Online learning – is the most trending and happening way to learn. This specific learning has shown significant growth over the last decade, as the internet and education allow people to gain new skills. Online Education has become the most happening way of learning education for the students. They have become habituated to the idea. Even when they need essay help, they simply depend on online solutions.
Since the COVID-10 outbreak, online learning has become more centric in people’s lives. The pandemic has forced schools, universities, and companies to remote work, which booms to online learning usage.
Even before the pandemic, research and markets forecast the online education market as $350 billion by 2025. The numbers might be updated after analysing the growth impacts of COVID-19 on the online learning market.
How is the eLearning landscape currently evolving?
According to several research, globally, the countries have already been mentioned a revolution as soon, 500 million new users will be added to the 370 million internet users in India and the whole country. Also, the outreach of the internet is not limited to the urban landscape alone nowadays, but it has reached rural areas, too; these factors create a huge market for the eLearning sector all over the world, especially in India.
Online education market based on global forecast 2022-2027
Some research reports provide a detailed analysis of the online education industry. The market will reach US$ 585.48 billion by 2027, from $ 269.87 billion in the year 2023.
Over the years, the ubiquity of information technology has been influencing almost all aspects of human lives: the way we work, communicate with others, process data into information, analyse and share information, entertain ourselves, and enjoy tourism/ further, the e-revolution or e-revolution led to e-mails, e-commerce, e-government. Now has e-education.
E-learning is actually transforming the way people approach teaching and learning. The concept of e-learning is a technology-mediated learning approach of great potential from the educational perspective. And it has been one of the leading research lines of educational technology in the last decades.
COVID-19 transformed the global online education market
Recently, the digital transformation of education systems at all levels has allowed the incorporation of a new teaching-learning ecosystem called e-learning. Further, the COVID-19 pandemic caused the closing of classrooms worldwide and forced a billion students and millions of educators to modify their face-to-face academic practices suddenly. This situation showed the strengths and weaknesses of education systems facing the challenge of digitalisation.
Although the rapidly spreading coronavirus harshly affected all businesses, the online education system surprisingly showed lucrative growth opportunities amid the threatening pandemic.
Over the years, information and communication technologies have kept advancing. Hence, online education has become more feasible technologically, economically, and operationally. By technology, the publisher has covered the market for Online e-learning, Learning Management systems (LMS), Mobile e-learning, Rapid e-learning and Virtual classroom.
Further, the incentives to universities to offer online programs like financial constraints and rewards, an increase in non-traditional students working full time, and the advanced state of technology make it easy to implement.
What are the future trends expected to recur in the global education market:
Gamification concepts to enhance user engagement
Players in the e-learning space to adopt a hybrid channel approach.
Online Education will unfold the concept of connected learning.
Business model evolving in line with shifting customer requirements.
Technological variations in the supply and demand ecosystem.
Academic as End User Holds Major Market Share
In addition, the end-users using the online education delivery models like Academic (Higher Education, Vocational Training and K-12 Education), Corporate (Large Enterprises and SMBs) and government have witnessed rapid and transformational application for their end-use.
Recently, in academics, the institutions like Higher Education, Vocational Training and K-12 Education worldwide have also adapted to online Education, a dynamic education landscape generating immense interest among researchers, educators, administrators, policymakers, publishers, and businesses.
As per the analysis, academic as end-user holds a significant market share in the online education market, facilitating asynchronous and synchronous education delivery methods and access to online discussion boards, chat rooms, and video conferencing.
Online Education global market size
The Global Digital Education Market will grow from USD 11.5 billion in 2021 to USD 46.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 32.3% during the forecast period.
Increased internet penetration; reduced infrastructure cost and increased scalability using online learning; increased efficiency, greater convenience, and more flexibility; and rising demand for microlearning are expected to be the major factors driving the growth of the Digital Education Market.
Academic institutions hold a significant market share
Increased effectiveness of animated learning and flexibility in learning are other factors contributing to academic institutions’ growth of online education. The lack of competent staff in various schools and colleges across the developing nations also results in the adoption of online education by the students. Support and funds from the government are other significant drivers of the industry’s growth.
By type, the global online education market is segmented aseducation by academic institutions and by the corporate sector; with the increasing number of students in academic institutions and the regular need to upskill and provide industry-relevant training to the staff, the academic institutions as well as the corporate need to come up with the options that allow individuals to learn anytime from anywhere.
Furthermore, with the increasing number of students and the cost-effectiveness of online Education, many educational institutes are integrating face-to-face learning with online learning at all levels of education.
Wrapping up,
Talking about the online education market, numerous learning platforms in the market serve millions of people. The platforms are getting shaped by different user verticals as well.
Top tier universities are also democratising learning by making courses accessible online. Online Education makes everything more accessible and easier. Whenever you need taxation law assignment help, you can go for online assignment writing services.
