The dire need for flexible and high-tech educational system is on the rise. Smart classrooms with advanced technological equipment have great demand. This advanced educational system allows a flexible integration of various teaching methodologies into one classroom. Educational technology, which is also known as EdTech concentrates on different methods of e learning. It deals with performance enhancement with help of computers, audiovisual devices and interactive educational equipments. All these innovative techniques are responsible for the steady growth and remarkable expansion of the education technology market.
Education technology helps in creating smart classrooms with the applications of advanced equipments for improved educational system. Various countries in the world are still using the conventional tools and techniques that educate the people but fail to make them technically sound. Advanced methodologies used in EdTech help learners to gather knowledge on an advance level. This is the biggest driver for the education technology market, which is looking for expansion on global level. Although still in its budding stage, this technology is showing great prospects for complete use of its potential. The market has great segmentation and each segment is looking for expansion on various levels.
While studying the current market trends and forecasting reports for this market, one needs to examine all the segments in smart classroom and EdTech industry. These segments are based on the types of educational hardware, systems, technologies and verticals. Common equipment used for these classrooms include interactive whiteboards, computers, projectors, interactive displays, signage, audio system, interactive tables and printers. This equipment is used for analysis, gaming, security, dashboards and enterprise resource planning. They are used from kindergarten, K-12 to higher education systems.
Learning management system, learning content development system, learning content management system, collaboration, assessment, training, content creation, classroom management, document management and document sharing are the basics of educational systems used in EdTech. As far as geographical locations are concerned, the market is buzzing the advanced regions such as North America and Europe. Education technology is also gaining popularity in the Asia Pacific region. The techniques are also introduced in African and Middle Eastern countries.
The forecasting reports for education technology market prove the strong potential that this market has. The overall market size is expected to increase at a rapid rate. The fast-paced growth rate for EdTech market is likely to stay strong for several years to come. As far as the forecasting for the next five years is concerned, the Education Technology Market is poised to grow at an estimated CAGR of 13.9%. The market is set on $31.31 billion in 2013, which is expected to touch $59.90 billion within next five years.
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