The global IoT in education market size is expected to grow from USD 4.8 billion in 2018 to USD 11.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period. Major growth factors for the IoT in education market include an increasing use of connected devices in the education institutions, rapid adoption of eLearning, and availability of cloud-based solution.
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The application management solution to record the highest growth rate during the forecast period
Education institutions have been using various applications for enhancing the learning experience and increasing the interaction between educators and students. This, in turn, has significantly increased the demand for the application management solution. The solution helps education institutions to manage their various applications. The goal of the application management solution is to optimize cost and feasibility in a way that developers and commercial clientele face when developing applications that need to collect, manage, and begin the interpretation of data generated by a wide range of connected endpoints. Education institutions are rapidly incorporating various applications for seamless operations and management that would surge the demand for the application management solution.
Increasing demand for connected devices in academics to drive deployment and integration services segment
The deployment and integration services segment is expected to grow at the highest CAGR during the forecast period. Deployment and integration services are important as the huge volumes of information generated by IoT devices must be integrated with the existing systems, which require exact level of system integrators and system enablers to deploy and integrate IoT services and solutions. Deployment and integration service providers help institutions to develop a connected environment by integrating IoT devices and solutions with the educational environment. The deployment and integration service providers collect customer requirements, and then install, integrate, test, and rollout the IoT solutions
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North America to hold the largest market size during the forecast period
The market by region, North America is projected to hold the largest market share during the forecast period. North America is one of the largest contributors to the IoT space, as it is technologically advanced. Moreover, the startup culture in North America is growing. The rapid digitalization across industry verticals, the increasing adoption of smart connected devices, and technological advancements would further fuel the growth of IoT in education in North America.
Major restraining factor for the market growth may be increasing incidences of cyber-attacks on education institutions and resultant concerns over data security and privacy.
5 Market Overview and Industry Trends (Page No. – 38)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Use of Connected Devices in the Education Industry
5.2.1.2 Rapid Adoption of eLearning
5.2.1.3 Availability of Cloud-Based Solutions and Applications
5.2.2 Restraints
5.2.2.1 Increasing Cyber-Attacks on Educational Institutes to Raise the Concern for Data Security and Privacy
5.2.2.2 Lack of Industry Standard and Interoperability
5.2.2.3 Lack of Resources and Infrastructure in Developing Industries
5.2.3 Opportunities
5.2.3.1 Gamification of the Educational Industry
5.2.3.2 Increasing Expenditure in the Education Industry as A Percentage of GDP
5.2.3.3 Potential Growth Opportunities for System Integrators
5.2.3.4 Declining Cost of Connectivity and Connected Devices
5.2.4 Challenges
5.2.4.1 Inability to Manage Real-Time and Unstructured Data
5.2.4.2 Reluctance of Adopting New Technologies By Educational Institutes
5.3 Use Cases and Regulatory Implications
5.3.1 IoT in Education Market: Use Cases
5.3.1.1 Use Case: Scenario 1
5.3.1.2 Use Case: Scenario 2
5.3.1.3 Use Case: Scenario 3
5.3.1.4 Use Case: Scenario 4
5.3.1.5 Use Case: Scenario 5
5.4 IoT in Education Ecosystem
5.5 Regulatory Implications
5.5.1 Introduction
5.5.2 Right to Education
5.5.3 National Science Education Standards
5.5.4 International Standard Classification of Education
5.5.5 European Network for Quality Assurance in Higher Education
5.5.6 Australian Education Act
5.5.7 Education Services for Overseas Students Act
5.5.8 Fundamental Law of Education
5.5.9 Compulsory Education Law of the People’s Republic of China
5.5.10 South African Schools Act, No. 84 of 1996
5.5.11 The Education Act 2011
5.5.12 Every Student Succeeds Act
5.5.13 Funds for Maintenance and Development of the Fundamental Education and Valorization of Teaching
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