Press release
In-Person Learning Market Expected to Garner $38,220.5 Million by 2028, Growing at 10.3% CAGR from 2021-2028
In-Person Learning Market
As per the report, the global in-person learning market is predicted to grow at a tremendous CAGR of 10.3% in the 2021-2028 timeframe, thereby garnering $38,220.5 million by 2028.
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Dynamics of the Market
Drivers: In-person learning has many associated benefits, such as development of interpersonal skills, provision of hands-on learning, better academic performance, etc. These benefits are expected to be the leading factors behind the growth of the in-person learning market in the 2021-2028 timeframe. Along with this, growing expenditure on opting for quality education is also predicted to boost the market during the forecast period.
Restraints: Growing popularity of online learning, however, may dampen the growth rate of the in-person learning market.
Opportunities: Governments in various countries have started investing heavily in the education sector to enhance the education level in their respective countries. As a result, many governments have come up with several initiatives to educate the rural populations, which is expected to offer huge growth opportunities to the in-person learning market. Moreover, the benefits associated with in-person learning, such as overall cognitive development of students, are also anticipated to boost the market in coming years.
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Impact of COVID-19 on the Market
The COVID-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. This was mainly due to the lockdowns and travel restrictions imposed by governments of different countries across the world to curb the spread of the virus. The in-person learning market was among the worst hit industries during the pandemic. The main reason behind this negative impact is obviously the lockdowns which have restricted the entry of students and teachers in school and colleges, thereby leading to their virtual closure. Along with this, the shift to online education has further worsened the situation for the market.
Segments of the Market
The report has divided the in-person learning market into different segments based on course type, application, end-user, and region.
By course type, the academics in-person learning sub-segment is predicted to have a dominant market share and is expected to garner a substantial revenue of $25,323.0 million by 2028. The rising investments in in-person learning methodologies, especially from countries like China and India, so as to educate the rural population is expected to be the primary reason behind the growth of this sub-segment.
By application, the cram school sub-segment is anticipated to generate the maximum revenue of $30,797.0 million by 2028, thereby becoming the most lucrative sub-segment. Growing disposable incomes in countries like India and China, and parents increasingly saving for their children's education are predicted to be the two main factors behind this sub-segment's growth.
By end-user, the high school students' sub-segment of the in-person learning market is expected to have the highest market share and garner a revenue of $13,865.8 million by 2028. Extra spending by families across the world to educate children so as to facilitate their physical, emotional, social, and academic development is anticipated to be the primary growth driver of this sub-segment.
By regional analysis, the in-person learning market in Asia-Pacific region is expected to be the fastest growing as well as the most dominant sub-segment with a CAGR of 11.0%. The ever-growing demand for in-person learning coupled with various government initiatives are expected to boost the growth of this sub-segment in forecast years.
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Significant Market Players
The key players of the in-person learning market are ISACA, INSEAD, Vibrant Academy, Sylvan Learning LLC, British Study Centers, All A's Tuition, Wyzant, Inc., ITS Education Asia, Kaplan, Inc., and Triumphant Institute of Management Education Pvt. Ltd, among others. These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.
The report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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