IoT in Education Market Demand and Industry Growth At a CAGR of 18.6%

• 24 Sep 2024
• TM Team
• 0 Comments

According to the report, the IoT In education industry generated $8.7 billion in 2022, and is projected to reach at $46.4 billion by 2032, witnessing a CAGR of 18.6% from 2023 to 2032.

The growth of the global IoT in education market size is majorly driven by the development of wireless networking technologies, increase in cloud platform adoption, and advent of advanced data analytics & data processing. However, data security & privacy concerns and high implementation & maintenance cost of IoT devices restrain the growth of the market globally. Furthermore, reduction in the cost of connected devices and IoT traction among education sector is expected to create lucrative opportunities for the expansion of the IoT in education market, globally.\

By offering, the hardware segment held the highest market share in 2022, accounting of nearly three-fourths of the IoT In education market revenue, and is estimated to maintain its dominance during the forecast period. Increase in adoption of IoT devices in education sector to enhance operation, propels the growth of the hardware segment. However, the software segment is expected to attain the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, as IoT software helps to reduce the time and costs for the education sector.

By end user, the higher education segment held the highest market share in 2022, accounting for nearly half of the IoT In education market revenue, and is estimated to maintain its dominance during the forecast period. Higher educational institutions play a pivotal role in shaping the integration of the Internet of Things (IoT) in education. Through research, development, and innovative practices, universities and colleges have been influential in leveraging IoT technology to enhance the educational experience. However, the K-12 segment is projected to attain the highest CAGR of 20.7% from 2023 to 2032. The growing emphasis on incorporating immersive technologies such as augmented reality (AR) and virtual reality (VR) to create more interactive and engaging learning experiences for K-12.

Region-wise, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the IoT In education market revenue. The increase in investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve customer experience are anticipated to propel the growth of the IoT In education market. However, Asia-Pacific is expected to witness the fastest CAGR of 21.7% from 2023 to 2032. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.

Leading Market Players are Google LLC, SAP SE, IBM Corporation, Cisco Systems Inc, Amazon Web Services, Inc., Oracle Corporation, Huawei Technologies Co. Ltd., Microsoft Corporation, Intel Corporation, Rapidsoft Technologies Pvt. Ltd.