The growing accessibility of the internet, rising adoption of cloud-based solutions which has emerged integral for facilitating the dissemination of education, increasing investments in pedagogical research and content and curriculum development, high enrollment rates whose selected depiction has been provided below, rapid urbanization resulting in higher academic aspirations, the inclination of working individuals to upskill themselves are few of the key determining factors that are anticipated to drive the growth of the online education market. On the other hand, new forms of open and massification of education have been effectuated during the last few decades owing to technological inventions and changing attitudes of society. Open source and cloud-based tools as well as open education resources have facilitated the free and unrestrained availability of courses to aspirants of various backgrounds.
Moreover, the introduction of massive open online courses or MOOCs which was exemplified by offering an online course called “Connectivism and Connective Knowledge” by George Siemens and Stephen Downes back in 2008 had helped in popularizing and paving the way for the development of capabilities of the ICT industry which in turn has been instrumental in aiding the growth of the online education market. An additional factor that has complemented the growth of the online education market has been forecasted to grow at a CAGR of 9.23% to attain a market size of US$319.167 billion in 2025 increasing from US$187.877 billion in 2019 is the high investments in cloud-based tools and services. It has extended benefits like support instructional designers, content authors, and teachers in creating and maintaining learning content with the aid of course design and authoring tools, among others.
Gross Enrolment Ratio, Post-Secondary Non-Tertiary Both Sexes(%), Qatar
Forecasts on future growth trajectories of select few markets that are complementary to the online education market indicate favorable growth prospects for the online education market
To put matters into the perspective of this market it's important to note that the factors which have been touched upon in the aforesaid paragraphs are projected to drive certain markets that are complementary to the online education market growth during the forecast period. To this end, it is pertinent to highlight the growth forecasts of these markets which have been estimated by Knowledge Source Intelligence.
For instance, the Higher Education Service Market which deals in providing training support, implementation, and consulting and are being highly sought after by various educational institutions across the world due to the increasing demand for an educated workforce in newly industrialized countries, high rate of student enrollment and the rapid adoption of device-based computing in educational services. Additionally, the rising demand for eLearning is also expected to drive this market and together these two factors are expected to facilitate the growth of the online education market.
Another market that is expected to facilitate a meteoric growth of the online education market is the Artificial Intelligence in Education Market which for the year 2019 was estimated with the value of US$2.022 billion. The factor that is at the core enabling the aforesaid is the rapid integration of artificial intelligence in the education sector due to its globally recognized ability to enhance the learning experience. The profusion of smart devices and the increasing trend of digitalization across numerous sectors is also propelling the demand for artificial intelligence solutions in the education sector. Artificial intelligence primarily uses deep learning, machine learning, and advanced analytics especially for monitoring the learning process of the learner such as the marks obtained and speed of a particular individual among others.
Moreover, solutions of this nature are known to offer a bespoke learning experience which not only enhances the quality education but also aids the learners to build upon their pre-existing knowledge and increase their participation and minimize discontinuation of learning. Rapid globalization also necessitates instantly translated academic material made available to global consumers to facilitate swift translation. Also, the solutions which integrate artificial intelligence aids in aligning the learning experiences based on the student path prediction, the recommendation of learning path, needs of the end-user, identification of the scope of improvement, and also assist the learners to choose the best possible area for improvement for better outcomes. Furthermore, the employment of artificial intelligence in education is also known to facilitate the automation of basic activities that are integral to the dissemination of education and are inclusive of but not limited to grading and assessment purposes among others. This, in turn, empowers educators to invest more time in designing lesson plans, develop curricula thereby ultimately impacting the quality of education.
Complementarily the Cloud Storage Market for Education Industry was estimated to be valued at US$0.889 billion in 2017 and forecasted to grow at a CAGR of 28.41% to attain a market size of US$3.986 billion by 2023 is also poised to catapult the online education market to new heights. This is because with cloud storage, sharing of resources, collaboration with other teachers and students, and tracking changes become easy for both the teacher and student. Further, it drastically reduces the cost of owning and maintaining physical premises as a various organization is increasingly offering services which enable institutions to channelize their resources in other areas that ultimately lead to the enhancement of the quality of education and stay relevant to the needs of changing industries.
The latter is substantiated by the meteoric forecasts of the Cloud Infrastructure As A Service (IaaS) Market which was valued at US$75.517 billion in 2017 and was projected to grow a CAGR of 9.70% to attain a market size of US$131.62 billion by 2023. Moreover, with any facilities, be it virtual or physical comes the concerns of security, which in the education sector translates to the need for preventing tampering with sensitive data pertaining to grades, submissions as well as online content, among others. Thus, assurance of flawless security which is an inseverable component of any services which are made available over the internet is also one of the many key determinants that are anticipated to contribute to the growth of the online education market. To this end, Cloud Security Market has been projected to grow at a CAGR of 20.09% to reach a total market size of US$13.272 billion by 2022 from a 2017 market value estimate of US$5.314 billion.