Online education is a method offering education in which students can use any digital device over the Internet. For many nontraditional students, including those who wish to continue working full-time or to start a family, diplomas and online courses have become popular in the past decade. The growing adoption of cloud-based solutions, led by massive investments by key market participants to improve the security and reliability of cloud education platforms, increases end user acceptance. Due to the large number of services and content providers on the market, huge educational content is being posted on the internet. The drop in hosting costs and the growing need for access to educational content is set to drive the adoption of this learning method, increasing revenue of the global online education market growth.
An online tutoring startup, Vedantu acquired Instasolv, a doubt-solving app To leverage K-12 Learning, Test Preparation. The startup intends to take advantage of the Instasolv’s doubts solving solution that is highly demanded in the online learning segment.
The global online education market is broadly diversified based on product, technology, vertical, and region. The product segment is classified into services and content, based on product. By technology, the global online education market is categorized into mobile learning, learning management system, virtual class, other. The global market is also segmented based on vertical such as K-12, higher education, corporate, and others.
North America held the largest share of the global education market in the previous years and is set to hold its dominance for a significant period ahead. However, Asia Pacific region is expected to have the fastest growth in the regional market during the forecast period, with the increasing use of mobile devices induced by the Internet in developing countries like Malaysia, South Korea, China, and India. In addition to national universities offering online distance learning courses, many American universities are also entering the region offering online courses for students and staff, which is poised to boost the the growth graph of the global online education market
The global online education market has witnessed appreciable growth in terms of revenue and business growth amid the pandemic. Key players are aggressively looking to tap in the market with robust business strategies and eLearning product developments. This leading players include McGraw-Hill Education, Lynda.Com, Adobe Systems Inc., Pearson PLC, Blackboard Inc., Tata Interactive Systems, Aptara Inc., PowerSchool Group LLC, Docebo, and Edmodo among others.