Online Education Market Poised For Steady Growth In The Future 2021-2031

 

Positive Impact of COVID-19 Pandemic on Online Education

Even though the rapidly spreading coronavirus has harshly affected all businesses, the online education system surprisingly showed lucrative growth opportunities amid the threatening pandemic. Market players operating in the online education system took advantage of the situation by introducing various e-learning solutions. Vendors are started using artificial intelligence (AI) and cloud-based technology in online education to advance the learning procedure and increase the productivity. The rising trend of adopting online education strategies even in schools and colleges proved to be beneficial during the COVID-19 pandemic. This has ensured the knowledge gaining chain to continue during the pandemic. The rising presence of key companies that provide smart learning solutions also drive the global online education market.

online education market infographic

Awareness and Popularity of Online Education for Students

Online education is a flexible leaning process with the help of Internet. With the rapid growth in digitalization in developing countries, the growing number of smartphone users across the globe, and technological advancements in education system, consumers are popularly using online platforms for educating themselves. The online education market is expected to cross US$ 729.1 Bn by 2031. Online education market in booming after the COVID-19 pandemic and providing tremendous growth opportunities to the market contributors. These methods are proved to be beneficial for the students across the globe. It is the new and improved leaning experience to exchange knowledge remotely. Increasing awareness about e-learning platforms that offers innovative leaning opportunities is expected to boost the online education market during the forecast period.

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Adoption of Smart Technology in Learning Process Boost Online Education Market

Smart learning solutions and virtual classrooms are increasingly adopted by educational practitioners in developing economies to stay updated with the latest trend. It helped students to gain knowledge by using remote lectures seating comfortably at their homes. This trend became popular at the time of the COVID-19 pandemic. This has increased students involvement in the learning process with the help of smartphones and the Internet connectivity. It has been found that online education has drastically improved the productivity of students in a smarter way. However, there are still some challenges in the online education market that need to be taken care of. Underdeveloped countries are still facing Internet connectivity issues. The adoption of smartphones, awareness of technological trends, along with activities to support online education by government across the globe can help grow business opportunities in online education market.

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Digitalization and Increasing Adoption of Smart Education System

Increasing efforts of teaching professionals to adopt the new leaning systems contribute to the online education market growth. A rapid shift to remote learning amid COVID-19 pandemic and teaching & learning via synchronous as well as asynchronous mode have created opportunities for companies operating in online education market. Skill development online courses, online test preparation, primary and secondary education via video conferencing, zoom meeting, podcasts, etc. are responsible for smart education, which support online education market expansion in the upcoming years. Increasing spending on smart devices, high-speed Internet connectivity, adoption of mobile phones, tablets, and digitalization, and economic growth in developing countries have created potential opportunities for market players.

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