Recent years have seen the popularity of smart e-learning solutions for distance education delivery, focusing on flexibility and accessibility for learners. Educational institutions and universities have been emphasizing the importance of virtual learning platforms to keep the learning flowing. The global market valuation is expected to grow at a CAGR of 12.3% during the forecast period 2021-2031.
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After the outbreak of the COVID-19 pandemic, online education had become the new norm among most educational institutions, globally. The closure of educational institutions around the world has offered a tailwind to the online education market.
Over the past few months, the shift to learning platforms has been rapid, especially among learners who have leveraged them for skills development, online retraining and certifications, and corporate learning. The preference for e-learning platforms continues to grow, increasingly propelled by growing awareness and acceptance of various smart learning tools among education professionals and learners.
EdTech companies are eagerly offering online coding and programming courses to intrigue students. Some of the major applications of online education are language and casual learning, primary and secondary further education, and higher education.
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Key Findings from the Online Education Market Research
Integrating AI into e-learning platforms improves outcomes: Prominent vendors of smart learning systems are implementing innovative strategies such as artificial intelligence (AI) and machine learning tools to identify skills gaps within the workforce and promote talent development to meet the needs of diverse end users. in developed and developing economies. The cloud has made the online education ecosystem more interactive and informative for providers and end users.
Widespread access to high-speed internet and mobile devices propels adoption: technology is a key element for efficient and seamless online course delivery. Especially in developing and developed economies, reliable high-speed Internet access and cost-effectiveness of courses enhance the accessibility and affordability of online learning platforms. In this regard, 5G is expected to prove a breakthrough technology for connecting students to online platforms in real time. Smart learning modes have notably increased the flexibility of learning, thus enriching the landscape. Moreover, the increasing adoption of smart learning tools and applications 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 online learning platforms has helped educators and learners break away from the traditional mode of learning. The rapid pace of digitalization in the education sector has given a constant impetus to the evolution of the online education market. The impetus stems from the need to make learning more personalized and democratized.
Learners and educators around the world are leveraging social media to connect with their peers and actively participate in learning systems. These aspects underpin the growing role of online education in interactive learning around the world.
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Online Education Market: Regional Growth Dynamics
North America held a significant share of the global online education market. Revenue streams have been fueled by the rapid adoption of e-learning platforms and tools in the US edtech industry.
The Asia-Pacific online education market is expected to grow at a significant CAGR during the forecast period. Substantial spending by governments of emerging economies in the education sector, especially India and China, is a key driver for the expansion of the regional market.
Online Education Market: Key Players
Some of the major 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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