Online Education Market Anticipated to Grow at a Significant Pace by 2030
The online education market will develop at a stellar 22.70% CAGR in the forecast period 2022- 2030, as per the new Market Research Future’s (MRFR) online education market forecast report. Online education, simply put, is an electronically supported learning system that relies on the internet for the distribution and interaction of course material between teachers and students.
Various factors are fuelling the global online education market share. As per the recent MRFR market estimates, such factors include the growing need to reduce the education cost, rising government initiatives supporting online education, rising penetration of the internet and smartphones, huge investments by key players to improve the reliability and security of cloud-based education platforms, the presence of several content and service providers bringing huge volumes of educational content online, and declining host cost. The additional factors adding to market growth include the growing need to access educational content, advances in AI, the growing demand for online education during the COVID-19 pandemic, and the rapid growth of IoT. Besides, increasing demand for adaptive learning is one of the major online education market trends and increasing use of cloud-based solutions is one of the major online education market opportunities.
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On the other hand, lack of awareness and the availability of abundant free content may limit the global online education market growth over the forecast period.
The notable players profiled in the global online education market report include Classteacher Learning Systems (India), Udacity, Inc. (US), K12 Inc. (US), Tata Interactive Systems (India), PowerSchool Group LLC (US), Edmodo (US), Docebo (Canada), Adobe Systems Inc. (US), Aptara Inc. (US), Blackboard Inc. (US), McGraw-Hill Education (US), Pearson PLC (UK), and Lynda.Com (US), among others.
The MRFR report throws light on an inclusive segmental analysis of the global online education industry based on component, product, learning type, and vertical.
By component, the global online education market is segmented into software (Yuja, courseplay, worldclass, and others) and hardware (PC, mobile, laptop, and others). Of these, the hardware segment will lead the market over the forecast period and the software segment will grow at a 31.2% CAGR by 2023.
By product, the global online education market is segmented into services (higher education and language, online certification, test preparation, primary and secondary supplementary education, and others), and content (arts, commerce, management, technical, and others). Of these, the content segment will dominate the market over the forecast period and the services segment will grow at a 30.77% CAGR by 2023.
By learning type, the global online education market is segmented into asynchronous (social networking, discussion boards, e-mail, digital curriculum material) and synchronous (live streaming, video, voice, chat). Of these, the asynchronous learning segment will spearhead the market over the forecast period and the synchronous system will grow at a 31.01% CAGR by 2023.
By vertical, the global online education market is segmented into professional, industry, higher education, K-12, and others. Of these, the higher education segment will have the lions share in the market over the forecast period and the professional segment will grow at a 32.1% CAGR by 2023.
By region, the global online education market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. High use of smartphones, focus of academic sectors to digitize learning process in developed countries like Canada and the US, and high tuition fees encouraging students to go for online courses that are cheaper compared to offline regular college courses are adding to the global online education market growth in the region.
The online education market in the APAC region is predicted to have healthy growth over the forecast period. It will develop at a 31.28% CAGR by 2023. The presence of a well-established infrastructure, the presence of a highly skilled workforce, increasing need for BYOD among corporate organizations, rising internet penetration, growing use of mobile devices in emerging economies in South Korea, Malaysia, India, and China, supportive government policies, and domestic universities offering online distance learning courses are adding to the global online education market growth in the region.
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The online education market in Europe is predicted to have favorable growth over the forecast period and that in RoW is predicted to have sound growth over the forecast period.
March 2021- Hyderabad-based online education platform will offer students free video lessons.
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