Online Education Market Segmentation, Application, Technology, Trends and Opportunities Forecasts to 2027 | Coronavirus Effects
Market Highlights
In
the last two decades, the Internet has flourished into the most accessible
database of information ever created. It has transformed the way people think,
communicate, shop, socialize, trade, and learn. The internet has paved the way
for online education, which is a digitally supported mode of learning that
depends on the internet for the circulation of course material and
teacher-student interactions. It is now the preferred mode of education by many
people, especially who cannot manage to attend universities, such as working
professionals or individuals under familial commitments and wish to pursue
learning courses at their convenience. Online education has completely changed
the traditional classroom learning mode by presenting the opportunity to everyone
from every part of the world to have access to nearly every field of study.
There
are subtle differences between online and traditional learning, but the main
advantageous factor is that online education releases the student from the
usual hassles of on-campus degree courses, such as transportation, the
arrangement of their schedule according to the course timings, and being
physically present for each sequence of their coursework. Additionally, the
education methods and materials provided in online degree courses are often the
same as those provided for on-campus programs. Other advantages of online
education include the freedom to study courses from any fireld of study, the
comfort of location, convenience of learning pace and affordability; which contribute
to the growth of the online education market. According to Market Research
Future (MRFR), the global online education market is expected to advance at a
compound annual growth rate of approximately 28.55% through 2023.
Online
education programs and courses are usually offered through the host
university's online e-learning platform through synchronous instruction that is
voice, chat and video streaming while some are delivered using alternative
asynchronous instruction technologies like discussion boards, digital
curriculum, social networking, and others. Online education provides students
an opportunity to study associate degrees, bachelor’s degrees, Diplomas,
Master’s degrees, and doctoral degrees, among others.
Many
online education institutes offer various forms of learning, such as online
education, with the full course online or hybrid education where students have
the option to combine online and on-campus learning. Similarly, they also
provide an array of courses which can be either part of a degree or can be
studied separately. The most common form is MOOCs, or massive open online
courses, which are typically delivered in lecture form to online
"classrooms" with as many as 10,000 people.
Online education has many subcategories, depending on its learning medium, that
is, the hardware, such as computer-based learning, internet-based learning,
web-based learning, online training, e-learning (electronic learning),
m-learning (mobile learning), computer-aided distance education, among others.
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Segmentation:
The global online education market can be classified on the basis of
vertical, component, learning type, product, and region.
On the basis of vertical, the global online education market can be
segregated into Industry and Professionals, Higher Education, K-12, and
others.
On the basis of components, the global online education market can be
segregated into Software (Courseplay, Worldclass, Yuja, and Others) and
Hardware (Mobile, Laptop, PC, and Others).
On the basis of learning type, the global online education market can be
segregated into Asynchronous (e-mail, Social Networking, Digital
Curriculum Material, and Discussion Boards) and Synchronous (Voice, Live
Streaming, Chat, and Video).
On the basis of product, the global online education market can be
segregated into Services (Test Preparation, Primary and Secondary
Supplementary Education, Higher Education and Language, Online Certification,
and Others) and Content (Arts, Commerce, Management, Technical, and Others).
On the basis of region, the global online education market can be
segregated into Asia-Pacific, North America, Europe, and the Rest of the World
(RoW).
Regional Analysis
Online
education is prevalent throughout the globe and is most popular in North
America, Europe and the Asia Pacific region, which can be credited to the
technological advancements that are making online learning more accessible to
people. Additionally, people are slowly becoming aware of the merits that
multiple degrees and courses add on their resumes, and with the stiff
competition in the employment sector, online education has become a necessity
more than a choice.
India
is considered as one of the fastest growing markets for online learning, so
much so, that Udacity, a U.S. based online education company that offers paid
and free courses from varied fields of study, has invested in India. The Indian
government has also recognized the potential of the online education industry,
and the human resource development ministry is soon going to introduce an
online education policy in the coming months of 2019.
The
online education industry has faced challenges depending on how it is
perceived. While most people consider it as a progressive, convenient practice,
many also believe that it cannot replace traditional classrooms, no matter how
fierce a competition it may pose, because it may be an excellent alternative to
enhance knowledge but cannot provide the mentorship and guidance that
university professors can. Additonally, increase in free course materials and
lack of awarenesss about what online education has to offer can make the market
growth stagnant.
Even
though many of these challenges for the future of online education may seem
intimidating, they are by no means impossible. Competent and intellectual
professionals are focused on resolving these challenges. Hence, it’s safe to
say that the online education sector and market are expected to show massive growth
in the coming years.
Key Players
The
most well-known companies that are leading the online education market are
Edmodo, Aptara Inc., and PowerSchool Group LLC, of U.S., DoceboLMS of Italy,
and Classteacher Learning System and Tata Interactive Systems of India. Many
top universities across the globe, like Harvard and Yale, have online paid as
well as free courses.
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Online Education Market Research Report: Information By Component
[Hardware (Laptop, Mobile, PC and others) and Software (Worldclass, Courseplay,
Yuja and others)], Product [Content (Technical, Management, Commerce, Arts and
others) and Servicers (Primary and Secondary Supplementary Education, Test
Preparation, Online Certification, Higher Education and Language and others)],
Learning Type [Synchronous (Chat, Voice, Video and Live Streaming) and
Asynchronous (Digital Curriculum Material, e-Mail, Discussion Boards, Social
Networking)], Vertical (K-12, Higher Education, Industry and Professional and
others) - Forecast till 2023
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