Online Education Market Scenario:
As per the study conducted by Market Research Future, the global online education market 2020 will continue to pursue potential targets of expansion, which is scored to be at a CAGR of 28.55%. The market’s growth estimated phase has been followed from the year 2017–2023.
The study foretells about many chances that are knocking door of online education market as critical players from all across the world are investing heavily in the market. In this way, the market is getting a substantial push, which is considered as one of the prime factors causative to the market share.
Growing demand for condensing the cost of education, snowballing government initiatives supporting online education, and the rising entrance of smartphones, as well as the Internet, are the factors capitalizing on the growth of the global online education market. At the same time, the global market is also probable to be enhanced due to the snowballing demand for adaptive learning.
On top of this, an advanced artificial intelligence platform is also playing a pivotal role in the progress of this market at a global level. online education industry provides flexibility for the students or learners to learn anything from anywhere and anytime, as most of the online education devices are appeared to be portable.
At the same time, other factors accountable for the progress of the online education market is the rising Internet and smartphone penetration as well as snowballing government initiatives to improve digital education infrastructure. On the other side, online education eradicates the infrastructure cost and suggests various courses as per the demand.
Moreover, online education is highly aided with the cloud services, which makes the study material reachable from anywhere and at any time to the learners.
On the flip side, the factor of lack of awareness and plenty of free content becoming the main challenge to the online education market’s growth on a global scale.
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Key Market Players:
The significant players of the global online education market are listed as Pearson PLC (UK), McGraw-Hill Education (US), Lynda.Com (US), Aptara Inc. (US), Blackboard Inc. (US), Docebo (Canada), Adobe Systems Inc. (US), PowerSchool Group LLC (US), Edmodo (US), K12 Inc. (US), Udacity, Inc. (US), Tata Interactive Systems (India), and Classteacher Lear
Online Education Market Segmentation:
As per the study by MRFR, the online education market has is segmented by elements of product, learning, and vertical.
• In terms of components, the market includes the hardware segment. This segment is probable to nurture with the fastest CAGR of 31.2% in the assessment period. The dawn of BYOD among businesses has amplified the demand for smartphones and laptops. In fact, growing investments by online education crucial players for offering learning management software with advanced features are likely to raise the demand during the forecast period.
• In terms of product, the market includes a content segment, which is likely to inflate with the fastest CAGR of 30.77% in the assessment period. In fact, the rising emphasis on science education in schools has caused a rising preference towards online courses by awarding bachelors, masters, and doctoral degrees in science-oriented subjects, thus fascinating the growth of the global online education market.
• In terms of learning type, the market includes an asynchronous learning segment, which is probable to rise with the fastest CAGR of 31.01% in the forecast period. Asynchronous learning is a component of education that includes interaction between students and instructors. It also includes self-paced courses offered via the internet, online discussion groups, social networking, e-mail, Q&A mentoring, and digital curriculum material.
• In terms of vertical, market includes higher education segment, which is likely to expand at the fastest CAGR of 32.1% in the forecast period. Higher education is the leading segment owing to its acceptance among end-users when it comes to online education.
Regionally, the global online education market is further studied among the key regions of Europe, North America, Asia-Pacific, and the rest of the world.
Among these, the region of North America acquired the largest market share of 43% in 2016, with a market valuation of USD 1.85 billion.
The region of Asia-Pacific also held the second largest market share and is also probable to nurture with the maximum CAGR of 31.28% during the assessment period.
In the last, a highly skilled workforce, well-established infrastructure as well as growing demand for BYOD among corporate organizations are capitalizing on the demand for online education in the North America region.
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