Online Education Market to Attain US$ 729.1 Bn by 2031

EdTech firms employ smart and interactive education solutions to provide access to virtual classrooms and flexibility in learning environments. The Asian Pacific region is likely to witness a rapid penetration of e-learning solutions during the forecast period.

FREMONT, CA: The recent years have seen the popularity of smart e-learning solutions for the remote delivery of education, focusing on flexibility and accessibility for learners. Education delivery institutes and universities have been promoting virtual learning platforms to help students stay on track with their studies. During the forecast period of 2021-2031, the global valuation of the market is expected to grow at a CAGR of 12.3 percent. With the outbreak of the COVID-19 pandemic, several educational institutions around the world have adopted online education as the new normal. The closing of education institutions at the global level has boosted the online education market.

In the last few months, there has been a rapid development in learning platforms among learners who have been using them for skill development, reskilling and online certifications, and corporate learning. With increased awareness and acceptance of numerous smart learning tools, the popularity of online learning is expanding among teaching professionals and learners. EdTech companies are offering online courses in coding and programming to engage students. Some of the notable applications of online education include language and informal learning, primary and secondary supplemental education and higher education.

The key findings of the online education market study explicit the integration of AI with online learning platforms boost outcomes and wide access to high-speed internet and encourage the usage of mobile devices. In the developed and developing economies, innovative strategies like Artificial Intelligence and machine learning tools are being implemented by leading smart learning system providers to identify skill gaps in the workforce and promote talent development to meet the needs of various end-users. Cloud computing has enabled the online education ecosystem to engage and be informative to both providers and end-users.

The proliferation of e-learning platforms has enabled educators and students to break away from traditional learning methods. The growing digitalization of the education sector has boosted the development of the online education market.