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Online Tutoring Services Market Analysis, Business Growth Opportunities, Future Challenges and Forecast to 2021-2027
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Market Overview
The global online tutoring market is uplifting on account of several benefits such as improved internet speeds, increased international connectivity, and developments in telecommunication software. Moreover, the rapid penetration of cell phones and tablets and the growing demand for customized learning have led to an increase in emphasis on the digitization of educational services and course content.
Vendors operating in the private tutoring market across the globe are increasingly offering online tutoring services that can be accessed by students through smartphone devices. Also, online tutoring programs involve a low ownership cost for vendors and offer more flexibility when compared with conventional, in-person tutoring services. Thus, the cost benefits and flexibility associated with online private tutoring services are expected to drive the growth of the online tutoring market during the forecast period. In 2020, Byju's announced that the company is entering online tutoring with a comprehensive suite of offerings.
COVID-19 Impact
The COVID-19 pandemic boosted the growth of the online tutoring services market. The shut down of schools, lockdown across countries generated the demand for online tutoring for the students. More than 1.2 billion children across 186 countries were affected due to this closure. With this sudden shift away from the classroom in many parts of the globe, some are wondering whether the adoption of online learning will continue to persist post-pandemic, and how such a shift would impact the worldwide online tutoring market.
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The Online tutoring services Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
• Structured Tutoring
• On-Demand Tutoring
The structured tutoring segment gathered a major market share of online tutoring services in 2020 and grabbed XX% market share. the on-demand tutoring offers a personalized platform, which helps students progress based on their capabilities and pace. Furthermore, on-demand tutoring combined with analytics applications helps tutors and content providers obtain real-time information on the learner's progress. Thus, the rapidly growing adoption of customized and personalized learning is triggering the on-demand tutoring market's growth positively.
By Course Type, the market is primarily bifurcated into
• Language Courses
• Science, Technology, Engineering, and Mathematics (STEM) Courses
• Others
The Science, Technology, Engineering, and Mathematics (STEM) Courses segment grabbed a major market in 2020. the government across countries has set up plans which are helping to the growing share of the STEM segment. In December 2018, The STEM Education Strategic Plan was launched in the United States, a federal strategy for the next five years based on a vision for a future where all Americans will have lifelong access to high-quality STEM education and the United States will be the global leader in STEM literacy, innovation, and employment.
Online Tutoring Services Market Geographical Segmentation Includes:
• North America
• Europe
• Asia-Pacific
• Rest of the World
Based on the estimation, the North America region grabbed a major market share in 2020. Moreover, rising series or seed funding by the companies is also promulgating the market growth. For instance: In 2020, the Online tutoring marketplace Preply announced a US$10 million Series A funding to fuel growth in North America, Europe. The funding will be used to scale the business and beef up its focus on the US market, where it plans to open an office by the end of the year.
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The major players targeting the market includes
• Ambow Education
• ArborBridge
• Beijing Magic Ears Technology Co., Ltd
• BYJU'S
• Chegg Inc.
• Club z! Inc.
• iTutorGroup
• Qkids Teacher
• Varsity Tutors
• Vedantu.com
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Online tutoring services market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the online tutoring services Market?
• Which factors are influencing the online tutoring services market over the forecast period?
• What are the global challenges, threats, and risks in the online tutoring services Market?
• Which factors are propelling and restraining the online tutoring services Market?
• What are the demanding global regions of the online tutoring services Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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