Digital Education Market worth $66.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 3, 2023 /PRNewswire/ -- The market for Digital Education appears to have a bright future as technology continues to change how we teach and learn. The adoption of digital education has been expedited by the COVID-19 pandemic, and it is anticipated that this trend will continue in the post-pandemic age.

The global Digital Education Market size to grow from USD 19.4 billion in 2023 to USD 66.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 28.0% during the forecast period, according to a new report by MarketsandMarkets™. 

The Digital Education Market is fuelled by rising demand for online learning. With the microlearning approach, digital education vendors can design courses which can be taken by learner at own pace and with the assistance of an instructor as well, not requiring to assign a large amount of dedicated time to a learning process. Instead, students from academic institutions can learn short lessons during past time or breaks. Microlearning is one of the best learning methods for enterprises that want to train their employees without losing significantly on the production end. Corporate employees who want to upskill themselves while continuing the job can also use this method to manage work and learning simultaneously.

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239 - Tables
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230 - Pages

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Scope of the Report

By End Users, government and public sector segment to record significant growth during the forecast period

Enterprises are majorly adopting digital education as a part of their employee engagement and development programs. These companies implement digital education platforms for various purposes, such as training and development, professional certification, and professional courses, to develop their employee's strategic thinking abilities and improve the company's production and brand value. Digital education courses act as a cost-effective learning platform to enhance employees' skills and enable organizations to track their employees' progress. An organization can opt for tailor-made courses which accomplish the company's objectives. Digital education also provides the necessary flexibility to train employees without compromising productivity. Online learning approaches, such as microlearning and nanodegrees, provide employees with the skills needed without consuming much of their time.

By Type, the Self-paced Online Education segment to exhibit significant growth during the forecast period

Between the Type, the Self-paced Online Education segment courses do not follow a set schedule. Hence, all the learning resources are readily available, allowing end users to absorb and retain information faster than in a classroom setting. Self-paced online courses do not require instructors and students to be available simultaneously during the entire course. Instructors can record videos or provide content that students can learn without the instructor's involvement. Unlike self-paced digital education courses, instructor-led digital education courses follow a particular set of schedules with a specified time for the availability of learning resources. More and more educational institutes and companies are using self-paced online education to provide their students and employees with constant access to information. This also provides learners with complete control of their progress.

By region, North America to account for the highest market share during the forecast period

North America has an advanced communication infrastructure that helps digital education solution providers offer quality services to their clients. The need to upskill employees and students has prompted universities and educational organizations in the region to deploy digital education platforms and services. In the education sector, owing to the advanced technologies offered by several key vendors present in the region, students are more digitally connected and aware of eLearning and interactive course content. Even teachers and parents are sensing the need to shift from traditional teaching methodologies to modern and advanced teaching methods to improve the learning experience and educational technology. The region is also one of the earliest adopters of 5G technology, which has helped the early adoption of digital education solutions. Countries such as US and Canada are expected to be key revenue contributors in the North American Digital Education Market. North America is home to most crucial market vendors, such as Coursera, edX, Udacity, and Udemy, in the Digital Education Market.

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Digital Education Market Dynamics

Driver:

• Growing internet penetration
• Reduced infrastructure cost and increased scalability using online learning.
• Increased self-efficacy, greater convenience, and more flexibility
• Rising demand for microlearning
• Remote access anytime, anywhere

Restraint:

• Lack of face-to-face interaction and direct monitoring
• Health concerns due to more screen time

Opportunities:

• Rising demand for game-based learning
• Growing inclination toward adaptive learning

Challenges:

• Unreliable infrastructure in developing countries
•  Need for additional training

Key Market Players:

Major vendors in the Digital Education Market include Coursera (US), edX (US), Pluralsight (US), Udemy (US), Udacity (US), Edureka (India), Alison (Ireland), LinkedIn Learning (US), Jigsaw Academy (India), Iversity (Germany), Miriadax (Spain), Intellipaat (India), FutureLearn (UK), Edmodo (US), SWAYAM (India), Novoed (US), Xuetangx (China), Khan Academy (US), Kadenze (US), Federica Web Learning (Italy), My Mooc (France), Treehouse (US), Skillshare (US), CreativeLive (US), CXL (US), Go1 (Australia), Byju's (India), Datacamp (US), Platzi (US), Thinkful (US).

Recent Developments:

• In February 2023, edX partnered with AWS, with an aim to launch its first Professional Certificate program. The Professional Certificate program in Cloud Solutions Architecture provides the knowledge and skills required/desired to start building a career in cloud architecture and helps prepare learners for the AWS Certified Solutions Architect - Associate exam.
• In May 2022, Coursera launched Clips, a software that offers over 10,000 bite-sized videos and lessons from leading companies and universities; the company seeks to upscale to over 200,000 videos by 2023 end. With Clips, companies can make the most valuable, in-demand skill development content more accessible to their employees, allowing them to begin learning new skills in under 10 minutes.
• In September 2021, Udemy enhanced its Udemy Business Pro, which will enable business customers to boost their skill development with in-depth learning experiences for employees through new features like Udemy Paths, skills assessments, workspaces, and hands-on labs across critical skills in IT, software development, data & analytics.

Digital Education Market Advantages

• The accessibility of digital education is among its most important benefits. With digital education, students can access learning materials whenever and wherever they want via any internet-connected device. People who live in remote areas, have disabilities, or have busy schedules will now have easier access to education.
• With the help of digital education, students may customize their learning to meet their own needs. The resources available to students include films, podcasts, interactive simulations, and tests. They can also study at their own speed, pausing or fast-forwarding when necessary.
• Compared to traditional education, digital education is frequently less expensive. The costs of textbooks, transportation, and other school-related fees can be avoided by learners.
• Teachers can customise each student's learning experiences thanks to digital education. Using digital resources, teachers can monitor student progress, pinpoint areas where they need more help, and give focused feedback.

Report Objectives

• To describe and forecast the size of the Digital Education Market by type, course type, end user, and region.
• To describe and forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
• To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the Digital Education Market.
• To analyze the impact of Recession on the Digital Education Market.
• To analyze micro markets with respect to the individual growth trends, prospects, and contributions to the overall Digital Education Market.
• To analyze opportunities in the market for stakeholders by identifying the high-growth segments
• To profile key market players, including top vendors and startups, provide comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials, and provide a detailed competitive landscape of the market
• To analyze competitive developments, such as mergers and acquisitions; new product launches and product enhancements; partnerships, collaborations, and acquisitions; business expansions and agreements; and Research and Development (R&D) activities in the market.

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