Global Online Education Market Expected to Worth USD 438.71 billion, at a CAGR of 12.68% by 2027 | Leading Key Players- Pearson plc, McGraw Hill and Adobe
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Technological advancements in the recent times have observed phenomenal growth. As other industries, the education industry too has observed drastic changes with the implementation of digital technologies. Digital technology in the educational services industry has evolved the trend of online education, which helps students from around the globe access educational content any time and at any place. As majority of the overall population is dominated by the young generation, which also shares a major share of accessibility to internet and smartphones, and many of them being students, the technological advancements in online education is flourishing rapidly as online education helps students enroll to digital classroom lessons without moving out of their home, office or cities. Moreover, online education system holds no geographic barrier, allowing students from anywhere in the globe to enroll to educational services. Additionally, advancements observed in the interactive teaching methods in the online education system, and the technology being highly cost-effective, is allowing online education systems being rapid adopted by educational institutes. The numerous digital disruptions observed around the globe and the positive impression on the adoption of online education systems are some of the factors anticipated to drive the growth of the global online education market.
The global online education market is anticipated to grow at a CAGR of 12.68% during the forecast period, i.e. 2020-2028. The market is thriving on the back of high flexibility of availing online education at any place and any time, along with the 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. Further, the global online education market, which was valued at USD 155.62 billion in the year 2018 and is expected to grow by 2.8 times during the assessment period with an absolute & opportunity of USD 283.09 billion and achieve a market value of USD 438.71 billion in the year 2027.
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Geographically, the global online education market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region. Among these regions, North America is anticipated to hold the largest market share on account of technological advancements and increased usage of internet, cell phones and tablets in the region, along with rising number of educational institutions who are investing massively for shifting to digital education from traditional education. Asia Pacific is anticipated to gain significant market share on account of presence of nations such as China, India, Malaysia and others where remarkable investments have been observed in the development of IT infrastructure as well as n the online education industry, which also includes learning management systems. Factors such as introduction of new and effective digitization of textbooks in academic sectors, added with the promotion of e-learning in Middle East by providing tablets and laptops to students in educational institutes are anticipated to promote the growth of the online education market in Middle East and Africa.
However, concerns for the quality of education impacted negatively due to the 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 others are estimated to act as a barrier to the growth of the global online education market.
This report also studies existing competitive scenario of some of the key players of the global online education market, which includes profiling of Pearson plc (LON: PSON), McGraw Hill and Adobe (NASDAQ: ADBE) among others. Moreover, numerous players are also expanding their business in the online education market worldwide. Additionally, several educational institutes and key players in the online education market are also offering access to students to online education platforms from around the world on account of the recent outbreak of Coronavirus (COVID-19). The nations observing restrictions in movement of people and lock-down is letting the shift in such services.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Online Education Market - Global Demand Analysis & Opportunity Outlook 2027", analyses the overall online education industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global online education market in the near future.
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