IoT In Education Market Valuation Worth $46.4 Billion by 2032 at a 18.6% CAGR
The growth of the IoT in education industry is majorly driven by
development of wireless networking technologies, increase in cloud platform
adoption, and advent of advanced data analytics & data processing
solutions.
The IoT
In education market 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.
Major
industry players such as IBM Corporation, Oracle Corporation, Google LLC, Intel
Corporation, Huawei Technologies Co. Ltd., Rapidsoft Technologies Pvt. Ltd.,
Microsoft Corporation, Cisco Systems Inc., Amazon Web Services, Inc., SAP SE
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.
Based
on application, the classroom management segment held the highest market share
in 2022, accounting for two-fifths of the IoT In education market revenue, and
is estimated to maintain its dominance during the forecast period. IoT plays a
pivotal role in improving classroom management by introducing innovative
technologies that enhance the learning environment. IoT devices, such as
sensors and smart equipment, are strategically deployed in classrooms to
streamline various aspects of management. However, the learning management
system segment is projected to attain the highest CAGR of 21.8% from 2023 to
2032. Growth in adoption of learning management system (LMS) solution is to
streamline and enhance the administration, delivery, and management of educational
content and training programs.
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.
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