Online Education Market Scenario:
Online Education is one of the greatest innovations in the education sector so far, which is trending and gaining colossal traction worldwide. Although online learning has its limitations, it is still preferred more over traditional education systems by millions of students worldwide. Studies show that today, students increasingly opt for online degree programs or take at least one college course through an online platform.
Certainly, Online Education is gaining huge popularity attributing to the numerous advantages the platform offers. Due to which, eLearning or online education has revolutionized contemporary learning, opening up great opportunities for learners. Online Education has shifted the paradigm of learning. In the future, online education is going to be more adaptive than ever.
The global online education market is gaining tremendous traction, worldwide, mainly due to technological advancements. Technology has enhanced the quality of education, making it accessible across connected devices, including a computer, tablet, and even smartphones.
Acknowledging the colossal gains, the market is garnering currently, Market Research Future (MRFR), in its recently published study report, asserts that the global online education market is poised to touch a valuation of USD 423 BN. by 2023, registering a whopping, double-digit CAGR of 24 % throughout the forecast period (2017 – 2023).
The Online Education Market is predominantly driven by rising technological advancements and market penetration of smartphones and its users worldwide. Additionally, public awareness towards the online education devices and its benefits along with interactive displays hardware market and active learning is fostering the market growth.
Moreover, an increasing number of mobile learning applications and professional expertise with the technology of digital learning is providing impetus to the market growth. With the advancements transpired into Telecom field coupled with the growing popularity of the internet and many active users, the online education market is expected to witness high growth rate during the forecast period.
Increasing implementation of IT security and cloud-based solutions and rapid growth in digitization are the factors contributing to the growth of the online education market. Other factors that provide impetus to the market growth include favorable government policies and increasing demand for technical education.
Despite promising phenomenal growth prospects, the online education market growth is hindered by some factors including consumer’s skepticism or unawareness that still makes them to typecast online education, considering online training as not good enough, doesn’t provide valid certifications.
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Major Key Players:
Players leading the online education market include McGraw-Hill Education (US), Adobe Systems (US), Pearson Education (UK), Lynda.Com (US), Blackboard (US), Aptara (US), Edmodo (US), Docebo (Italy), Tata Interactive Systems (India), and PowerSchool Learning (US), among others.
Online Education Market Segments:
For a better understanding, the report has been segmented into four key dynamics:
- By Product: Content and Services, among others.
- By Learning Type : Synchronous Learning and Asynchronous Learning, among others.
- By End-users : K-12 Education, Higher Education, and Industry & Professional, among others.
- By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.
Online Education Market Geographical Analysis:
The North American region would continue its dominance over the global online education market throughout the forecast period. Huge technological advancements alongside, the proliferation of the internet and smart, connected, mobiles devices foster the growth of the regional market.
The online education market in the European region takes the second position in the global space. The region is expected to show immense growth over the anticipated period. Markets in the UK, Germany, France, and Italy that are growing briskly would support the regional market, majorly.
The Asia Pacific online education market has emerged as a profitable market globally. The region would witness significant growth throughout the forecast period. Additionally, improving economic conditions in the region are propelling the growth of the regional online education market, allowing penetration of connected devices and connectivity. Rapid industrialization and the expanding markets in China, India, Japan, Thailand, Malaysia, and South Korea would provide impetus to the growth of the market.
Online Education Market Competitive Landscape:
The well-established, online education market is adorned by the several large and small players having an international presence. These players incorporate strategic initiatives such as collaboration, acquisition, partnership, product launch, and expansion to gain a competitive advantage in this market.
These players emphasis on product innovation and new processes, which, in turn, fuels the already intensified competition. The market demonstrates high growth prospect, which attracts several new entrants to the market, further intensifying the market competition.
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Industry/ Innovation/ Related News:
June 24, 2019 — Microsoft Corporation (the US), a leading global technology company, announced its collaboration with National Aeronautics and Space Administration (NASA) to impart online lessons about space. The partners, plan to create exposure around Machine Learning (ML) and Artificial Intelligence (AI) modules and ask the students to detect seasons from biome images.
The education arm of tech-giant Microsoft plans to offer eight online lesson plans on different topics, ranging from designing astro socks to protecting astronauts’ feet in microgravity to designing one’s own space station. The curriculum would comprise of 3D design challenges, data analysis lessons, and virtual reality (VR) experiences which would get the kids interested about space.
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