According to recent studies by Global Market Estimates, the global digital education market size is likely to grow from USD 8.4 billion in 2020 to USD 43.69 billion by 2026. The market is expected to record a Compound Annual Growth Rate (CAGR) of 31.6 per cent during the forecast period. Some of the major factors expected to drive the growth of the digital education market constitute increased internet penetration across the world, reduced cost of infrastructure, and increased scalability using online learning and rising demand for microlearning. The global digital education market is growing owing to technological advancements, such as virtual classrooms, which represent significant opportunity in near future for the companies that are currently offering online learning services.
On the basis of course type, the science and technology courses segment is projected to hold the larger market size during the given period. Science and technology courses comprise health & medicine, computer science, chemistry, engineering, and physics. Computer science and programming, as known to many, deals with the experimentation and engineering of computational systems comprising algorithms. Due to the increasing adoption of Internet of Things (IoT), various enterprises demand skilled workforce to handle the data through a variety of tools, techniques, and computer languages. Organizations have started relying more and more on the digital education platforms to enhance the skills of their workforce. This has led to computer science and programming courses to witness an increased adoption in the past couple of years.
Secondly, on the basis of learning type, the instructor-led online education segment is likely to record the highest CAGR during the forecast period. Instructor-led online education refers to delivery of content by instructor to the student, where at some point during the course instructor directly gives instructions to the students either individually or in group. Although, instructor-led online education is more expensive than self-paced online education, it is relatively cheaper than finding a tutor offline and interacting with them. As growing number of students are becoming aware of the benefits of the instructor-led education, the demand for instructor-led online education is going to grow.
Thirdly, based on region, North America is likely to account for the largest portion of the global digital education market share during the forecast period. North America is the biggest and fastest adopter of digital education platforms. The major growth drivers for this region are due to the collaboration between the government and network arenas and the institutional partnerships between digital education vendors and research specialists. Moreover, the increasing need to enhance the skillsets of the employees and the technicalities among students in this region has been enforcing the universities and educational organizations to deploy digital education platforms and services. The North American region is expected to grow and adopt new technologies at a rapid pace as compared to the rest of the world and dominate the global digital education ecosystem. Some of the major growth drivers for this region include the large-scale investments in outsourced digital education services by major universities in North America. Most universities in this region have developed their own digital education and formed alliances with the platform providers.
Some of the key players emerging in the global digital education market include: Coursera (US), Alison (Ireland), Udacity (US), Udemy (US), edX (US), Pluralsight (US), Edureka (India), iversity (Germany), Intellipaat (India), Edmodo (US), FutureLearn (UK), LinkedIn (US), NovoEd (US), Miríadax (Spain), Jigsaw Academy (India), Linkstreet Learning (India), Khan Academy (US), XuetangX (China), Federica EU (Italy), and Kadenze (Spain). These players have adopted various strategies to grow in the digital education market. The companies are focused on inorganic and organic growth strategies to strengthen their market position.
As of March 2020, Pluralsight added new capabilities to Flow, the company’s developer analytics product. Also, in March 2020, Coursera announced initiative to help universities and colleges impart learning online in response to the COVID-19. The company has mentioned that it will provide every impacted university in the world with free access to the course catalogue through Coursera for Campus. Universities can sign up and provide their students with access to more than 3,800 courses and 400 specializations from Coursera’s top university and industry partners.
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