MarketsandMarkets forecasts the global Digital Education Market size to grow from USD 8.4 billion in 2020 to USD 33.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 31.4% during the forecast period. Major factors expected to drive the growth of the digital education market include increased internet penetration around the world, reduced infrastructure cost, and increased scalability using online learning, and growing demand for microlearning. Technological advancements such as virtual classrooms represent significant opportunity in the near future for the companies that are currently offering online learning services
Based on end user, the individual learners and academic institutions segment to hold a higher market share during the forecast period
This segment includes self-motivated individual applicants for the online courses and educational institutes and universities that are availing the online education services for their students. As there are many individuals scattered over the globe that want to learn different subjects, the demand for online courses from the individual learners is very high. Flexibility of time and place and comparatively low cost are two key attraction points for the individual learners that attract them toward the online courses. Universities can greatly improve their effectiveness of their courses by availing online education to their students. Though large number of universities and educational institutions still run the traditional educational models, many of them are adopting to this change.
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Based on course type, the science and technology courses segment to grow at the highest growth rate during the forecast period
Science and technology courses include computer science, health and medicine, engineering, chemistry, and physics. Computer science and programming deals with the experimentation and engineering of computational systems comprising algorithms. The increasing adoption of IoT in various enterprises demand skilled workforce to handle the data through a variety of tools, techniques, and computer languages. Companies have started relying on digital education platforms to upskill their workforce; hence, computer science and programming courses have witnessed increased adoption in the past couple of years. The introduction of technology-efficient courses, such as interactive programming in Python, Analytics Edge, and Artificial Intelligence (AI), have supplemented the market growth for various digital education vendors, including Coursera, Udacity, FutureLearn, edX, and Kadenze.
The major digital education vendors include Coursera (US), edX (US), Pluralsight (US), Edureka (India), Alison (Ireland), Udacity (US), Udemy (US), Miríadax (Spain), Jigsaw Academy (India), iversity (Germany), Intellipaat (India), Edmodo (US), FutureLearn (UK), LinkedIn (US), NovoEd (US), XuetangX (China), Federica EU (Italy), Linkstreet Learning (India), Khan Academy (US), and Kadenze (Spain). These players have adopted various strategies to grow in the digital education market.
Pluralsight has adopted an inorganic growth strategy to maximize its foothold in the digital education market. In August 2019, Pluralsight launched of a Skill IQ assessment for associate cloud engineers on Google Cloud Platform (GCP), and new courses on topics such as data analytics, machine learning, kubernetes, and cloud infrastructure. Google and Pluralsight will maintain cloud course library on the Pluralsight platform throughout the year for IT leaders. In May 2019, Pluralsight acquired GitPrime. GitPrime is a leading developer productivity platform; integration of GitPrime with Pluralsight’s leading technology skills platform will greatly enhance the Pluralsight platform to provide more value to learners.
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edX has adopted organic growth strategies to increase its business in recent years. In January 2020, edX launched MicroBachelors Programs. MicroBachelors are designed for adults without a college degree. Strong credentials makes this course more valuable as compared to normal courses. In October 2018, edX introduced nine new Masters degree programs from top global institutions in highly in-demand subjects, such as data science, cybersecurity, computer science, analytics, and supply chain management. The enhanced version of the MicroMasters Program can be stacked into a fully online Masters degree program; thus strengthening the Masters degree application.
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