How Big is the Online Education Market?
If you are looking to start a career in education, or perhaps just want to further your education, you may be wondering how big the global online education market is. This article focuses on the current size of the market, growth prospects, key companies, and regional outlook. Interested in learning more? Download this free report today! Alternatively, explore the statistics below to find out more about the market. Listed below are some statistics about the Global Online Education Market.
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Global online education market size
The Global Online Education market is segmented into regions based on current and future demand. The regions include North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. This study focuses on the demand for individual application segments in these regions. For instance, the Asia-Pacific region is expected to witness the fastest growth of all the regions during the forecast period. Moreover, the growth in internet penetration in these regions will further fuel the market.
In 2016, the North American region dominated the global online education market, owing to the presence of key players such as Coursera, edX, and Udacity. Massive Open Online Courses such as Coursera and edX, which are designed to teach students through the Internet, are increasing market size in North America. However, growth in the Asia Pacific region is expected to be faster than in North America over the forecast period.
Growth prospects
The online education market is growing rapidly, and this demand may be due to the accelerating pace of change. Udemy recently raised $50 million, and its president says that skills that were valuable three or four years ago are not as relevant today. Developing countries, such as India, are poised to be the next frontier for online education. The report highlights the key companies that are leading the market. It also describes the winning strategies of these companies and their recent developments and expansions.
One of the driving factors in the growth of the online education market is the rapid penetration of Internet-enabled devices. This rapid adoption has paved the way for e-learning. However, inadequate cybersecurity measures may impede growth. As a result, the growth prospects of the online education market will likely be higher in 2020 than in 2019.
Key companies
The report highlights the growth prospects of key players in the online education market. Adobe Systems Inc., Classteacher Learning Systems, Google, Oracle Corporation, and Byju’s are among the companies that have stepped up their development of online education solutions. Adobe and Google are pursuing inorganic growth strategies. Instructure is working on innovative learning solutions. Docebo and Classteacher Learning Systems are collaborating with Google to develop software that will help educators teach students about computer science.
Several other factors are expected to drive the growth of the global online education market. The escalating awareness of digital formats will fuel the growth of the consumer segment. Adults are increasingly opting for online learning due to the flexibility it offers. The increasing popularity of massive open online courses (MOOCs) has resulted in affordable online education. Despite the challenges of the online education market, major players have made some key acquisitions to enhance their portfolios and diversify their product offerings.
Regional outlook
The regional outlook for the online education market shows remarkable growth during the forecast period. This growth is attributed to the increased funding for online education programs. According to a recent study, over 56% of college and university chief academic officers plan to allocate significant funds to online education programs in the coming years. Further, the scalability of online education platforms is expected to boost segmental growth in the coming years. To illustrate the growth potential of online education, Khawarizmi International College in the United Arab Emirates is deploying an open-source LMS system in January 2020.
A few key players in the global online education market include Adobe Systems, BYJU’S, and Coursera. These companies have expanded globally to take advantage of the growth opportunities in each region. The regional outlook for the online education market in the United States will be highly optimistic, thanks to several factors. First of all, the industry is growing rapidly in emerging economies, such as China and India. Moreover, the growing demand for online education in developing countries is expected to drive industry growth in the coming years.
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