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Personalized Learning Market 2024: Global Growth, Trends, and Future Outlook
Personalized Learning Market 2024
According to The Business Research Company's, The personalized learning market size has grown exponentially in recent years. It will grow from $3.76 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 26.2%. The growth in the historic period can be attributed to special education legislation and inclusion policies, demand for alternative education models, parental advocacy, and grassroots movements.
The personalized learning market size is expected to see exponential growth in the next few years. It will grow to $12.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%. The growth in the forecast period can be attributed to the expansion of data analytics capabilities, globalization and cross-cultural collaboration, and demand for customization and differentiation in education. Major trends in the forecast period include augmented and virtual reality applications, personalized learning pathways, and ethical and inclusive personalization practices.
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Market Drivers and Trends:
The expanding online education is expected to propel the growth of the personalized learning market going forward. Online education refers to the delivery of educational content, instruction, and support through digital technology and the Internet. Online education is growing due to its accessibility, flexibility, and cost-effectiveness, enabling learners to study from anywhere at their own pace. Online education facilitates personalized learning by empowering educators with the tools, flexibility, and infrastructure needed to optimize student engagement and success. Personalized learning allows online learners to follow customized learning paths based on their existing knowledge, skills, and learning goals. For instance, in January 2022, according to the World Economic Forum, a Switzerland-based non-governmental organization, the online learning platform Coursera recorded 20 million new student registrations in 2021, reaching 92 million in 2021 from 71 million in 2020. Therefore, expanding online education is driving the growth of the personalized learning market.
The major companies operating in the personalized learning market are focusing on integrating artificial intelligence into personalized learning to provide students with hyper-personalized and compelling learning experiences. Artificial intelligence (AI) in personalized learning refers to the use of AI technologies to tailor educational experiences to meet the individual needs, preferences, and learning styles of students. For instance, in June 2023, BYJU'S, an India-based educational technology company, BYJU'S WIZ to provide students with personalized learning experiences using generative artificial intelligence (AI). The WIZ suite offers three AI transformer models, including BADRI, MathGPT, and TeacherGPT. Badri is a predictive AI model that identifies a student's strengths and weaknesses at a granular level. MathGPT offers accurate solutions for complex math challenges, and TeacherGPT provides personalized guidance to students. This trio of AI models boasts an impressive 90% accuracy rate in predicting a student's knowledge state, adeptly pinpointing misconceptions, learning gaps, or errors along the educational path.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Google Plc, Wolters Kluwer N.V, Pearson Education, McGraw-Hill Education Inc, K12 Inc, Scholastic Corporation, Cengage Learning Holdings II Inc, Chegg Inc, Blackboard Inc, PowerSchool, Udemy Inc, Coursera Inc, Duolingo, Rosetta Stone, Desire2Learn Corporation, Codecademy Inc, Udacity Inc, Quizlet Inc, Discovery Education, Edgenuity Inc, Khan Academy Inc, Dreambox Learning Inc, NoRedInk Inc, Knewton Inc, Brainly Inc.
Personalized Learning Market 2024 Key Insights:
• The personalized learning market size is expected to see exponential growth in the next few years. It will grow to $12.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%.
• Online Education Driving Growth In The Personalized Learning Market
• Advancements In Generative AI Models In Personalized Learning
• North America was the largest region in the personalized learning market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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