Online education is a digitally-enabled learning platform that banks on the internet for interaction and distribution of diverse courses among students and teachers across the globe. With the increase of internet penetration, smartphones, and government initiatives assisting online education it has been exponentially growing at a tremendous pace. The global online market is forecasted to grow at a CAGR (Compound annual growth rate) of 28.55 % during the forecast period 2017-2023.
Increasing adoption of cloud-based solutions associated with massive investments by major market players towards increasing the authenticity and security of cloud-based education platforms is further enhancing the adoption among the end-users. Lack of proficient staff in various educational institutions in the developing countries is also resulting in the adoption of online education in the students. The existence of a huge number of service and content facilitators in the market is bringing huge volumes of educational content online. Advancement in the domain of artificial intelligence and (IoT) internet of things will continue to enhance the customer experience on these online education platforms.
Due to the COVID-19 crisis online learning platform for instance BYJU’S, a Banglore based ed-tech company founded in 2011, it announced free live classes on its think and learn app, BYJU’s has witnessed a 200% increase in customer acquisition (students), meanwhile, Tencent had been used extensively since Chinese government ordered a quarter of a billion students to resume their studies online as a repercussion largest “online movement” in the history of education in Wuhan.
- COVID-19 outbreak
- Increase in Artificial intelligence and (IoT) internet of things
- Lack of competent staff
- Increase in internet penetration
- The threat to security and authorization issues
- The dearth of technology and infrastructure in remote areas
- Lack of technical knowledge
- Graduation without hindrance in work-life balance
- Time-saving and cost-efficient for learners
- Education to all category of students
Due to the COVID-19 pandemic, there has been a steep rise in the demand for the online education system as a result more and more opportunities are emerging in the market.
North America held the major market share, nevertheless, APAC is projected to witness the speediest regional market growth while forecasting period due to rising internet penetration coupled with the growing use of smartphones in developing countries such as India, China, Malaysia, and South Africa. The presence of big market players such as Cisco, Oracle, and Microsoft coupled with the early adoption of such technologies contributes to the superiority of the North American region in the global online education market. The exorbitant fee is also encouraging students to go for online courses which are cheaper than offline regular college courses.
Online Education has brought an optimistic impact on the lives of students and working professionals. It has given a golden opportunity to take up additional courses along with their studies or job as per their comfort. Online education has also assisted the faculty in the institutions to ask students to study some part of the syllabus online where classroom instructions are not mandatory. So the online study helps the faculty to save time and effort in which they can deal with the students effectively. The quality of education has improved by online courses and even it has become easy for students to refer the content at their ease. In the era of digitalization, the field of online education increases even more and will be beneficial for students, professionals, and also institutions.