Online Education Market Overview
The global online education market is thriving on the back of growing availability of internet technologies, which is allowing students from around the globe to access educational information for not being able to enroll into schools and institutions for conventional classroom courses, and further provides the flexibility of availing the education at any place and any time. The online education market reached USD 155.62 billion in the year 2018 and is expected to garner USD 438.71 billion in the year 2027 by registering a CAGR of 12.68% over the forecast period 2020-2027.
Growth Highlights based on Region during 2018-2027
The online education market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America online education, which had the largest market share in the year 2018, is anticipated to grow rapidly on the back of technological advancements and increased usage of internet, cell phones and tablets in the region, followed by the number of educational institutions who are investing massively for shifting to digital education from traditional education. Additionally, the market for online education is anticipated to grow at a significant pace in Asia Pacific, especially in nations such as China, India, Malaysia and others on the back of remarkable investments observed in the development of IT infrastructure along with the developments observed in the education industry, for instance, learning management systems. Moreover, the online education market in Middle East and Africa is anticipated to grow on the back of introduction of new and effective digitization of textbooks in academic sectors, along with the promotion of e-learning in Middle East by providing tablets and laptops to students in educational institutes.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Online Education Market Drivers and Challenges
Growth Indicators
With the advent in technology and development of technological infrastructure around the globe, penetration of the internet has also grown massively and has allowed individuals and businesses to achieve heights which wouldn’t had been possible with the advent of such technologies. As such, the education industry too has outgrown other industries in the digital disruption by providing accessibility to enroll distance learning courses for all age groups. With a major share of the population around the world being dominated by young generation along with their access to smartphones and the internet, numerous students in the recent era are unfolding their educational requirements without moving out of their home, office or cities by the use of online education technologies.
As the internet is known to be the storehouse of information and knowledge, education providers from around the globe are increasingly taking these opportunities to provide courses, certifications and offer degrees online to both the rural and urban population worldwide. Additionally, development of interactive teaching methods in the online education system, which is not just cost-effective, but also seems to be a great online tool to both teachers and students, is contributing to the greater number of students adopting to online education.
Apparently, growth of VR and AR technologies, coupled with concepts such as online micro-learning along with the changing perspectives of consumers towards imparting online education are some of the factors anticipated to drive the growth of the global online education market.
Barriers
Although there are numerous benefits associated to online education, yet several factors such as imbibition of theoretical knowledge and lack of practical knowledge, low control over students for the teacher, lack of online education solutions for the deaf and dumb and several issues observed in the quality of education are expected to limit the growth of the global online education market around the globe.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global online education market are Pearson plc, McGraw Hill and Adobe among others. Besides this, there are also several number of players in the global online education market who are expanding their business globally to meet the increased demands. For instance, in the recent outbreak of Coronavirus (COVID-19), numerous educational institutes and online education providers are providing students to access educational content online on the back of several nations around the world undergoing lock-down to restrict the spread of the pandemic virus.
