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K-12 Online Education Market Size, Trends Analysis And Overview By 2024-2033
K-12 Online Education Market Size
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According to The Business Research Company's, The K-12 online education market size has grown exponentially in recent years. It will grow from $103.42 billion in 2023 to $126.52billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to enhanced engagement, increased accessibility, rise of mobile learning, improved teacher training, increased parental involvement.
The K-12 online education market size is expected to see exponential growth in the next few years. It will grow to $285.83 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to growing demand for personalized learning, cost-effective, flexibility in scheduling, growing demand for stem education, growing demand for online tutoring. Major trends in the forecast period include advancements in learning management systems, improved data analytics, enhanced collaboration tools, use of artificial intelligence (AI), and use of virtual and augmented reality.
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Market Drivers and Trends:
The rising demand for online education is expected to propel the K-12 private education market going forward. Online education refers to delivering educational content and instruction via the internet. The demand for online education is rising due to its flexibility, accessibility, and quality of remote learning options, technological advancements, and evolving learning needs. K-12 private education provides personalized, data-driven, and engaging ways to measure and support student learning, ensuring that students receive a high-quality education regardless of the learning environment. For instance, in January 2022, according to the World Economic Forum, a Switzerland-based non-governmental organization, online education enrollment on Coursera Inc., a US-based massive open online course provider, increased from 143 million in 2020 to 189 million in 2021. Therefore, the rising demand for online education is driving the growth of the K-12 private education market.
Major companies operating in the K-12 online education market are focusing on developing advanced solutions, such as K-12 Artificial Intelligence (AI) based courses, to stay ahead of the curve and equip students and educators with the skills necessary for the future. K-12 Artificial Intelligence (AI) based courses are educational programs designed to introduce students from kindergarten through 12th grade to artificial intelligence's concepts, applications, and implications. For instance, in May 2024, CodeHS, a US-based online education platform, launched the CodeHS AI curriculum, a new K-12 Artificial Intelligence (AI) curriculum, and professional development courses. The new AI curriculum includes several introductory courses for middle and high schools and dozens of projects for grades K-12 that can be incorporated as a standalone course or integrated into existing courses. This course imparts crucial programming concepts to students, empowering them to utilize AI effectively in both computer science and broader societal contexts. It is structured to establish a solid understanding of AI and its practical applications, laying the groundwork for students to pursue more advanced AI courses later.
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Major Key Players of the Market:
Pearson Plc, Bright Horizons, Stride Inc., Scholastic Inc., Cengage Inc., GEMS Education, TAL Education Group, Houghton Mifflin Harcourt, McGraw-Hill Education, GoStudent, Chegg, Blackboard, Cognita, BYJU's, Instructure Inc., Amplify, Great Minds, Duolingo, Lightspeed Systems Inc., Hurix Systems Pvt. Ltd., EverFi, Newsela, Dreambox Learning, NoRedInk.com
K-12 Online Education Market 2024 Key Insights:
• The K-12 online education market size is expected to see exponential growth in the next few years. It will grow to $285.83 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%.
• Digitalization Drives Growth In K-12 Online Education Market
• K-12 Online Education Providers Prioritize AI Curriculum To Foster Future-Ready Skills
• North America was the largest region in the K-12 online education market in 2023
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