Global Online Education Market, Size, Share, Growth ⅼ Forecast (2024 - 2032) ⅼ Renub Research
Global Online Education Market share is foreseen to be approximately US$ 788.05 Billion by 2032. The CAGR for the online education market from 2024 to 2032 is 11.67%. Renub Research stated that it was valued at US$ 291.73 Billion in 2023.
Over the past few years, traditional education has experienced a considerable upheaval. The days of learning just by being in a classroom are long gone, mainly because technology is transforming education. People in the modern world have easy access to excellent education. Online education is defined as instruction delivered via the internet. Another name for this kind of instruction is e-learning. Technology is used in online education to instruct pupils. A high-speed internet connection and PCs, laptops, or smartphones are used for it. When traditional learning is no longer possible, schools and institutions often use internet education.
Global Online Education Industry is expanding for several reasons.
- Rise in the Usage of the Internet and smartphone.
For most of the population, life would be impossible without the Internet. There are countless services available on the Internet. It enables us to share news, learn from and educate others, establish cross-border social ties, interact and work together globally, and many other things. This is driving the global online education market.
- ITU estimates that 5.4 billion people, or almost 67% of the world's population, use the internet. This is an increase from the 3.5% growth observed between 2021 and 2022 to 4.7% since 2022. In 2023, an anticipated 2.6 billion individuals, or 33% of the world's population, were offline.
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The online education industry has been further helped by the widespread availability of reasonably priced smartphones. Smartphones are currently the most widely used electronic gadgets. To meet the needs of the increasing number of smartphone users, numerous online learning platforms have created smartphone apps.
- The most recent data indicates that smartphone users are increasing annually. Oberlo states that 4.88 billion smartphones will be used worldwide in 2024, a 14.9% yearly growth. Also, 3.88 billion people, nearly five times more, have smartphones now than in 2014, a decade earlier.
- According to Oberlo, with over 8.5 billion people predicted on the planet by then, 2029 would see a 75.2% smartphone penetration rate. As stated differently, over three-quarters of the population own a smartphone.
2. Flexibility and availability of various options
Online learning has many advantages, one of which is the flexibility of scheduling classes. Students are free to select the location and time of their instruction. There are millions of courses available online for students to pick from. They are free to choose the topic they want to study. This type of learning is beneficial when students are professionals in the workforce looking to improve their abilities. This kind of schooling is fantastic for kids living in rural areas who require access to quality teachers or schools.
- The 2021 Impact Report from online learning provider Coursera reveals that over 20 million new students signed up for classes over the year. This corresponds to the overall growth three years before the pandemic.
- Over the next two years, there was an approximate annual rise of 7 million students who registered for Coursera's online courses from 21 million in 2016. However, once the pandemic struck, the shift to remote employment resulted in a three-fold rise in new registrations, reaching 71 million in 2020 and 92 million in 2021.
- The World Economic Forum estimated that 2020 saw a more than twofold increase in enrolment, and the following year saw a 32% growth, culminating in 189 million.
Asia-Pacific Online Education Market
The Asia-Pacific region may be leading the way in terms of worldwide online education market growth. This is because more people are using smartphones and the internet in general.
- According to the ITU, almost two-thirds of people in the Asia-Pacific area (66%) utilize the Internet, which is about average worldwide.
- According to the most recent GSMA research on The Mobile Economy Asia Pacific 2023, there are 1.73 billion mobile subscribers in the APAC region. To put this into perspective worldwide, approximately 330 million people live in the US and over 750 million in Europe. According to the analysis, by 2030, 41% of mobile connections in the region will be powered by 5G, up from 4% in 2022.
Digital education is thought to shape education in the future. To spread instructional and pedagogical resources and methods throughout the region, the governments of the Asia-Pacific area have established several channels and launched several initiatives. As a result, the global online education industry is growing.
· The National Education Policy (NEP), recently unveiled by the Indian government, strongly emphasizes technology integration and digitization in the classroom. DIKSHA, or the Digital Infrastructure for Knowledge Sharing, is India's other digital education effort. Launched in 2017, it is the "one nation; one digital platform" for Indian school education. Through web portals and mobile applications, schools in all states can access it for students in classes 1 through 12. SWAYAM presents a combined forum for online courses. Using artificial intelligence, NEAT makes learning more individualized and tailored to the student's needs.
Global Online Education Industry News
The worldwide online education market is dominated by Coursera Inc., Instructure Holding Inc., Adobe Inc., Alphabet Inc., Udemy, Pearsons Inc., Stride Inc., and NetEase Inc.
- In November 2023, Udemy and Google Cloud announced a new collaboration, as Udemy joined the Google Cloud Endorsed Content Program. To help existing and prospective cloud workers learn more about Google Cloud's cutting-edge technologies, such as generative AI, and prepare for upcoming certification examinations, Google Cloud will recommend top-notch Udemy content through this program. The collection of Google Cloud training courses offered on Udemy is expanding with the addition of this new Google Cloud Endorsed Content.
- In July 2023- The free mobile augmented reality software McGraw Hill AR, released last year, received a collaborative feature update and additional subject offerings from McGraw Hill and Verizon Innovative Learning. The modifications are applicable outside of the classroom as well.
- In April 2023- Coursera introduced new AR content from Meta and VR course experiences from top universities. The business unveiled brand-new virtual reality (VR) educational experiences from the University of Washington, Duke University, and Peking University that capitalize on VR's ability to enhance learning. Additionally, they have introduced a new AR Professional Certificate and Specialization from Meta to assist learners in developing AR abilities relevant to the workplace.
- In March 2023- The new AI chatbot from Udacity was launched and is currently accessible in beta! It is intended to improve the learning process and is powered by OpenAI. It uses some of the newest AI technologies available because it is powered by AI—specifically, GT-4 Turbo. More significantly, the number of students does not constrain it; it can accommodate it. With artificial intelligence (AI), the company has developed a virtual teacher that is intelligent enough to manage hundreds of interactions simultaneously and give each learner tailored feedback and direction.
Type – Global Online Education Market breakup in 3 viewpoints:
1. Academic
• Higher Education
• Vocational Training
• K-12 Education
• Others
2. Corporate
• Large Enterprises
• SMBs
3. Government
Provider – Global Online Education Market breakup in 2 viewpoints:
1. Content
2. Services
Technology – Global Online Education Market breakup in 6 viewpoints:
1. Online e-learning
2. Learning Management System (LMS)
3. Mobile e-learning
4. Rapid e-learning
5. Virtual classroom
6. Others
Country – Global Online Education Market breakup in 25 viewpoints:
1. North America
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue Analysis
Company Analysis:
1. Coursera Inc.
2. Instructure Holding Inc.
3. Adobe Inc.
4. Alphabet Inc.
5. Udemy
6. Pearsons Inc.
7. Stride Inc.
8. NetEase Inc.
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Russia Online Education Market: https://www.renub.com/russia-online-education
