Online Education Market Size Worth $729.1 Billion by 2031 | CAGR: 12.3%5 min read
WILMINGTON, DE / ACCESSWIRE / September 21, 2022 / United States Transparency Market Research Inc. – Increasing trend of digitalization, as well as the rising awareness amongst population about benefits of online learning platforms is stimulating growth in the global online education market. Additionally, increasing penetration of internet services, growing number of smart phone users in the world, and technological advancements in the educational systems, are also some of the essential market drivers. According to a recent market research report, the global online education market is anticipated to register a CAGR of 12.3 % over the forecast period of 2021 to 2031.
A shift towards online education has been observed throughout the world post COVID-19 pandemic. Players in the global online education market are focused on providing customers with various types of online courses, including skill development courses, online test preparation courses, and primary and secondary education courses through teleconferencing. Increasing adoption of online learning through video conferencing, podcasts, zoom, and google meet meetings is supporting market growth.
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Rise in government spending on education sector, as well as increasing investments by public and private organizations to improve existing educational infrastructure, is creating new opportunities for growth in the global online education market. Governments around the world are also increasing their investments in research and development within the education sector to understand and address problem areas. Additionally, increasing availability of high-speed internet connections in developing as well as developed economies is fostering the development within the global online education market.
Online Education Market – Key Findings of the Report
- Adoption of Smart Technologies in Educational Processes: Increasing adoption of smart learning techniques, such as virtual classrooms, by educational practitioners in emerging economies is creating lucrative expansion opportunities within the global online education market. These smart technologies offer the learners a unique way to gain knowledge from their homes by attending remote lectures.
- Increased Demand during the COVID-19 Pandemic: During COVID-19 pandemic, schools, colleges, and academic and educational institutions were shut down. This created attractive opportunities in the global online education market. Players introduced various online learning solutions to prevent disruption in education during the pandemic. Furthermore, several players also started integrating new technologies, such as cloud based computing and artificial intelligence in their solutions during this period.
Online Education Market – Growth Drivers
- Rising government spending on building smart education infrastructure boosts the demand within the global online education market
- Increase in the adoption and usage of smart phones and other smart digital devices propels the growth of global online education market
- Increasing number of learners enrolling in online learning portals and platforms accelerate market growth
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Online Education Market – Key Players
Some of the prominent players operating in the global online education market include Aptara Inc., Docebo, Edukasyon.ph, Excelsoft Technologies Pvt Ltd., Simplileran Solutions, McGraw hill Education, MPS Interactive Systems Limited, Adobe Corporation, Blackboard Inc., Edmodo, EduComp Solutions, Zeus Systems Pvt. Ltd., BYJU’s, Pearson PLC, and Edx, Inc. Key players are focused on the development of new smart education and learning solutions that can help them achieve a competitive edge in the market.
Furthermore, leading participants in the global online education market are also engaged in several inorganic growth strategies, including strategic collaborations with technology partners, and mergers and acquisitions. For instance, IBM Corporation collaborated with Adobe Corporation in September of 2021 to offer education about basic designing principles to teenaged students. Elsewhere, a kids learning platform based in the United States called ‘Epic’ was acquired by BYJU’s in July of 2021. Moreover, a leading player in the global online education market, Nutanix, entered into a partnership with a company called ‘Udacity’ in March of 2020 to offer a hybrid nanodegree program for cloud engineering.
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Online Education Market: Segmentation
Online Education Market, by Learning Type
Online Education Market, by Application
- Test Preparation
- Reskilling and Online Certification
- Language and Casual Learning
- Primary and Secondary Supplemental Education
- Higher Education
Online Education Market, by End-user
- Vocational Training
- Higher Education
Online Education Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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