With the pandemic ushering in utter pandemonium, students and teachers had to adapt to new ways of teaching and learning to keep the education system running. As a result, online education has propped up the world of education, thus ushering in a new era of learning. You can also get case study help by case study experts.
Despite giving a boost to the overall education system, online learning has its share of drawbacks. Traditional education has its perks, but it is necessary to adapt to changes when technology is ruling the world. Nevertheless, online education has moved past serious criticisms and has shown signs of growth in the near future.
Globally, the online education market reached a value of US$ 253.3 billion in 2021. Furthermore, researchers expect the market to reach US$ 521.8 billion by 2027, with a compound annual growth rate of 9.9% between 2022 and 2027. The 2020 pandemic gave a boost to the online education market and is a major reason for such amazing growth within a year.
In this comprehensive blog, I will take you through the various aspects and help you learn how online education is the new normal for everyone.
Digging Deep into the Online Education Market
Online learning refers to the use of technology to learn and teach. With the advent of the Covid-19 pandemic, governments switched to technology to get things going. While organisations asked their employees to work from home, schools and colleges shifted to online learning.
But can Covid-19 be attributed to the rise of online learning only? Of course not. The rising sales of smartphones and the huge penetration of wireless technologies can also be attributed to the rise of online learning Thesis Help. Also, online learning has made its presence felt in the agriculture sector. Farmers have gained easy access to instructional videos and online classes for the betterment of farming techniques.
Let’s understand the key segmentations of the online market. It will help you understand the global prospects.
- Key segmentation of the online education market
Here is a look into the major segments of the online education market and global forecasts for 2022-2027. Major research companies have segmented the online education market into these sections:
- By Technology
- Online E-learning
- Learning management system
- Mobile E-learning
- Rapid E-learning
- Virtual classroom
- By provider
- By application
- Higher education
- Vocational training
- Small and medium enterprises
- Large enterprises
- By Region
The countries have already started implementing online learning techniques and are playing an important role in the growth of the online education market. It is essential to know the various aspects to understand how things are shaping up. Online learning has a lot of potential and will take a major role in advancing education in the near future.
Here’s a look into the future trends of the online education market:
- Gamification concepts to enhance user agreement
- Players in the e-learning space to adopt a hybrid channel approach
- Online education will unfold the concept of connected learning
- Business model evolving in line with shifting customer requirements
- Technological variations in the supply and demand ecosystem
Various other factors can be pivotal in online education. Let’s take a look into one of the major game-changers in the online education market:
- Academic as end-user holds a major market share
The online education system depends on how well your students acknowledge it. Education is an important part of society, and it is the only way to shape the next generation. So, if students receive online education gladly, the market share will automatically grow. Both students and teachers have accepted online education and prefer it over traditional education.
So, the chances of seeing the online education market grow rapidly are huge, thanks to academics. Therefore, companies working on online education technology must keep themselves updated to keep academics attracted to it.
- Asia-Pacific and North America are promising online education market
Researchers have found great prospects in Asia-Pacific and North American regions when it comes to online education. Asia-Pacific leverages the latest developments and is working on faster internet penetration for a better and wider reach of online education. North America is also seeing huge growth in online education year on year and is considered one of the most promising online education markets.
Online education has a lot of elements, and both these regions are taking initiatives to ensure that students get the best education and have all technical elements handy for better penetration.
Online education will grow year on year and will be the most effective form of education in the coming years. Students, teachers, and parents are happy with the present system and might not want to return to the traditional form of education. Researchers have also found this to be a good alternative to traditional education and believe it will be effective in the coming years.
To end with,
Education’s significance cannot be denied. But when the pandemic struck and the world came to a standstill, education took a huge blow. The sudden transition to online education did not go down well with all. However, we all adapted to the changes forced in by the 2020 pandemic with time. Online education is one of them, and all students and teachers adapted to it. Presently, everyone is comfortable with online education and the market is expected to grow rapidly in the coming years.
Author Bio: Michael Haydon is an excellent academician associated with MyAssignmenthelp.com. He is well-known among students for providing correct and instant solutions to problems. He is also an independent blogger and writes about various technological aspects affecting education.
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