New York, April 26, 2023 (GLOBE NEWSWIRE) -- The global Online Tutoring Market is estimated to be valued at US$ 7.8 billion in 2023 and is projected to reach US$ 29.4 billion by the end of 2033. Demand for online tutoring is set to increase at 14.2% CAGR through 2033.
Governments around the world have recognized the potential of online learning and have implemented various initiatives to support the growth of the online learning industry. One such initiative is the provision of funding for the development of online learning platforms and the training of educators to facilitate the transition to online learning. Governments have also established partnerships with private companies to provide online learning solutions for students who lack access to traditional educational resources.
Governments have encouraged the use of online learning platforms in schools and universities, and have provided guidelines for the development of online learning curricula.
- For instance, in 2022, the Government of India initiated the PM eVIDYA scheme, which involves a series of measures to support digital and online education initiatives.
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Tutoring organizations providing online subscriptions are gaining popularity as students are more inclined towards technology-based learning.
- In 2022, the Edtech unicorn Unacademy took a step towards its vision of democratizing education with 50 new unique education channels.
- Chegg experienced a year-over-year increase of approximately 38% in its services revenues, which amounted to US$ 173.5 million and made up 87% of its total net revenues in the second quarter of 2021.
Key Takeaways from Market Study
- The global online tutoring market is predicted to surge ahead at 14.2% CAGR through 2033.
- The structured tutoring segment is expected to grow significantly during the forecast period owing to increasing emphasis on live teaching via video conferencing.
- The science, technology, engineering, and mathematics (STEM) courses segment is estimated to dominate the global market in 2023.
- Long-term courses accounted for a leading market share in 2022 due to lockdowns imposed in the wake of COVID-19.
- The subject tutoring segment is estimated to hold a market share of 75% in 2023. Subject tutoring is a unique way to augment the classroom in a private, tailored environment where students learn at their own pace.
- The K–12 segment is anticipated to generate high demand owing to the increasing importance of STEM education among students globally.
- North America is expected to hold a leading share of the global online tutoring market due to its large customer base and well-established ICT solution providers.
“Governments around the world are implementing significant measures to endorse and facilitate online learning through financing, policy measures, and programs to enhance digital literacy,” says an analyst at Persistence Market Research.
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Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the global online tutoring market, along with the highlights of differential strategies used by key players. One strategy is to offer a variety of services, such as one-on-one sessions, group sessions, and self-paced learning modules, to cater to different learning preferences and budgets. Online tutoring companies also use technology, such as AI and machine learning, to create personalized learning experiences that adapt to every student’s needs and preferences.
Some of the key players identified across the value chain include BYJU'S, Vedantu, iTutorGroup, Ambow Education, Beijing Magic Ears Technology Co., Ltd., Chegg Inc., Club Z! Inc., ArborBridge, Qkids Teacher, and Varsity Tutors.
Competitive Landscape
In 2021, Vedantu and Canva teamed together to introduce a special Design Challenge in India that includes a design boot camp meant to introduce the fundamentals of creativity and design thinking to schools.
Know More about Report Inclusions
Persistence Market Research has published a new market report on the global online tutoring market, covering global industry analysis for 2018 to 2022 and forecast for 2023 to 2033. This research report provides compelling insights on the basis of tutoring type, course type, duration, tutoring style, and end user, across seven major regions of the world.
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The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how the online tutoring market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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