Online Education/E-Learning Market

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Global Online Education/E-Learning Market is valued at USD 198.2 Billion in 2022 and is projected to reach a value of USD 602.0 Billion by 2030 by 2028 at a CAGR (Compound Annual Growth Rate) of 17.2% over the forecast period.

Online education or e-learning is a methodology that deals with teaching/imparting education with the help of online mediums without using classrooms. E-learning can also be delivered using a network-enabled transfer of skill and knowledge. The global Online Education/E-Learning market is expected to grow significantly during the forecast period owing to the rising integration of smart solutions such as artificial intelligence (AI), virtual reality (VR), and learning management systems (LMS). Additionally, the pandemic has pushed the market towards an incremental growth pattern as many schools and college institutions were shut off to curb the virus's spread.

The effective way content can be delivered to a user using online mediums is the most proficient driver for the global market's demand. Teachers and students can impart and absorb knowledge in PDFs, podcasts, videos, and images. Additionally, online education can be accessed by numerous students simultaneously without any hiccups. The educational content can be accessed at any time and place and is generally more affordable than traditional education. Studies have indicated that learning in your choice of environment can enable a slow or a faster learner to incorporate knowledge at a faster pace. These factors are expected to act as drivers and provide sustainable growth for the global Online Education/E-Learning market during the forecast period.

Increased internet penetration has skyrocketed during the past decade owing to increased technological infrastructure and advancement in connectivity. Rising smartphone proliferation among the urban population has paved the way for exponential growth in the demand for online education. Rising developments in interactive teaching methods combined with increased availability in the number of courses in content and degree of education are expected to widen the market's scope. The rising integration of online education within SMEs and increased adoption of remote learning will contribute to the global market.

Economic Insights

The Center for Economics and Business Research (CEBR) and several other organizations predict that the Indian economy will soon experience a slight recession. Several economies have contracted due to factors like reduced borrowing costs to combat inflation. The annual World Economic League Table published by the British consultancy predicts that the world economy will reach a value of USD 100 trillion in 2022. Ever since Russia invaded Ukraine, geopolitical threats have multiplied. According to several investors, market participants, and other authorities, the war would drag the global economy and drive inflation. These elements are anticipated to raise uncertainty and expose people to serious risks. A few developed economies have already started to take shape.

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1. COVID-19 Pandemic to Propel Market Growth: The ongoing pandemic positively impacted the global Online Education/E-Learning market as various colleges and institutions were shut down. In an attempt to keep the student's education open during the shutdown of these institutions, increased adoption of e-learning platforms among large enterprises was observed.

2. Increased Content Digitization: The rising integration of smart solutions such as AI and ML led to a large volume of digitized content, which allowed for growing courses on these platforms. Additionally, increased utilization of cloud-based systems within developed economies is expected to push the market's demand globally.

3. Rising Government Initiatives: Increased government education spending is expected to propel the demand of the Online Education/E-Learning market. Additionally, increasing government initiatives have led to rising investments in online platforms for education students within rural areas.

4. Utilization of LMS within Europe: Learning management systems are growing in popularity within the European continent owing to increased technological advancements combined with the rising need for interactive learning. For instance, in German, the Berlin Senate Department for Education announced that they were signing an agreement to provide an LMS platform for schools in Berlin. In the first phase alone, more than 50,000 users were made available to the software, with plans to expand the support to 400,000.

5. Scalability and Widened Access: Global education is expanding and growing significantly. These factors are expected to create opportunities for the global Online Education/E-Learning market. Additionally, these platforms can be scaled rapidly while imparting knowledge to users while saving time and money.

Market Segmentation

The global Online Education/E-Learning market can be categorized on the following: Type, Product Type, Learning, End Users, and Regions. Based on type, the market can be categorized into hardware and software. By product type, the market can be segmented across content and services. In terms of learning, the market can be fragmented across synchronous and asynchronous. By end user, the market can be split between K-12, higher education, and industry and professionals. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Software to Witness Largest Market Share While Hardware to Fuel Fastest Growing CAGR

The software segment will occupy the largest market share during the forecast period. The software part of global online education includes online portals from wherein content can be accessed. Often time, subscriptions and other activities happen on these platforms. Payments are also transacted on these platforms, after which access to the educational content is provided. The hardware segment contains notebooks, laptops, personal computers, and other devices from which this content can be accessed and watched.

