.22% between 2023 and 2028.

Now a days, IoT has made huge impact on almost all the technologies. The IoT is nothing but any network of devices which were connected to the internet for the purpose of information exchange with one another mainly for collecting the data and controlling processes. In most of the sectors the internet of things has been as in working with various advantages whereas in education sector, it enhances the education itself and also provides the advanced value to the education structure. The Internet of things in education is boon for education since it means the better connected and more collaborative for the future of the education system. These Internet of Things devices includes smart buildings technology such as smart lighting, thermostats, locks, doorbells and speakers. These devices are installed so that they can be connected to one another and are controlled centrally using the system such as computer, cell phones, and tablet.

Market Growth

Increasing in the adoption of IoT devices and rise in use of learning management systems for generating vast data among schools and universities helps the growth of the market in the upcoming years.

Market Drivers

The growth of the global IoT in Educations market is due to the production of digital learning solutions which was supported by strong connectivity, low cost devices and also the strong government initiatives to promote the adoption of IoT enabled devices in schools and universities which helps the growth of the market during the significant period.

Other factors that support the growth of the global IoT in Education market include benefits such as rise in the use of mobile and Internet of Things enabled devices which has transformed several industries including some of the industries such as automotive, healthcare and retail are some of the factors which helps the market to grow further. Furthermore, rapid change in technology and the need for efficient management of connected devices which leads to the development of some of the solutions such as security solutions, real time analytics, and data management solutions as these solutions are designed to cater the needs of the manufacturing, automobile and other industries, rising in the number of IoT connected devices are some of the major driving factors which propels the growth of the market.

Market Restraints

Growing concerns regarding the security and privacy of IoT ecosystems and also the complications in financing information technology infrastructure and services are some of the restraints which hinders the growth of the IoT in Education market. Inadequate IT infrastructure is another factor that hinders the market growth. Operational transaction, compliance and legal issues are some other restraints which hinders the growth of the market.

GLOBAL IOT IN EDUCATION MARKET REPORT COVERAGE:

Market Segmentation

The IoT in Education market is segmented and sub-segmented into the following categories:

Global IoT in Education Market - By Component:

the global IoT in Education market was classified into solution, service and hardware. The hardware component is expected to hold the dominance of the market and will continue to dominate during the outlook period.

Global IoT in Education Market - By Solution:

the global IoT in Education market was classified as network management, content management and analytics, device management, application management and security management. Among these segments, the application management segment is expected to hold the dominance of the market among the others during the forecast period.

Global IoT in Education Market - By Service:

the global IoT in Education market was bifurcated into professional services, training and consulting, deployment and integration, support and maintenance, managed services. Among these segments, the support and maintenance segment holds the major share of the market and will dominate the market during the forecast period.

Global IoT in Education Market - By End User:

the global IoT in Education market was classified into academic, K-12, higher education and corporate. The higher education and corporate segment is expected to have the highest CAGR during the forecast period and will hold the dominance.

Global IoT in Education Market - By Application:

the global IoT in Education market was classified into learning management system, classroom management, administration management, surveillance and other applications such as study tools, test preparation management and online learning, learning analytics, online to offline, course material management.

Regional Analysis

North America IoT in Education market, followed by Asia Pacific region, since it is one of the largest contributors to the Internet of Things (IoT) space as it is technologically advanced and also the growth of startup culture in the region is also helps the growth of the market. Furthermore, rapid digitalization across different verticals and increasing adoption of smart connected devices and the technological advancements are some of the major growth supporting factors which promotes the growth of the market of IoT in education.

Asia Pacific region is expected to increase the market value owing to the factors such as  rise in the use of mobile and Internet of Things enabled devices which has transformed several industries including some of the industries such as automotive, healthcare and retail helps the internet of Things in education market to grow further in the Asia Pacific region.

Leading Company

IBM Corporation has the largest market share, since the company has a wide presence in the field of IoT in Education and the company is considered to be the pioneer in developing the technology to the next level.

Key Players

The main players in the market are Smart Technologies, Samsung Electronics Co. Ltd, Pearson PLC, Promethean Inc., Hitachi Ltd., IBM Corporation, SAP SE, Educomp Solutions, Cisco Systems Inc., Tata Interactive Systems  

Impact of COVID 19 on IoT in Education market:

As we all are aware that due to COVID 19, almost all the industries has affected including small scale industries and also large scale industries and due to this the dependency on online businesses has increased significantly. The vendors of IoT in Education have experienced an increase in demand since it is a tool which is used to virtually create a real time environment to test the efficiency and also the capability of the products. The IoT in education market is expected to grow more after the pandemic as well since it is the advanced technology that future may rely on.