As per the analysis by Market Research Future Reports (MRFR), the Global Online Education Market is estimated to grow at a CAGR of 28.55% with a value of USD 423 Billion from 2017 to 2023. The current global situation, i.e., the outbreak of corona, has influenced the global online education market 2020.
Online education is an electronically supported learning system that relies on the Internet to interact and distribute course materials between students and teachers.
Growing demand for lower education costs, increasing government initiatives to support online education, and growing penetration of smartphones and the Internet are factors that contribute to the growth of the global online education market. In addition, the market is also expected to increase due to the increasing demand for adaptive learning. However, the availability of ample free content and lack of awareness are restricting the growth of the market.
The global online education market size 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).
By region, the global online education market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America had the highest market share of 43% in 2016, with a market value of USD 1.85 billion. Asia Pacific captured the second largest market share and is also expected to rise with the highest CAGR of 31.28% in the forecast period. Well-established infrastructure, a highly skilled labor force, and growing demand for BYOD among corporate organizations are driving demand for online education in North America.
Notable players in the global online education market are Lynda.Com (US), Pearson PLC (UK), Adobe Systems Inc. (US), McGraw-Hill Education (US), Blackboard Inc. (US), Aptara Inc. (US), Docebo (Canada), Edmodo (US), PowerSchool Group LLC (US), K12 Inc. (US), Udacity, Inc. (US), and Classteacher Learning Systems (India).