In the era of digitalization, it is expected to grow significantly and will be beneficial for students, professionals and also institutions. Online education is a digitally enabled learning platform which banks on the internet for interaction and distribution of diverse courses among students and teachers across the globe. With the increase of internet penetration, smartphones, and government initiatives assisting online education it has been exponentially growing at a tremendous pace.
The global online learning market is forecasted to grow at a CAGR of 28.55 % during the forecast period 2020-2024. The market is likely to mark a value of $ 93.64 billion during the forecast period.
Market Research comprises of:
Historic Data: 2015 - 2019
Base Year: 2019
Future Forecast: 2020 – 2025
Prominent market players:
COVID-19 has led the development of online learning
Increase in Artificial intelligence and (IoT) internet of things
Lack of competent staff
Increase in internet penetration
How COVID-19 has Significantly Impacted Market Growth?
Owing to the COVID-19 crisis online learning platform are increasing their potential to reach their base, for instance, BYJU’S, a Bangalore based ed-tech company founded in 2011, announced free live classes on its think and learn the app. BYJU’s has since witnessed a nearly 200% increase in customer acquisition (students). Meanwhile, Tencent had been used extensively since the Chinese government ordered a quarter of a billion students to resume their studies online as a repercussion, this seems to be the largest “online movement” in the history of education in Wuhan.
The threat to security and authorization issues
The dearth of technology and infrastructure in remote areas
Graduation without hindrance in work-life balance
Time-saving and cost-efficient for learners
Education to all category of students
Due to the COVID-19 pandemic, there has been a steep rise in the demand for the online education system as a result more and more opportunities are likely to emerge in the market.
Learning management system
Higher Educational Institutions
Middle East and Africa
North America holds the major market share. The presence of big market players such as Cisco, Oracle, and Microsoft coupled with the early adoption of such technologies contributes to the superiority of the North American region in the global online education market. An exorbitant fee is also encouraging students to go for online courses which are cheaper than offline regular college courses.
APAC, on the other hand, is projected to witness the speediest regional market growth while forecasting period. The growth in the APAC region is due to rising internet penetration coupled with the growing use of smartphones in developing countries such as India, China, and Malaysia.
Online Education has brought an optimistic impact on the lives of students and working professionals. It has given a golden opportunity for students to take up additional courses along with their studies or job as per their comfort. Online education has also assisted the faculty in the institutions to allow students to study some part of the syllabus online where classroom instructions are not mandatory. Henceforth, the online study helps the faculty to save time and effort in which they can deal with the students effectively. The quality of education has also been improved by online courses and it has become easy for students to refer the content at their ease.