The ballooning demand for cost-effective methods for educational training and educational services due to the increasing amount of data generated and difficulties in the storage of books and other course materials.
There has been an increase in the demand for cost-effective educational courses by the individuals who have to do a course, which interests them but is unable to afford the high tuition fees being asked by the particular colleges or institutions.
In addition, as the course content is getting added every year due to continuous improvements and amendments, and thus, it is making it difficult for the students to refer to so much course material and store it, thus encouraging them to prefer. Consequently, the online storage of course material and data on cloud platforms makes it easier to manage and thus, is even boosting the demand for e-learning services and platforms in the Asia Pacific region and globally. These factors are thereby, fueling the market growth over the forecast period.
The increasing penetration of internet services and the availability high-speed internet has resulted in the provision of e-learning and online education and is leading it to gain rapid traction among the population.
The growing penetration of internet has led to the adoption advanced and enhanced solutions such as the delivery of different and a wide range of services solutions has resulted in the online learning services and platforms applications to gain popularity and traction among the younger population to understand the concepts they missed in class more effectively and more easily. For example, BYJU’s is an application that helps the students learn concepts of different subjects more easily and effectively using lucrative demonstrations and visuals, and thereby is boosting the market growth.
Whereas, there are some individuals and students who enroll for online programs whilst working their jobs or while taking other degrees to get double degrees. For example, EduKart, which is an e-learning based higher education platform based in India. This platform facilitates the provision of courses related to MBA (Masters in Business Administration), BA (Bachelor of Arts) among others from both international and Indian universities.
The ongoing COVID-19 situation is causing many institutions to conduct online live classes and is causing a surge in the market growth of E-Learning.
The ongoing COVID-19 situation has resulted in the imposition of lockdowns in many countries such as India and China among others, and caused the closing down of schools and educational educations in order to minimize the movement of the population so that infection does not spread. This has resulted in many institutions offering online classes so that students are able to study and the results are not compromised. Thus, this is increasing the demand for e-learning services and causing a surge in market growth.
Product Launches by Organizations
The launch of better and advanced courses and study material in E-Learning services to cater to the changing preferences of the students and other professionals, by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product launches are as follows:
Segmentation:
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