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The global online education market is estimated to grow around a CAGR of 9% during the forecasted period, 2021-2027 owing to the rising government initiatives towards the promoting of online education schemes, increased usage of smartphones, tablets, and PCs the market growth can also be attributed to the increasing availability of internet technologies, which allows students from all over the world to access educational information without enrolling in conventional classroom courses, as well as the flexibility of receiving education at any location and any time.
Moreover, the online education market is expected to enter a golden era of growth throughout the projected period, due to dynamically changing equations of the model of education as a result of the COVID-19 pandemic.
As the internet is used in all the sectors from clothing to education everywhere and these days due to the covid-19 pandemic people prefer more digital courses and also digitized courses provide flexibility and convenience, unlike traditional classes, as learners can access the content from any location at any time which serves as a major driver for the online education market moreover increased adoption of skill development through online certifications on digitized platforms, is expected to fuel the online education market during the forecast period.
Moreover, working professionals are focusing on skill development to achieve career growth and add value to their knowledge to which the digital platform serves the best due to cost efficiency and time independence factors.
Also, due to the covid-19 pandemic, the industry witnessed a huge growth due to lockdown in the entire country, schools and colleges were shut down due to which online classes commenced and now people have switched from the offline to the online platform due to time flexibility, and easy access facilities served by the online platform.
This growth is not only witnessed by students of different grades, but various companies have also started using the online platform for their online training purposes as well.
Not all educational disciplines are created equal, and not all fields of study can be employed effectively in e-learning. At least for now. Social science and humanities are better suited to e-learning than scientific subjects like medical science and engineering, which necessitate significant hands-on training.
A medical student's autopsy or a young engineer's real-world industrial training cannot be replaced by online lectures. While this may change in the future, we are not yet at a stage where we can completely teach all professions with an E-Learning platform.
Blended learning could be a good option to entirely online learning in some fields, such as medical education. In the instance of nursing students, research revealed that blended learning courses produced equivalent posttest results as traditional course formats while considerably raising student satisfaction ratings.
Around 73 percent of Americans own a desktop computer, while 96 percent own a mobile smartphone. As a result, it would be easy to argue that most people can benefit from online education.
These figures, however, do not provide a complete picture. Despite the rapid advancement of technological capabilities, computer literacy is still far from ideal.
The average number of people who are computer illiterate in the OECD is roughly 25%, which means that a quarter of the population will have significant difficulty using E-Learning as a form of education.
And the OECD countries, are the countries that are considered developed countries with a high-income economies.
The situation is frequently worse in other regions of the world.
Even though India is a key player in the world of E-Learning, there is still a significant gap in computer literacy among the populace. Online education will not be able to reach all citizens until such gaps in society exist. As a result, it is critical that we consider online learning as a supplement.
Due to COVID-19, higher education institutions transitioned to online learning but the migration of these to extreme opposite ends have led to various disadvantages as well as at the online education platform does not enable the students to implement the lessons practically also the online learning platform requires strong self-motivation and time management skills which requires great dedication and the online education system has led to the Lack of communicational skill development in the students, this system has also lead to the success of malpractices during exams cheating prevention during online assessments is complicated and in online teaching E-Learning training providers choose to focus largely (in many cases entirely) on developing theoretical knowledge, rather than practical skills, theoretical lectures are considerably easier to implement in an online learning environment than practical lectures also without face-to-face communication and physical classrooms, implementing practical projects in an online course requires significantly more prior planning than theoretical training which has lead to the lack of practical knowledge moreover the trend of online education facility has curbed the growth of the interpersonal skills in an individual.
Initiatives like ePathshala, which contains educational web materials, have made it easier for the rural populace to learn about online education. To give remote access to labs in several disciplines, the Indian government has developed virtual labs and virtual classrooms.
The demand for online education has risen as a result of these initiatives. The online education industry in India is being driven by this increase in demand, which is being fueled by the increasing prevalence of the Internet and smartphones.
As a result, many EdTech businesses have entered the market. Furthermore, growing global awareness and need for education, as well as industry participants' willingness and launch of highly technological products.
The global online education market is segmented into various categories such as Application, Course Type, Provider, and Learning Type. These segments are further categorized to study the market in detail.
By Course Type
By Learning Type
Dexler Education Pvt. Ltd., Educomp Solutions Ltd., Individual Learning Pvt. Ltd., Indira Gandhi National Open University, Info Edge (India) Ltd. These are some of the leading players in the Online Education Market the companies in the market are launching various new products, performing organic activities, merges, and collaborations to boost their share in the market.