Based on Product Type

Services to Fuel Widened Market Growth Owing to Rising Adoption of Online Certifications

Services include a wide range of solutions, including online certifications, test preparation activities, higher education, and language preparedness. These solutions are extremely valuable as users can access them anytime from their homes. Additionally, these courses are designed to be undertaken by students and professionals. Mostly, these courses are not set to be completed within specified times, and users can initiate and complete them on their schedules. These factors will contribute to the segmental growth during the forecast period. Content will grow with the fastest-growing CAGR during the forecast period as they include a wide range of courses that pertain to commerce, arts, and supplementary primary and secondary education.

Based on Learning

Asynchronous Learning to Dominate Market in Sales Owing to Flexibility

Asynchronous learning will dominate the global Online Education/E-Learning market in terms of sales. Asynchronous learning allows users to log in to their courses at any time. Additionally, these learning modes do not include any format of live video lecture components. Any form of real-time learning with peers is not included in asynchronous learning. This is pivotal for learners and users trying to get a supplementary education while dealing with their professional/school lives. Additionally, asynchronous learning courses can schedule group discussion work when it is convenient for everyone in the current module. These factors will contribute to the global segmental growth of asynchronous learning. Synchronous will grow with the fastest growing CAGR during the forecast period due to the ability to participate in real-time class discussions and get doubts solved rapidly.

Based on End Users

K-12 Users to Reign Dominance During Forecast Owing to Larger Consumer Base

K-12 users are expected to occupy the largest market share during the forecast period. The consumer base for K-12 is relatively higher compared to its counterparts. K-12 include all students that are pursuing primary education. Rising mobile proliferation among rural areas and increasing internet penetration are expected to contribute to segmental growth. Factors such as after-hours coaching being utilized at a higher rate among low-income economies are expected to further add to the global Online Education/E-Learning market during the forecast period. Industry and professional users are expected to grow with the fastest CAGR as the number of professionals seeking additional and supplemental education for upgrading their careers.

Based on Region

North America to Adapt at a Higher Rate Resulting in Market Dominance

The global Online Education/E-Learning market is expected to be dominated by the North American region owing to the well-established infrastructure combined with a highly skilled workforce. Another contributing factor to the expanding market can be attributed to the rising adoption of the bring-your-own-device (BYOD) policy among corporate enterprises. The presence of dominant players, including Cisco Systems, Inc., Oracle, and Microsoft Corporation, will further push the market growth toward a commanding position. The rising need for enhancing the skillset of employees and technicalities among students will further propel the growth of the North American Online Education/E-Learning market during the forecast period.

The Asia Pacific region will grow with the fastest growing CAGR during the forecast period owing to the rising utilization of internet-based services and increased smartphone purchases. Additionally, rising educational institutions in countries such as India, China, and Japan focusing on online education will lead to sustainable market growth.

Competitive Landscape

The global Online Education/E-Learning market is full of players focused on dominating by catering to consumers from various age groups. Additionally, these players focus on merging and acquiring various like-minded organizations to absorb their consumer base. Aggressive marketing tactics are also implemented to market their product to a wider consumer base by pricing their courses at a modest price.

The key players in the global Online Education/E-Learning market include - Lynda.com (US), Tata Interactive Systems (India), Mcgraw-hill Education (US), Blackboard Inc. (US), Aptara Inc. (US), Powerschool Group LLC (US), K12 Inc. (US), Udacity Inc. (US), Cisco Systems Inc. (US), Skills2learn Ltd. (UK), City & Guilds Group (UK), Citrix Education Inc. (US), Centerpoint Systems Inc. (US), Docebo (Canada), Adobe Systems Inc. (US), Articulate Global Inc. (US), Cornerstone on Demand Inc. (US), Learning Pool (UK), Microsoft Corporation (US), SAP SE (Germany), Adobe Systems Inc. (US), Saba Software (US), Oracle Corporation (US), KallidUS Ltd. (UK), Edmodo (US) among others.

Recent Market Developments:

· May 2022: Class Technologies announced that they reached a definitive agreement to acquire Anthology's Blackboard Collaborate. Anthology is a market leader in education provider solutions that support the entire learner lifecycle. The agreement between Class Technologies and Anthology will be based on the former acquiring Blackboard's virtual classroom tool.

· December 2021: Udemy announced they were partnering with MultiChoice, Africa's leading entertainment provider, to give consumers a wide range of quality online learning opportunities. This opportunity will give MultiChoice customers access to higher-quality courses in various languages.

Segmentation of the Global Online Education/E-Learning Market