CHICAGO, December 13, 2018 /PRNewswire/ --
According to a new market research report "MOOC Market by Component (Platforms (XMOOC and CMOOC), Services), Course (Humanities, Computer Science and Programming, and Business Management), User Type (High School, Undergraduate, Postgraduate, and Corporate) and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 3.9 billion in 2018 to USD 20.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 40.1% during the forecast period. Key growth factors for the market include an increasing need for scalable open education, global training, and cost-effective education platforms.
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Corporates segment to hold the largest market share in 2018 during the forecast period
Corporates are increasingly adopting the MOOC as a part of their employee engagement and development programs. They implement MOOC platforms for various purposes, such as training and development, professional certification, and professional courses, for developing their employees' strategical thinking abilities and improving the production and brand value of the company. The MOOC acts as a cost-effective learning platform to enhance the skill sets of the employees and enables organizations to track their employees' progress. An organization can also opt for tailor-made courses, which can help the organization to meet its objectives.
XMOOC platform to dominate the market owing to high quality content from universities and supportive initiatives by governments
A majority of MOOC providers are adopting the XMOOC platform over the other existing platforms, due to the various learning alternatives being offered by the platform. These alternatives can be a time-flexible learning path, enabling learners to access learning resources whenever required, or a pre-defined structure with a specific time-bound learning and assessment path, or a combination of both. XMOOC would probably tend to have a greater impact on MOOC due to its other features, such as capstone projects, real- world simulation environment, and high-quality content provided by the leading partnering universities, courses provided at a very affordable cost, and consistent financial support for the development. The users are also encouraged to adopt the XMOOC platform at a higher growth rate due to the rise in the college costs, followed by the shrinking value of the undergraduate degrees.
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Education and training segment to grow at the highest CAGR during the forecast period
Education and training facilitates learners with knowledge, values, beliefs, habits, and skills and helps them implement the same in various enterprises. In the era of continuous advancements where professional upfront demands adaptation to innovative technologies, education and training courses help teachers, educators, professors, and trainers to enhance their teaching or training skills. The MOOC courses also equip the faculty and teaching staff of universities and colleges to understand the modern pedagogical approaches required by the learners. Several companies have formed partnerships with MOOC vendors to equip people with knowledge about, how to implement required skills for competences in particular occupations or more broadly in the labor industry.
North America to hold the largest market size in the MOOC Market during the forecast period
North America is expected to hold the largest market size in the MOOC Market by region during the forecast period. It is the most advanced region in terms of technology adoption and IT infrastructure. The large presence of key MOOC vendors and the widespread awareness about such platforms would help North America to continue to hold the largest market size during the forecast period.
The MOOC Market comprises major solution providers, such as Coursera (US), edX (US), Pluralsight (US), Edureka (India), Alison (Ireland), Udacity (US), Udemy (US), Miríadax (Spain), Jigsaw Academy (India), Simplilearn (US), iversity (Germany), Intellipaat (India), Edmodo (US), FutureLearn (UK), LinkedIn (US), NovoEd (US), Open2Study (Australia), WizIQ (India), Skillshare (US), XuetangX (China), Federica (Italy), Linkstreet Learning (India), Khan Academy (US), and Kadenze (Spain). The report provides in-depth competitive analysis of these key players in the global MOOC market with their company profiles, recent developments, and key market strategies.
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