Online Education Market Size to Surpass USD 197.64 Billion with 22.7% CAGR by 2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Increased Adoption of Skill Development and Employment to Boost Online Education Market Growth
New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Online Education Market information by Learning Type, by Components,byVertical and Region – forecast to 2030” market size to reach USD 197.64 billion, growing at a compound annual growth rate of 22.7% by 2030.
Market Scope: The rising usage of machine learning & artificial intelligence in online education will offer robust opportunities for the market over the forecast period. The use of machine learning and AI has grown among online learning platforms because this allows customized content resting on every student’s existing knowledge and offers a one-size-fits-all approach. Besides, by leveraging ML and AI it becomes possible in quickly analyzing massive amounts of data and identifying patterns and trends to constantly optimize and augment learning experiences. Also, it helps in making the course creation process faster, simpler, and more agile, sans sacrificing the quality.
Dominant Key Players on Online Education Market Covered are:
Market USP Exclusively Encompassed: Market Drivers The increased adoption of skill development and employment will boost market growth over the forecast period. With an aim to attain career growth as well as add value to their knowledge, the working professionals are focusing on skill development. In fact this trend is seen in every age group of working professionals. This is owing to the fact that digitized courses offer convenience and flexibility as opposed to traditional classes because learners can access the content at any time from any location. Thus the increased use of skill development via online certifications on digitized platforms particularly in tier 1 cities will fuel market growth.
Lack of Infrastructure to act as Market Restraint The lack of infrastructure & essential learning environment may act as market restraints over the forecast period.
Lack of Face to Face Interactions to act as Market Challenge The lack of face to face interactions in online learning, need for higher self-motivation, imbibition of theoretical knowledge, lack of practical knowledge, lack of online education services for the dumb and deaf, issues observed in the quality of education, and low control over students for the teacher may act as market challenges in the forecast period.
Segmentation of Market Covered in the Research: The global online education market has been bifurcated based on vertical, learning type, product type, and component type.
By component type, the online education market is segmented into software and hardware.
By product type, the online education market is segmented into services and content.
By learning type, the online education market is segmented into asynchronous and synchronous.
By vertical, the online education market is segmented into professionals, industry, higher education, k-12, and others.
Regional Analysis North America to Command Online Education Market North America will command the online education market over the forecast period. The presence of well-established infrastructure, the presence of highly-skilled workforce, the growing demand and adoption of BYOD policy amid corporate enterprises, the presence of key players, the presence of top universities, the availability of highly sophisticated internet infrastructure, increase in competition amid service providers, key players offering more security for data via ensuring greater outreach and quick access, technological advances, increased use of tablets, cell phones, and internet, and educational institutions investing massively to shift from traditional education to digital education are adding to the global online education market growth in the region.
APAC to Have Admirable Growth in Online Education Market The APAC region will have admirable growth in the online education market over the forecast period. Rising use of the internet, increasing adoption of smartphones, the presence of leading economies like Japan, China, and India, the presence of large number of educational institutions, increasing use of online education services, the growing adoption of cloud-based smart learning solution at the time of the pandemic, remarkable investments observed in the creation of IT infrastructure, as well as the developments observed in the education sector such as learning management systems are adding to the global online education market growth in the region.
COVID-19 Impact on the Global Online Education Market The COVID-19 pandemic possessed a positive effect on the online education market. Owing to the spread of the virus, schools, colleges and other institutes were closed and this led to the growing demand for online classes.
Industry News ACCESS Program of the Mississippi State has of late expanded its reach via online enrichment courses. The course is open to just all students, aged 14 or above irrespective of their disability or academic level. This curriculum will help students in improving functional life skills, increasing independence, expanding college & career readiness, and developing self-advocacy skills. Enrolling in this online course needs an easy registration process and the classes will be provided in conjunction with MSU’s summer, spring, and fall semesters.
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