May 26, 2024

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Online Education Market to Reach US$ 729.1 Bn by 2031: TMR Study

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ALBANY, N.Y., Dec. 15, 2021 /PRNewswire/ — The past few years have been witnessing the popularity of smart e-learning solutions for the remote delivery of education, pivoting on flexibility and accessibility for learners. Education delivery institutes and universities promoted the importance of virtual learning platforms to stay on the course of learning. The global valuation of the market is projected to advance at CAGR of 12.3{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf} during the forecast period of 2021–2031.

After the outbreak of COVID-19 pandemic, online education had become the new normal among most educational institutes, globally. The closing of education institutions across the world had offered tailwind to the online education market.

In the past few months, the shift to learning platforms has been rapid notably among learners who have been leveraging these for skill development, reskilling and online certifications, and corporate learning. The preference for e-learning platforms continues to grow, increasingly propelled by the growing awareness about and acceptance of various smart learning tools among teaching professionals and learners. 

EdTech companies are keenly offering online courses for coding and programming in order to intrigue students. Some of the key applications of online education are language and casual learning, primary and secondary supplemental education, and higher education.

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Key Findings of Online Education Market Study

  • Integration of AI with Online Learning Platforms Boosting Outcomes: Prominent providers of smart learning systems are implementing innovative strategies such as artificial intelligence (AI) and machine learning tools to identify skill gaps in the workforce and promote talent development for meeting the needs for various end users in developed and developing economies. Stridently, cloud have rendered online education ecosystem more interactive and informative for both providers and end users.
  • Wide Access to High-speed Internet and Mobile Devices Propel Adoption: Technology is a key enabler for an effective and seamless online delivery of courses. Especially in the developing and developed economies, reliable access to high-speed Internet and cost-effectiveness of the courses are boosting the accessibility to and affordability of e-learning platforms. In this regard, 5G is expected to prove game-changing technology for connecting students on online platforms in real time. Smart learning modes have notably augmented the flexibility of learning, thus enriching the landscape. Moreover, the growing adoption of smart learning tools and apps is transforming the virtual learning experience, notes the TMR study on the online education market.

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Online Education Market: Key Drivers

  • The proliferation of e-learning platforms has helped educators and learners to break away from the traditional learning mode. The rapid pace of digitalization of the education sector has imparted a steady impetus to the evolution of the online education market. The drive stems from the need for making learning more personalized and democratized.
  • Learners and educators globally are leveraging social media to connect with peers and actively participate in learning systems. These aspects underpin the growing role of online education in interactive learning worldwide.

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Online Education Market: Regional Growth Dynamics

  • North America held a major share of the global online education market. The revenue streams have been fueled by the rapid uptake of online learning platforms and tools in education technology industry in the U.S.
  • The Asia Pacific online education market is projected to rise at a prominent CAGR during the forecast period. Substantial spending by the governments of emerging economies on the education sector, notably India and China, is a key driver for the expansion of the regional market.

Online Education Market: Key Players

Some of the key players in the online education market are edX, Pearson PLC, MPS Interactive Systems Limited, McGraw-Hill Education, BYJU’S, Simplilearn Solutions, Excelsoft Technologies Pvt Ltd., EduComp Solutions, Blackboard Inc., and Adobe Corporation.

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Global Online Education Market: Segmentation

Online Education Market, by Learning Type

  • Synchronous
  • Asynchronous
  • Hybrid

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

  • Academic
    • Vocational Training
    • Higher Education
    • K-12
  • Corporate
  • Government

Online Education Market, by Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • South America

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