Online Education Market Overview:
The online education sector has grown at an incremental pace in the past few years, owing to rising rates of enrolment. Market Research Future which concentrates on market reports linked to the Information and Communications Technology sector amongst others recently made available a report on this sector. The online education market has produced around USD 29 billion in the year 2017 and is supposed to develop at 28.55 CAGR per cent approximately during the forecast period.
Online education has grown at fairly colossal levels in recent times. Market Research Future is a company which focuses on industry reports with respect to the information and communications sector. Its latest report states that the global online education industry will reach approximately USD 423 billion by 2023, at 24% CAGR between 2017 and 2023.
The rising internet penetration has changed the face of digital media. The growth in internet base is exponential even in developing countries like India and China. Smartphone ownership and internet usage continue to climb in the emerging economies. These are the major factors responsible for fuelling the growth of online education market. Also, with the growth of social networking and growing number of users on social media, online education is sure to grow at fast pace. Technological advancements is one major factors responsible for boosting the growth of the market.
Web education is a booming sector owing to individuals in search of knowledge or degrees. Students have their own academic preferences, but cannot access resources that help them achieve their goals. As web education allows individuals to learn about their respective syllabi (as per their convenience), its demand is on the rise. Constant demand for technical knowledge has also contributed to market growth.
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Major Key Players:
With emerging industry players displaying expansion and the addition of high-tech products, the internet education market will grow rapidly in the forecast period. Companies focus on collaborations and product developments to gain shares and traction worldwide. Eminent participants in the global market are Adobe Systems (U.S.), McGraw-Hill Education (U.S.), Pearson Education (U.K.), Blackboard (U.S.), and Lynda.Com (U.S.). Aptara (U.S.), Docebo (Italy), and Edmodo (U.S.) are few others.
Detailed Geographical Study:
Regional analysis of the worldwide Online Education Market is done in terms of Asia Pacific, North America, Europe, and Rest of the World. It is reported that North America will account for the largest shares, whereas Asia-Pacific could grow at the fastest rate during the forecast period. Major growth in the North American industry is attributed to its technical advancements and proliferation across internet, mobiles, & tablets.
For instance, ‘McGraw-Hill Education’ is set to offer ‘Wonders’, one of the leading teaching systems for English language to its students. It has entered an agreement with DaDaABC, a direct English education portal for children. Both DaDaABC and McGraw-Hill Education (MHE) have developed unique & highly effective methods of teaching & learning. This agreement combines the key elements of these two organizations’ systems.
The internet education market has been divided into products, learnings, and end users. By products, the industry is fragmented into content and services. Synchronous and asynchronous constitute the learnings. The end users comprise K-12 education, higher education, and industry & professional.
Jan 2018 – Tiger Global Management and New York Exchange-listed education & technology company, TAL Education has invested in a USD 100 million series C round in DadaABC, a Chinese ‘one-on-one’ English education web platform.
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Mar 2018 Udacity, which is a US-based online education company is investing in the Indian market. The company also expects India to be one of the major growth drivers for its business as it grows its operations significantly in the country. The firm, which offers paid and free courses across many sectors like machine learning, artificial intelligence and virtual reality has seen its global returns rising over 100 per cent year-over-year in the year 2017 to about USD 70 million.
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