Online Education Market - Forecasts from 2024 to 2029

Online Education Market - Forecasts from 2024 to 2029

The online education market is evaluated at US$288.024 billion for the year 2022 and is projected to grow at a CAGR of 8.90% to reach US$523.177 billion in 2029.

Online education is an electronically upheld learning framework, which depends on the internet for cooperation and appropriation of study material among understudies and instructors. Developing interest in decreasing the expense of instruction, expanding government drives supporting online schooling, and expanding infiltration of cell phones and the internet are the factors adding to the growth of the online education market. Furthermore, market growth is likewise expected to be facilitated attributing to the expanding interest in versatile and adaptive learning and the emergence of an AI-enabled e-learning solution.

MARKET TRENDS:

The developing appropriation of cloud-based arrangements combined with rising investment speculations by significant market penetrators towards improving the security and unwavering quality of cloud-based education platforms is further expanding its selection among institutions. The presence of an enormous number of service and content suppliers in the market is bringing colossal volumes of instructive substance to the web. Declining facilitating costs and the developing requirement for educational content are further propelling the growth of the online education market. However, the accessibility of plentiful free substances and the absence of awareness among the end-users are challenging the market growth.Click here

The presence of free content is driving the end-users towards the adoption of online learning and ed-tech companies look at this as another opportunity to exploit. Many companies offer free and engaging content online as a marketing strategy to increase their penetration and market share. For instance, one of India’s most valuable Edtech startups BYJU’S saw 7.5 million new users on its platform since it started offering free access to content.

MARKET DRIVERS:

Growing government initiatives are expected to influence online education market growth.

Governments across the countries have introduced several schemes in favor of online education. PM eVidya, a unique and innovative venture by the Ministry of Education, Government of India was introduced in May 2020 to facilitate multi-mode access to online education content of various types among students and teachers. Additionally, the US Department of Education Funds has identified twelve programs that support both K-12 and Postsecondary institutions that can facilitate broadband infrastructure and adoption. Some of these programs may even be used to support access to devices for students (e.g., tablets, computers) and mobile hotspot devices and data plans.
Advancements in technology are predicted to positively impact online education market growth.

Technological developments are expected to have a significant impact on and propel the expansion of the online education sector. Online learning has become more immersive, dynamic, and interesting due to ongoing innovation in digital tools and platforms. The learning experience is being revolutionized by technologies like augmented reality (AR), machine learning (ML), and artificial intelligence (AI). These technologies personalize material delivery, offer real-time feedback, and create dynamic learning environments. In addition, learners may access instructional resources from anywhere at any time because of the broad availability of high-speed internet and the growth of mobile devices, which increases convenience and flexibility.

Furthermore, developments in learning management systems (LMS) and data analytics give teachers insightful knowledge about the progress and learning outcomes of their students, allowing them to customize lessons to meet each student's requirements and optimize their teaching strategies. Additionally, new technologies such as blockchain are improving online certificates and credentials' security and validity, which raises their worth and reputation in the employment market. It is anticipated that as technology advances, it will spur greater innovation and expansion in the online education market, increasing accessibility, efficacy, and influence on learning for students all over the world.

MARKET RESTRAINTS:

One of the main hurdles in the online education market is the limited accessibility by poor people in rural areas owing to the low internet penetration and less smartphone adoption. These sections rather turn to televisions and radios which is a niche, not many companies are ready to adopt. For instance, as per the World Bank, in the US, where schools have been exclusively online since mid-March 2020, almost 14 percent of households with school-age children do not have internet access.

The North American region is anticipated to hold a significant share of the market.

Geographically, the global online education market is studied across North America, South America, Europe, the Middle East and Africa (MEA), and Asia-Pacific (APAC). North America dominates the market and is expected to hold the largest online education market share of the global online education market attributing to the presence of major market players. The online education market in North America is booming as a result of broad access to high-speed internet and sophisticated technological infrastructure. Professionals in the workforce and those aiming to progress in their careers are increasingly demanding flexible learning choices. Reputable online programs from leading EdTech businesses and institutions raise the profile and appeal of online education in the area.

The industry is growing because of government efforts and investments in digital education programs. Online learning systems are popular among students because of their accessibility and ease. Furthermore, the demand for online degree programs and courses is fueled by the region's emphasis on upskilling and lifelong learning. Technological advancements like artificial intelligence and data analytics improve the efficiency and customization of virtual learning.

Key Developments:

In March 2023, to increase its social effect and get access to the expanding Indian EdTech sector, Moodle established Moodle India, its Indian subsidiary. After being completely included in the global Moodle ecosystem, eAbyas Info Solutions was acquired in December 2022, and this coincided with the introduction of Moodle India.
In April 2021, the world's top provider of educational technology, BYJU'S, announced the global debut of its 1:1 live online learning platform, BYJU'S Future School, with 80 million students enrolled on its flagship learning app. This expands upon the success of its subsidiary WhiteHat Jr., which broke records in real-time online 1:1 learning and is well-known in India and a few other countries.

Segmentation:

By Type
Academic
Corporate
By Technology
Mobile E-learning
Learning Management System
Application Simulation Tool
Rapid E-learning
Podcasts
Virtual Classroom
By Vendor
Service Provider
Content Provider
By End-User
Higher Education Institutions
K-12 Schools
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others