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Global Online Education Market Analysis – 2018-2027
Online education is referred to the learning system backed by internet services for the interaction and distribution of educational materials between students and faculties. With the help of online education students can access to educational materials and information from any part of the world and at any time. The global online education market is anticipated to record a CAGR of 12.68% over the forecast period, i.e. 2019-2027. Factors such as growing internet penetration and the advent in digital technologies, along with implementation of digital technologies across end-user industries are anticipated to promote the growth of the online education market. Moreover, growth of virtual reality and augmented reality technologies, which help to leverage the quality of online education, coupled with investments from educational institutes for shifting to digital education platforms are some of the factors anticipated to promote significantly towards the growth of the global online education market.
The global online education market is anticipated to grow by 14% Y-o-Y and an incremental $ opportunity of USD 54.05 billion in the year 2027 as compared to the previous year. The market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in North America is anticipated to hold the largest market share, followed by Europe, Asia Pacific, Middle East & Africa and Latin America. The online education market in Latin America is anticipated to grow at a steady rate over the forecast period owing to rising opportunities for e-learning suppliers, such as content, hardware and software services, along with favorable support from the government for promoting online education and digital learning.
Some of the key industry leaders in the global online education market include Pearson plc, McGraw Hill and Adobe among others. Apart from these players, several other players are increasingly expanding their services globally so as to gain an extra edge of competitiveness.