ID: MRFR/ICT/2655-CR | February 2020 | Region: Global | 154 pages
The online education market size is expected to expand at a USD 197.64 Billion with 22.7% CAGR during the forecast period, 2020–2030. Online classes are enjoying major limelight since the pandemic has hit the lives of the common man. A comfortable experience rendered through these classes backed by technological advancements has excellent prospects during the forecast period for the global market.
Covid 19 Analysis:
The online education market has been one of those markets that have undergone positive growth since the arrival of the pandemic in late 2019 and early 2020. Since the pandemic and the huge transmission rate, schools, colleges, and other educational institutes have been shut for physical classes. Since then, online education classes have been experiencing great demand and footfall. Hence, the market players are adding to the availability of features that promise a better user experience and convenience while taking online classes. The ease and comfort rendered during these classes are likely to present great growth aspects to the market for the ongoing period of 2020-2030.
Online Education Market Dynamics:
The demand for global market operations is likely to grow at a significant rate during the ongoing forecast period of 2020-2030. Network access is on the rise and the market players are functioning on an elaborated scale to make internet services fast and easily accessible. The growth patterns related to microlearning and reduction in the infrastructure costs are likely to act as assets and thus, help the market to grow as per the prediction and enjoy a great demand during the ongoing forecast period.
The target audience belongs to different age groups and income classes. The purchasing power of the target individuals varies from one individual to the other. Income disparity is one of the major factors that restrain the demand for online education services. Also, stable and fast-speed internet connectivity is another issue for the market that needs to be dissolved if the market aims growth as per the predictions laid down by the market leaders and experienced experts of the industry during the forecast period that ends in 2028.
The worldwide education institutions are embracing the trend of digital education and adopting similar strategies and trends to keep the market forces of demand and supply going at a reliable rate and degree. Most of the educational organizations have begun to invest in adobe systems’ creative cloud libraries that have an important role to play in building interactive libraries that render knowledge, skill, and benefit to a larger customer base. The educational institutions and market vendors are entering into partnerships that have excellent and positive attributes for the market that is expecting a huge growth rate, targets the expansion of its customers, and market valuation by the end of the forecast period in 2028.
Online Education Market Study Objectives:
to consider the viewpoint of various industry experts and leaders and predict compound annual growth rate and market growth rate by the end of the global forecast in 2028.
to highlight the competitive degree that is prevailing in the market and examine the revenue potential possessed by the key market players, worldwide.
to analyze the different market dynamics like trends, drivers, and restraints that are most likely to play a role in helping the market and its different segments growing in the domestic as well as international market.
Online Education Market Segment Overview:
Online education market share is anticipated to witness significant growth owing to the performance of different market segments. Among these, the higher education segment will be the fastest-growing and also contribute towards this market growth more than any other segment. For an amplifying use the market has been segmented into the following on different bases:
Based on component type, it has hardware and software.
Based on product type, it has content and services.
Based on learning type, it has synchronous and asynchronous.
Based on vertical, it has k-12, higher education, industry and professionals, and others.
The hardware and software segment is further divided into laptop, mobile, pc and world-class, course play, yuja segments respectively.
Also, the synchronous and asynchronous segment is further segregated into chat, voice, video, live streaming, and digital curriculum material, e-mail, discussion boards, social networking segments respectively.
Lastly, the content and services segment is further sub-segmented into technical, management, commerce, arts and primary and secondary supplementary education, test preparation, online certification, higher education and language segments respectively.
Online Education Market Regional Analysis:
The online education industry movement is remarkably working in 4 major regions of the world that is north america, asia pacific, europe, and the rest of the world. Among all these regions, the north american region will dominate this market, and the reason attributed to it is the presence of well-established infrastructure and a highly-skilled workforce. Also, the north american region held the largest market share that is 43 % in 2016 which will increase up to 61% by 2028 with an enhanced market valuation of usd 4.86 billion which was usd 1.85 billion in 2016. In addition to that rising demand and adoption of bringing your device (byod) policy among corporate enterprises is another factor boosting the growth of the market in this region. Lastly most of the key players of this market such as cisco systems, inc., oracle, microsoft corporation, etc. Are present in this region which will further enhance the market growth. Asia pacific region will be the second-largest market during the assessment period with a cagr of 31.28%. The increasing usage of the internet coupled with the rising adoption of smartphones are the factors that will be responsible for the growth of the market in the asia pacific region. The growth of this region will be led by its leading economies such as india, china, and japan due to the presence of a large number of educational institutions in these countries.
To get a detailed and profound idea about the online education market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the world. All the prominent players belonging to the market are on the way to conduct researches and programs that will contribute to their steps to emerge as global leaders and provide tough international competition should be discussed.
The prime players of this market include:-
In april 2020, a partnership was being entered into between open learning limited and ali baba that is a leading commerce monster in china. The main objective of open learning limited was to expand its education market in china. This partnership if implemented properly would allow all the chinese students to access all international and domestic online courses in a compliant manner.
In march 2020, an initiative named ‘learning from afar’ was launched by the government of the united arab emirates. This thing was aimed to allow the students of grades 5-12 in abu dhabi to continue their learning and education in a safer environment.
It is a well-known fact that students of india are the second largest users of online courses offered by the havard-mit health sciences and technology institutions. These graphs are persuading various other universities to offer more online courses to students present in different parts of the world. Also due to excellent internet infrastructure and with 5g network growth is a major factor that is encouraging the students to adopt these online courses.
The online education industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
Frequently Asked Questions (FAQ) :
Higher Education, K-12, Industry and Professional and others are the vertical-wise market segments.
Mounting need to bring down the cost of education, surging number of government initiatives that support online education, rising penetration of smartphones and the Internet along with the soaring demand for adaptive learning are the top market growth boosters.
The industry and professional segment, among all the verticals, can attain the fastest growth rate of 22.7% in the coming years.
Asynchronous learning refers to an aspect of education that involves an interaction between the instructors and students with a slight delay in response timings. It includes Q&A mentoring, self-paced courses taken via the internet, social networking, online discussion groups, digital curriculum material and e-mail, among others.
The top players that are striving to gain a better position in the market are Tata Interactive Systems (India), Docebo (Canada), Classteacher Learning Systems (India), Adobe Systems Inc. (US), Pearson PLC (UK), Lynda.Com (US), Edmodo (US), PowerSchool Group LLC (US), Udacity, Inc. (US), McGraw-Hill Education (US), Aptara Inc. (US), Blackboard Inc. (US), K12 Inc. (US), to mention a few.
The types of Synchronous learning covered in the report are Voice, Chat, Live Streaming and Video, among others
The online education market has been divided into products, learnings, and end users.