The ability of online education providers to forge B2B alliances with companies seeking to upskill employees and attract new talent is also expected to drive market trends. Additionally, the increasing focus on providing unique learning experiences and the growing demand for tablets in education will contribute to market expansion.
The global online education market is poised for remarkable growth, with the market size predicted to soar from $217 billion in 2022 to a staggering $475 billion by 2030, at an impressive compound annual growth rate of approximately 9.1 percent between 2023 and 2030, according to the recent report released by Facts and Factors.
The surge in demand for online education is primarily fueled by intense competition among online degree providers and significant investments in the education sector, according to a press release.
With an increasing emphasis on enhancing education quality and experience, the demand for online learning has skyrocketed. This has led to the proliferation of online education enterprises and a surge in venture capital funding. In the United States alone, venture capital funding in the edtech industry has skyrocketed from $1.1 billion to nearly $8.1 billion.
Key insights from the report indicated that the online education market is expected to grow at a CAGR of around 9.1 percent during the forecast period.
The academic segment is projected to register the fastest CAGR, while the mobile e-learning segment is expected to dominate the technology segment.
Among end-users, K-12 schools are slated to be at the forefront of the market growth. Regionally, the Asia-Pacific online education market is expected to witness the highest CAGR during the assessment period.
Other factors driving the growth of the global online education market include the popularity of cloud-based technologies, which facilitate online interactions and question resolution, as well as the widespread adoption of artificial intelligence for e-learning in the education sector.
The ability of online education providers to forge B2B alliances with companies seeking to upskill employees and attract new talent is also expected to drive market trends. Additionally, the increasing focus on providing unique learning experiences and the growing demand for tablets in education will contribute to market expansion.
However, certain factors may act as restraints for the global Online Education market. Limited web access due to income constraints and restricted Internet availability could hinder market growth. Furthermore, the increasing reliance on smartphones, iPads, and laptops among children may pose challenges to the global economy.
The report presented a comprehensive segmentation analysis of the global Online Education market, dividing it by type, technology, vendor, end-user, and region. The academic segment, mobile e-learning technology, and K-12 schools are expected to drive significant growth in their respective segments.
Recent developments in the industry include key acquisitions and partnerships. For instance, Credly, Inc. acquired Pearson plc, expanding its assessment and learning capabilities. Additionally, Class Technologies Inc. acquired Anthology’s virtual classroom, bolstering the growth of the online education industry worldwide.
Regionally, North America is projected to dominate the online education market, fueled by an increase in bring-your-own-device practices and the presence of key industry competitors like Microsoft Corporation, Cisco Systems, Inc., and Oracle Corporation.
The Asia-Pacific region is also anticipated to witness the highest CAGR during the assessment period, driven by the increasing use of the Internet and smartphone demand in countries like India and China.
Facts and Factors, a leading market research organization, provides industry expertise and consulting services to clients worldwide, including prestigious academic institutions, start-ups, and companies, to assess and comprehend evolving international and regional business landscapes.
