Online Education Market is Poised to Reflect 28.55% CAGR by 2023 | Online Education Market Size, Share, Growth Forecast, Strategies and Impact of COVID-19
Research Reports
Jan 19, 2021
Online Education Market Research Report- Forecast till 2023
Market Highlights
As per Market Research Future (MRFR), the global online education market is projected to expand at a 28.55% CAGR from 2017 to 2023 (forecast period). The report offers an extensive and in-depth analysis of the effect of the COVID-19 pandemic on the global online education market.
Online education is an electronically supported learning system that relies on the Internet to interact and distribute course materials between students and teachers.
Market Dynamics
Growing demand for lower education costs, increasing government initiatives to support online education, and growing penetration of smartphones and the Internet are factors that contribute to the growth of the global online education market. In addition, the market is also expected to increase due to the increasing demand for adaptive learning. However, the availability of ample free content and lack of awareness are restricting the growth of the market.
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Segmentation:
The global online education market has been segmented into components, product, learning type, and vertical.
Based on components, the global online education market has been segmented into hardware (Laptop, Mobile, PC, and Others) and software (Worldclass, Yuja, Courseplay, and Others). The hardware segment dominates the global market for online education. However, the software market is anticipated to witness the fastest CAGR of 31.2% during the forecast period. The advent of BYOD among companies has increased the demand for smartphones and laptops. Massive investments by online education main players for offering learning management software with enhanced features are projected to increase their demand during the forecast period.
Based on product, the global online education market has been segmented into content (technical, management, arts, commerce, and others) and services (primary and secondary supplementary education, online certification, test preparation, higher education and language, and others). The global market for online education is led by the content segment, while the services segment is projected to expand with the fastest CAGR of 30.77% during the forecast period. Rising emphasis on science education in schools has led to a tendency towards online courses offering bachelors, masters, and doctoral degrees in science-oriented subjects, which has led to the global online education market’s growth.
Based on learning type, the global online education market has been segmented into synchronous (chat, video, voice, and live streaming) and asynchronous (digital curriculum material, discussion boards, e-mail, and social networking). The asynchronous learning segment dominates the global market for online education. In contrast, the synchronous learning form is projected to rise by 31.01% with the fastest CAGR during the forecast period. Asynchronous learning is a part of education, which includes interaction between students and instructors with delays in response times. It includes on-line classes, Q&A mentoring, online discussion groups, social networking, e-mail, and digital curriculum materials.
Based on vertical, the global online education market has been segmented into K-12, higher education, industry and professionals, and others. The higher education segment leads the global market for online education. In contrast, the industry and the professional segment are projected to expand with the fastest CAGR of 32.1% during the forecast period. Higher education is a dominant segment owing to its popularity among end-users when it comes to online education. Online education offers learners with a range of higher education courses and certifications while educating users on online learning components like videos and chat rooms. It also provides learners with time and location flexibility and cost-effective features.
Regional Analysis
By region, the global online education market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America had the highest market share of 43% in 2016, with a market value of USD 1.85 billion. Asia Pacific captured the second largest market share and is also expected to rise with the highest CAGR of 31.28% in the forecast period. Well-established infrastructure, a highly skilled labor force, and growing demand for BYOD among corporate organizations are driving demand for online education in North America.
Key Players
Notable players in the global online education market are Lynda.Com (US), Pearson PLC (UK), Adobe Systems Inc. (US), McGraw-Hill Education (US), Blackboard Inc. (US), Aptara Inc. (US), Docebo (Canada), Edmodo (US), PowerSchool Group LLC (US), K12 Inc. (US), Udacity, Inc. (US), and Classteacher Learning Systems (India).
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Online Education Market Research Report: Information by Component [Hardware (Laptop, Mobile, PC and others) and Software (Worldclass, Courseplay, Yuja and others)], Product [Content (Technical, Management, Commerce, Arts and others) and Servicers (Primary and Secondary Supplementary Education, Test Preparation, Online Certification, Higher Education and Language and others)], Learning Type [Synchronous (Chat, Voice, Video and Live Streaming) and Asynchronous (Digital Curriculum Material, e-Mail, Discussion Boards, Social Networking)], Vertical (K-12, Higher Education, Industry and Professional and others) and Region (North America, Europe, Asia-Pacific and RoW) – Forecast till 2023
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