BANGALORE, India, Oct. 29, 2020 /PRNewswire/ — Online Education Market by Data Type (Elementary Education, Junior High Education, Senior High Education), Application (Teacher, Student, Parents) and Region: Global Opportunity & Forecast to 2026 – Published on Valuates Reports in Education Category.
The global Online Education market size is projected to reach USD 245900 Million by 2026, from USD 153180 Million in 2020, at a CAGR of 8.2% during 2021-2026.
Major factors driving the growth of online education market size are growing demand to reduce the cost of education, increasing government initiatives promoting online education, and increasing smartphone penetration and the Internet.
Online learning has been more concentrated in the lives of people since the COVID-19 outbreak. The pandemic has driven colleges, universities, and businesses to operate remotely, thereby further fueling the online education market size.
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TRENDS INFLUENCING THE ONLINE EDUCATION MARKET SIZE
Massive quantities of educational content are brought online by the service and content providers on the market. All these contents are hosted on a cloud-based platform to make it easily accessible for all the end-users. The adoption of cloud-based technology is decreasing the hosting costs and raising the need to access educational content. This growing adoption of cloud-based solutions coupled with enormous investments by major market players to enhance cloud-based education platforms’ security and efficiency is expected to drive the growth of the online education market size. The adoption of cloud-based technology is further decreasing the hosting costs and rising need to access educational content.
Artificial intelligence advancements and the exponential growth of the Internet of Things (IoT) will continue to boost the user experience of these online education platforms, and in turn, will boost the growth of the online education market size.
High Internet penetration has generated a substantial preliminary user base for companies operating in the online education market. Since the traditional education system is inadequate to provide services to all segments of the market, potential learners are searching for alternative sources of education, which is expected to fuel the growth of the online education market size during the forecast period.
Another consideration for the rapid growth of the online education market size is the cost structure. Online courses are a more flexible choice than conventional courses, and there are no travel expenses, and course materials, such as textbooks, are often available online at no cost.
Other factors leading to the growth of online education market size are the increased efficacy of animated learning, gamification of the learning module, and versatility in learning. User interaction on online education platforms is driven by simulation of concepts, level progression badges, and incentive-based learning. Online education industry players are actively competing to provide the target audience with differentiated offerings, often by providing value-added services with daily courses.
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ONLINE EDUCATION MARKET SHARE ANALYSIS
Based on the region, North America is expected to hold the largest online education market share. The demand for online education