Online Education Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast | Growth Market Reports

The global online education market size is expected to expand at a CAGR of 12.68% during the forecast period, 2021 – 2028. The growth of the market is attributed to low price of education, rising government initiatives promoting online education, and increased usage of smart phones, internet, and tablets.

Online education is a type of education in which students learn in a virtual setting. The global online education market is growing rapidly with the increasing availability of internet technologies, which allows students from all over the world to access educational information without enrolling in conventional classroom courses, as well as the flexibility of receiving education at any location and any time. The shift to online learning is expected to catalyze the development of a new and effective mode of student education. Institutions are embracing online education as a tool for delivering lectures to students enrolled in a variety of programs. This factor has the potential to boost the online education market. The online education market is expected to enter a golden era of growth throughout the projected period, due to dynamically changing equations of the model of education as a result of the COVID-19 pandemic.

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Market Trends, Drivers, Restraints, and Opportunities:

Drivers

• Increasing advancements in artificial intelligence and the Internet of Things (IoT) are expected to continue to improve the user experience on these online education platforms, propelling the market during the projected period.
• Growing use of VR and AR technologies and concepts such as online micro-learning as well as changing consumer attitudes towards online education are projected to boost the market during the forecast period.
• Increasing internet penetration as well as rising number of smartphones across the globe are estimated to propel the market during the forecast period.

Restraints

• Adsorption of theoretical knowledge and a lack of practical knowledge, low teacher control over students, and a lack of online education solutions for the deaf and dumb are projected to hinder the market growth during the forecast period.

Global Online Education Market Segment Insights

Based on types, the market is divided into academic and corporate. The academic segment is expected to account for a key share of the market during the forecast period, due to increasing online education platforms offering short term courses for students. Edutech platforms played a key role in assisting physical institutes in their transition to online learning and collaborating with them to provide students with learning support.

On the basis of technologies, the online education market is segregated into mobile e-learning, learning management systems, application simulation tools, rapid e-learning, podcasts, and virtual classrooms. During the projected period, the learning management system market is predicted to continue its dominance with the growing adoption of digital learning. Businesses are concentrating on implementation of learning management systems over mobile phones for seamless training of employees.

In terms of end-users, the market is divided into higher education institutions, k-12 schools, and large enterprises. During the forecast period, the large enterprises segment is expected to increase by nearly 130 percent. The COVID-19 pandemic resulted in increasingly widespread and permanent changes in work culture and legislation, hence learning and development professionals turned to corporate e-learning to empower and train their employees.

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Based on regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market at a high CAGR during the forecast period, due to favorable initiatives by the regional government to support the online education marketplace and increasing collaborations between educational institutes and online education platforms.

Asia Pacific is anticipated to have the fastest global market development during the forecast period, owing to growing internet penetration and increasing use of mobile devices in emerging economies such as China, India, Malaysia, and South Korea.

Competitive Landscape

Pearson plc, Upgrad, McGraw Hill, and Adobe are the major market players in the global online education market. Additionally, several players in the global online education market are expanding their business internationally to fulfill the rising demand. In the recent outbreak of Coronavirus (COVID-19), several educational institutes and online education providers are allowing students to access educational content online.

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