Online Education Market Research Report- Global Forecast 2023
ID: MRFR/ICT/2655-CRR | February, 2018 | Region: Global | 154 pages | Cooked Research Reports
Global Online Education Market Research Report: Information by Component (Hardware, Software) By Product (Content, Services) By Learning (Synchronous, Asynchronous) and By End User - Forecast Till 2023
Market Synopsis of Global Online Education Market
Market Scenario
Conventional education alone cannot meet the needs of aspiring students for higher education. Proactive policies and strategies are needed to be devised and developed to encourage online education and overcome any issues that are currently hindering its optimization. With the advent of online education, the cost of infrastructure has been lowered considerably. Online education also provides the students with study material at a reasonable cost and with the help of cloud, it can be accessed from anywhere and at any time. Also, the transportation and housing costs are eliminated with the adoption of online education. With the aid of distance education programs, online education is witnessing a considerable growth. Online skill enhancement courses are a major hit among the consumers of online education market. Online channels are very much capable of providing quality education to potential learners by bringing the content all at one place. Moreover, online study websites are gaining popularity owing to the rise in competitive exams and test preparations done online. Test preparations is considered to be the fastest growing segment due to the growing acceptance of the same. Also, online channels allow the users to seek job opportunities around the world while sitting at one place.
The increasing government initiatives and surging internet and smartphone penetration is expected to propel the growth of online education market over the review period 2017-2023.
On the other hand, abundance of free content and lack of awareness regarding online offerings prove to inhibit the growth of online education market over the review period.
Key Players
Some of the key players of online education market include Adobe Systems (U.S.), McGraw-Hill Education (U.S.), K12 Inc. (U.S), Pearson PLC (U.K.), Mashable, Inc. (U.S), Udacity, Inc. (U.S), Blackboard Inc. (U.S.), Lynda.Com (U.S.), Aptara Inc. (U.S.), DoceboLMS (Italy), Edmodo (U.S.), Classteacher Learning System (India), PowerSchool Group LLC (U.S.) and Tata Interactive Systems (India) among others
Key Findings
- The global online education market has generated USD 29 billion in 2017 and presumed to grow at approximately 28.55% CAGR during forecast period 2017-2023.
- By component, hardware market is expected to grow at with 27% CAGR
- By product type, content market is expected to grow at 28% CAGR from 2017 to 2023.
- By learning type, asynchronous market is expected to generate market value of USD 65 billion by the end of year 2023 growing with 26.35% CAGR
- By application, higher education market is expected to grow with 26.71% CAGR
- Geographically, North America market is dominating the market and is expected to grow with 27.10% of CAGR followed by Europe. Asia Pacific is projected to grow with fastest growing CAGR.
Segmentation
The online education market is differentiated by component, product, learning, and end user.
Based on component, the online education market is sub-segmented into hardware and software. Hardware is further sub segmented into laptop, mobile, PC and others. Software market is sub segmented into world class, course play, YuJa and others. Furthermore, the product segment is sub divided into content, service and others. The content sub segment include technical, management, commerce, arts and others. The service sub segment further comprised into primary & secondary supplement education, test preparation, online certifications, higher education & language, casual learning and others. Additionally, the learning segment is classified into synchronous learning and asynchronous learning.
The synchronous sub segmented into chat, video, voice and voice streaming. Whereas asynchronous sub segmented into digital curriculum, discussion boards, social networking and others.
Online education is further divided on the basis of end user that includes K-12 education, higher education, industry & professionals, and others.
Regional Analysis
Geographically, the online education is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to be the dominating region in online education market. The technological advancement and growing education industry is expected to drive the market over the forecast period. The U.S. is the leading country in this region. Asia Pacific is anticipated to be the fastest growing region due to increasing adoption of digital technologies which is expected to drive the market over the review period.
Europe is anticipated to be a growing market over the next few years due to availability of basic digital infrastructure and increasing penetration of online education software by universities.
Target Audience
- Research Firms.
- Government Agencies
- Online Education providers.
- Private educational Institutions
- Foreign Universities and counsellors
