Overview of the Market
The Online Education Market is a rapidly growing market that has expanded in the past couple of years. With the advent of technology, education has gradually shifted to the online sector. In the past years, education institutions were taking on a hybrid model of education that included smart online tools and a traditional classroom setup. However, the present condition of the global order makes it necessary to shift education to online classrooms. The market has seen a tremendous growth rate in the past few years and will continue to do so in the next forecast period too. The popularity of online classes due to health reasons is a major influence on the market that creates growth opportunities.
What was the impact of COVID-19 on the market?
The COVID-19 pandemic may have negatively impacted most of the business sector. The education sector also had to suffer and go through major adaptations in order to continue its operations. However, the online education sector benefitted from the pandemic waves as it became the primary sector of education for children worldwide. With the risk of COVID-19 prevalent for years, education could not be disrupted for a long time. Schools shifted to full-time online mode to complete the education of children. From classes to seminar sessions, schools conducted every event in education with the help of online platforms and tools. Even tests and exams happened online mode. Therefore, the COVID-19 pandemic resulted in the exponential growth of the sector. The growth clocked in because of the pandemic in two years would otherwise have taken ten years to achieve.
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Drivers of the Online Education Market
There are many drivers of the Online Education Market that continue to create growth in the sector. The continued waves of a pandemic have led to the increased adaptation of online classes and education modes. The development of strong internet networks with higher speeds is also a driver of the market that will support its growth of the market. The rise of edtech platforms and the evolution of technology has created better education tools that will be implemented in the Online Education Market. This will support the growth of the market for the coming years. The creation and strengthening of infrastructure is also an indicator of growth for the market.
What are the challenges and restraints working on the market?
There is a large gap in financial stability and income for the target audience of the market. Online education today is not a choice but a necessity for children. However, not every family in the world is digitally literate enough to jump on the online class bandwagon. Similarly, the setup of online education needs the support of certain gadgets and tools. Not every family has the purchasing power necessary to buy these gadgets. While smartphones are coming in every budget, it is also true that many people either lack the money or the skill to use one. For such families and kids, online education has become alien territory. To eradicate this challenge, companies have to come up with low-cost online education solutions.
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The Online Education sector will expand at a whopping rate of 22.7 percent in the forecast period. Despite its challenges, the sector has bright future prospects with multiple supporting factors.
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