Pune, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) in its latest report projects that Global Online Education Market Research Report: Information by Component (Hardware, Software) By Product (Content, Services) By Learning (Synchronous, Asynchronous) and By End User - Forecast Till 2023
Online Education Market
The global market for online education stood at USD 29 Bn and is on course to witness a healthy CAGR of 28.55% during the assessment period (2017-2023). As conventional education system are falling short of meeting the expected velocity of knowledge delivery, new alternatives are being explored to reach the objective. Online education or eLearning is viewed as a stepping stone in this regard. Educational institutes with the help of policy makers are taking proactive measures to infuse their curriculums with online education technologies. The outlook towards online education is highly positive as it offers effective solutions that can overcome some of the longstanding issues faced during knowledge dissemination.
The advent of eLearning has allowed a significant reduction in cost of providing education as the burden of having necessary infrastructure is bare minimum. Online education also allows students to gain access to study material of high quality at a reasonable cost or sometimes even free of any charges. Moreover, the innate nature of online educational makes it available to an extremely large pool of student who can access it at anytime and anywhere. Increased efforts to provide cost-effective distance education programs is creating growth opportunities for eLearning industry.
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Businesses are also leveraging online education technologies for skill development. Skill enhancement courses have become a massive hit among enterprises. This also hints towards the potentials of online channels in providing quality education. The focus is to bring the content at one place making easier for learners to gather information. Increased internet penetration and rising number of smartphones is also favoring the global online education market. However, lack of awareness about online education and abundance of free content are some of major factors impeding the market growth.
Market Segmentation: Insights
MRFR in its report offers detailed segmental analysis of the global Online Education Market on the basis of product, end user, component and learning. Based on product, the market has been segmented into services, content and others. The content segment is further sub-segmented into management, arts, technical, commerce, and others. The services segment in further sub-segmented into casual learning, test preparation, higher education & language, primary & secondary supplement education, online certifications and others. The content segment is expected to remain highly lucrative in 2018 and beyond. Based on end user, the market has been segmented into industry & professionals, higher education, K-12 education and other. The higher education segment is likely to bring significant revenues for the market over 2023. By component, the market has been segmented into software and hardware. The software market is further sub-segmented into YuJa, course play, world class and others. The hardware segment is further sub-segmented into PC, laptop, mobile and others. The hardware segment is projected to expand at a robust CAGR of 27% during the forecast period. By learning, the market has been segmented into asynchronous learning and synchronous learning. The asynchronous segment is further sub-segment into social networking, discussion boards, digital curriculum and others. The synchronous segment is further sub-segmented into voice and voice streaming, video, and chat. By the end of 2023, the asynchronous segment is anticipated to reach a market valuation of USD 65 Bn.
North America to Spearhead the Global Online Education Market Over 2023
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and the rest of the world (RoW). The eLearning market in North America is expected to remain highly attractive throughout the assessment period. Factors such as the incessant technological advancement and rapid expansion of the education sector is supporting the growth of the market in region. Fast adoption of advanced technologies to improve education quality in the U.S. and Canada is also creating opportunities for market players operating in North America. Europe is expected to retain its second spot in the global market over 2023. Growth of the market in the region is likely to remain steady during the review period. Meanwhile, APAC market is set to witness a relatively higher growth owing to the rapid digitization and government efforts to deliver low-cost but high quality education.
MRFR in its report has profiled some of the leading market players, which include McGraw-Hill Education (U.S.), Pearson PLC (U.K.), Udacity, Inc. (U.S), Lynda.Com (U.S.), Edmodo (U.S.), PowerSchool Group LLC (U.S.), Adobe Systems (U.S.), Mashable, Inc. (U.S), DoceboLMS (Italy), K12 Inc. (U.S), Tata Interactive Systems (India), Blackboard Inc. (U.S.), Classteacher Learning System (India), and Aptara Inc. (U.S.)
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