Online Education Market Overview:
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 Education Market .
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.
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Major Key Players:
The key players in the online education market are Classteacher Learning System (India), DoceboLMS (Italy), Edmodo (U.S.), Aptara Inc. (U.S.), PowerSchool Group LLC (U.S.) and Tata Interactive Systems (India) among others.
The trend for diversification in the industry has enabled the competitors to access the profitable circumstances accessible in this market are being applied by candidates who are trying to increase their market coverage by focused development which can encourage the expansion of this business sector. The merchandise are also being diversified to large extent to keep up with the robust pace of technological discoveries.
The companies are trying to create and capture economic value together in an appropriate manner. This has raised the possibilities for the approaching growth period significantly. This consequence has further proven to be fruitful for companies so they can fix target that can uphold their commercial enterprise’s liquidity to take the most active decisions in terms of strategy execution and designing.
The online education industry is segmented on the basis of product, component, learning, and end user.
The component category for the online education sector is sub divided into software and hardware. The hardware is additionally sub divided into mobile, laptop, PC and others. The software industry is sub segmented into course play, world class, YuJa and others. Moreover, the product category is sub segmented into service, content and others. The content sub category comprises of management, technical, arts, commerce and others. The service sub category is further divided into secondary & primary supplement education, online certifications, test preparation, higher education & language, casual learning and others. Additionally, the learning category is categorized into asynchronous learning and synchronous learning.
The synchronous sub category is divided into video, chat, voice and voice streaming. While asynchronous sub category is divided into discussion boards, digital curriculum, social networking and others. The Online education industry is additionally categorized on the basis of end user that comprises of higher education, K-12 education, professionals & industry and others.
Detailed Regional Analysis:
The geographical division of the Online Education Market is segmented into four different regions namely North America, Europe, Asia Pacific and the Rest of the World.The North American region is supposed to be the most rapidly growing region in the online education market. The technological development and rising education sector is anticipated to drive the sector over the forecast period.
The U.S. is an important nation in this region. The Asia Pacific is estimated to be the most rapidly growing area owing to the increasing implementation of digital technologies which is anticipated to motivate the market’s growth over the forecast period. The European market is expected to be a rising sector over the coming few years owing to the availability of basic digital infrastructure and growing penetration of online education software by the universities.
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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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