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Increased internet penetration around the world is driving the demand for digital education market
MarketsandMarkets forecasts the global digital education market size to grow from USD 8.4 billion in 2020 to USD 33.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 31.4% during the forecast period. Major factors expected to drive the growth of the digital education market include increased internet penetration around the world, reduced infrastructure cost and increased scalability using online learning, and growing demand for microlearning. However, lack of face-to-face interaction and direct monitoring might hinder the growth of this market. Technological advancements such as virtual classrooms represent significant opportunity in near future for the companies that are currently offering online learning services.
Based on end user, the individual learners and academic institutions segment to grow at a higher rate during the forecast period
This segment includes self-motivated individual applicants for the online courses and educational institutes and universities that are availing the online education services for their students. As there are many individuals scattered over the globe that want to learn different subjects, demand for the online courses from individual learners is very high. Flexibility of time and place and comparatively low cost are the two key attraction points for the individual learners that attract them toward the online courses. Universities can greatly improve their effectiveness of their courses by availing online education to their students. Though large number of universities and educational institutions still run the traditional educational models, many of them are adapting to this change.
Based on learning type, the self-paced online education segment to hold a larger chunk of the digital education market share during the forecast period
Self-paced online education courses do not follow a set schedule; hence, all the learning resources are readily available which gives end users an opportunity to absorb and retain information at a higher rate than in a classroom setting. Self-paced online courses do not require instructor and student to be available at the same time during the entire course. Instructor can record video or provide content that students can learn from without involvement of the instructor. Unlike self-paced digital education courses, instructor-led digital education courses follow a particular set of schedules with a specified time for the availability of learning resources for a time-bound and effective learning.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
Demand for online learning in APAC is growing at faster pace as governments of countries in this region are taking steps to improve the digital infrastructure and purchasing power of the students in this region is growing rapidly. The region includes countries such as China, Japan, and India. The market size in APAC is expected to grow at the highest rate than any other region considered for the study. The expected growth can be attributed to the high economic growth witnessed by the major countries in this region.
Moreover, the rapid modernization and increased penetration of Fourth Generation (4G) have accelerated the adoption of online surfers, ultimately leading to the growth of the digital education market in APAC. Increased connectivity is directly impacting the growth and adoption of the digital education market in the region. Moreover, organizations in APAC are rapidly adopting various strategies, including partnerships, collaborations, mergers and acquisitions, and product launches and upgradations to cater to APAC-based learners, and this is expected to boost the growth of the market size in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the digital education market.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1 – 20%, Tier 2 – 35%, and Tier 3 – 45%
- By Designation: C-Level – 40%, Directors – 20%, Managers–15%, and Others -25%
- By Region: North America – 35%, Europe – 30%, APAC – 20%, and RoW – 15%
The following key digital education vendors are profiled in the report:
- Coursera (US)
- edX (US)
- Pluralsight (US)
- Edureka (India)
- Alison (Ireland)
- Udacity (US)
- Udemy (US)
- Mir?adax (Spain)
- Jigsaw Academy (India)
- iversity (Germany)
- Intellipaat (India)
- Edmodo (US)
- FutureLearn (UK)
- LinkedIn (US)
- NovoEd (US)
- XuetangX (China)
- Federica EU (Italy)
- Linkstreet Learning (India)
- Khan Academy (US)
- Kadenze (Spain)
The digital education market is segmented by learning type (self-paced online education and instructor led online education), end user, course type, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overview; services; key strategies; new services and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the digital education market.
Reasons To Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the digital education market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and expansions.