IoT in Education Market to Reach $46.4 Billion by 2032 at 18.6% CAGR: Allied Market Research

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Nov 25, 2023, 10:20 ET

NEW CASTLE, Del., Nov. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT In education Market by Offering (Hardware, Software, and Service), Application (Learning Management System, Classroom Management, Administration Management, and Others), End-User (K-12, Higher Education, and Corporate): Global Opportunity Analysis and Industry Forecast, 2023-2032". 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.

Prime determinants of growth

The growth of the IoT in education market is majorly driven by 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.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$8.7 Billion
Market Size in 2032	$46.4 Billion
CAGR	18.6 %
No. of Pages in Report	241
Segments covered	Offering, Type, Application, End-user and Region.
Drivers	Development of wireless networking technologies. Increase in cloud platform adoption Advent of advanced data analytics & data processing solution.
Opportunities	Reduction in the cost of connected devices and IoT traction among education sector
Restraints	Data security & privacy concerns and high implementation & maintenance cost of IoT devices

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The hardware segment to maintain its dominance during the forecast period

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.

The classroom management segment to maintain its dominance during the forecast period

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.

The higher education segment to maintain its dominance during the forecast period

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.

North America region to maintain its dominance by 2032

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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Leading Market Players: -

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.

The report provides a detailed analysis of these key players in the IoT In education market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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