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Online Assessment Software Global Market Reach $7.27 Billion at a CAGR of 16.8% By 2028, Key Factors behind Market's Exponential Growth
Online Assessment Software Market
According to The Business Research Company's, The online assessment software market size has grown rapidly in recent years. It will grow from $3.35 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to global events and crises, educational reform initiatives, regulatory compliance, and pedagogical shifts.
The online assessment software market size is expected to see rapid growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to rise in remote and hybrid learning, continued technological Innovation, and focus on accessibility and inclusivity. Major trends in the forecast period include blockchain-based credentialing and digital certificates, gamification and interactive assessments, and emphasis on accessibility and inclusivity.
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Market Drivers and Trends:
The increasing adoption of remote work practices is expected to propel the growth of the online assessment software market going forward. Remote work practices refer to organizations and individuals' strategies, methodologies, and guidelines to effectively conduct work outside of a traditional office environment. It arises because of technological advancements, cost savings, access to talent, increased productivity, and a changing work culture. Online assessment software used for remote work operates through various mechanisms to facilitate the assessment process regardless of the physical location of the participants. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, around 12.7% of full-time employees are working from home in 2023, while 28.2% use a hybrid model in the US. Further, it is expected that 32.6 million people will be working remotely by 2025. Therefore, the increasing adoption of remote work practices is driving the growth of the online assessment software market.
Major companies operating in the online assessment software market focus on digitalizing academic exams to adapt to the changing landscape of education and recruitment processes. This platform refers to an online system or software application that enables the creation, administration, and management of examinations or assessments entirely through a web browser. For instance, in February 2021, Mercer LLC, a US-based financial services company, launched its web-based examination platform to digitize academic exams. This platform offers a comprehensive suite of tools for conducting virtual assessments, online exams, and talent evaluations. It provides remote proctoring, skill evaluation, and customizable assessments to cater to various organizational needs. Additionally, it features remote proctoring, automated grading, real-time monitoring, streamlined administration, and faster turnaround.
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Major Key Players of the Market:
Mercer LLC, McGraw-Hill Education Holdings LLC, Blackboard Inc, Pearson VUE, Edmentum Inc, Desire2Learn Incorporated, PSI Services LLC, Canvas by Instructure Inc, Moodle Pty Ltd, Mettl, Top Hat Monocle Corp, Questionmark Computing Limited, Talview Inc, TestReach Limited, Schoology Inc, ProProfs Quiz Maker, ProctorU Inc, Learnosity Ltd, ExamSoft Assessment Solutions, iSpring Solutions Inc, Kryterion Inc, WizIQ Inc, Respondus Inc, Think Exam, Surpass Ltd
Online Assessment Software Market 2024 Key Insights:
• The online assessment software market size is expected to see rapid growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
• The Rise Of Remote Work And Its Impact On The Online Assessment Software Market
• Innovative Solutions Driving The Evolution Of Online Assessment Software
• North America was the largest region in the online assessment software 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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