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Astute Analytica added cloud computing in higher education market research study to its repository. As per the research published, the market is estimated to grow at a CAGR of 22% during the forecast period of 2021 to 2027. Additionally, the market is estimated to cross revenue of US$ 5.8 Billion by 2025 owing to increasing penetration of SaaS based solutions in the Education sector. Increasing trend of E-learning and distant learning is also estimated to have a positive impact on the market.
Software-as-a-Service (SaaS) is a type of delivery model of cloud computing. In the higher education sector, SaaS applications include hosting various management systems for educational institutes and managing other activities. Cloud-based storage have minimized the requirement of physical storage; and universities and colleges have been able to expand their geographical presence, thus allowing students and learners to access the classroom training remotely. Cloud technology have added value to many sectors and using SaaS in higher education sector is highly beneficial in case of E-learnings or online education and E-delivery of study material to students. The SaaS model of cloud computing enable universities and educational institutes to use software and application via cloud platform. This model is majorly available in the market as subscription-based solutions to ease e-learning in flexible and scale manner. Thus, implementation of SaaS delivery model in the cloud computing technology has gained traction in the education sector and is estimated drive the market in the forecast period.
Moreover, the higher education industry witnesses an increased adoption of e-learning due to its easy accessibility and high effectiveness. E-learning module attract more users apart from regular campus attendees’ students such as drop-outs, transfer learners, full-time employees, among others. These users are increasingly relying on E-learning trainings and education to upgrade their skills. Thus, escalating the market to reach its zenith. E-learning is gaining high growth due to increasing penetration of massive open online course (hereinafter, MOOC) options. The MOOC enrollment data registered a substantial growth of 29% annual and in recent scenario approx. all top universities in the United States offer online courses. In 2019, the MOOC platform witnessed more than 110 million student enrollments with more than 13,500 courses from 900+ universities (Minimum 1 course from each university); from more than 30 e-learning platforms, EDx and Coursera are the main platforms to offer numerous number of courses in English language with huge content diversity. Considering the situation of social distancing or confinement due to pandemics such as Covid-19, MOOCs are becoming the safest tools for continuing education and advancing skills.
Key players operating in the global construction software market includes Adobe Systems, Inc., Alibaba Group, Cisco Systems, Inc., International Business Machines (IBM) Corporation, Netapp, Oracle Corporation, NEC Corporation, Microsoft Corporation, VMware, Inc., Amazon Web Services, Inc., Ellucian Company L.P., Dell EMC, SAP SE, Salesforce.com, Blackboard.
Companies are implementing various strategies to gain customer attention and gain competitive advantage in the market. For instance, in June 2020, Microsoft Corporation announced the launch of new Team features for accessible and inclusive education for students: - Microsoft launched ‘‘Teams for Education’ for new hybrid and remote learning formats. The new features include additional audience of up-to 49 participants, virtual breakout rooms, class insights, custom backgrounds, and other new features.
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