Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- The "Global Online Tutoring Services Market, 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Online Tutoring Services Market is expected to reach $19.3 billion by 2029, rising at a market growth of 14.7% CAGR during the forecast period. The online tutoring industry comprises three main categories of courses, namely language courses, STEM courses, and other courses.
COVID-19 Impact Analysis
The COVID-19 pandemic had a devastating impact on the economy. Lockdowns, widespread quarantines, and the requirement for social seclusion were brought on by the pandemic to stop the virus's spread. Additionally, the pandemic significantly disrupted the K-12 educational system. The worldwide lockdowns and sector closures also resulted in the closure of academic institutions and educational programs, which had a detrimental effect on education. Thus, online tutoring played a crucial part in repairing the education loss. The education sector is projected to benefit from online tutoring as many instructors have launched online education platforms assisting the education system. Therefore, the pandemic had a favorable impact on the online tutoring services market.
Market Growth Factors
Increase in investments in the education sector
The market size has significantly changed in recent years due to the widespread adoption of mobile technology and rising education spending. Expenses have been incurred by businesses that rely on education technology for skill development. Market participants are taking extensive steps to endorse their products along with facilitating the learning experience for students through the portals. Businesses in the online tutoring sector are investing more in trends like gamification to increase user engagement. It is anticipated that gamification in online tutoring and e-learning will encourage a game-like response and engagement from students. Throughout the forecasted period, the demand for and the development of the market would increase due to this significant investment by governments and businesses.
The emergence of innovations in the online education sector
The top competitors in the market have introduced new goods with enhanced capabilities. Increased interest in STEM subjects among parents, students, and other educational stakeholders is a significant factor driving the expansion of the online tutoring industry. STEM integrates a variety of subjects into a unified educational strategy centered on practical applications. Giving them the appropriate training gets them ready for employment in the STEM sector. The significant need for test preparation globally is one of the key factors boosting the development of the online tutoring industry.
Market Restraining Factors
Lack of credible and knowledgeable online tutors
One significant obstacle to market expansion is the lack of high-quality tutor training. Online tutoring services are provided by several market participants. However, the availability of certified teachers, the curriculum covered, and the teaching methods used by the online tutors have parents and kids concerned about the level of instruction and authenticity of the tutors. This is due to the lack of obligatory laws and regulations worldwide that should be maintained while beginning an occupation as an online tutor. As a result, these factors will pose a significant obstacle to the market's expansion in the coming years.
Tutoring Type Outlook
Based on tutoring type, the online tutoring services market is characterized into structured tutoring and on-demand tutoring. The on-demand tutoring segment garnered the highest revenue share in the online tutoring services market in 2022. Due to the widespread closure of schools caused by the coronavirus pandemic, the need for on-demand online tutoring has also increased. Tutors and content suppliers can get real-time updates on a student's progress by combining on-demand coaching with analytics software.
Duration Outlook
By duration, the online tutoring services market is divided into short-term courses and long-term courses. The short-term courses segment garnered a remarkable growth rate in the online tutoring services market in 2022. The rise in acceptance of short-term diploma programs with flexible tutoring schedules is responsible for the segment's growth. Short-term online courses provide a practical approach to learning at home or work. All locations with an internet connection allow users to access the course materials, assignments, and discussions.
Course Type Outlook
On the basis of course type, the online tutoring services market is classified into language courses, science, technology, engineering, & mathematics (STEM) courses, and others. The science, technology, engineering, & mathematics (STEM) courses segment acquired the largest revenue share in the online tutoring services market in 2022. Some schools have partnered with online education platforms to provide regional educational broadcasts centered on various STEM course grade levels. Such a platform works as a knowledge network, enabling learners to interact with a teacher directly and receive individualized instruction.
Tutoring Style Outlook
Based on tutoring style, the online tutoring services market is segmented into test preparation service and subject tutoring service. The test preparation service segment acquired a substantial revenue share in the online tutoring services market in 2022. The large number of common admission tests given by most colleges explains the rise in demand for these services. The segment's expansion is also aided by fresh and innovative exam prep courses. Adaptive learning is essential for test preparation to assess the efficiency of the assessment.
End-user Outlook
On the basis of end-user, the online tutoring services market is fragmented into K-12, higher education, and others. The K-12 segment garnered the maximum revenue share in the online tutoring services market in 2022. The K-12 market's significant share can be ascribed to microlearning, which divides complex subjects into manageable portions using audio, videos, texts, and infographics. The popularity of microlearning among K-12 students has increased.
Regional Outlook
Region wise, the online tutoring services market is analysed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the online tutoring services market in 2022. There is a sizable achievement gap between pupils from rich and underprivileged families in the United States. This high percentage in the region can be ascribed to the presence of prominent ICT solution providers with a sizable customer base. By taking advantage of its many features, including practice questions, flashcards, expert assistance, writing support, as well as AI-enabled capabilities, online tutoring enables students to plan their studies.
Strategies Deployed in Online Tutoring Services Market
- Mar-2023: Varsity Tutors for Schools came into partnership with InspireOne Charter Schools, for supporting the students with personalized live instructions through an engaging learning platform. The partnership is part of the latter company's "Road to Mastery" initiative that helps students across eight schools in accessing 24/7 on-demand academic support by chat-based tutors and a vast library of study support.
- Feb-2023: Varsity Tutors partnered with Granite City Community Unit School District #9 following which the latter company announced a new tutoring program for high and middle school students. The program helps students in accessing on-demand academic support 24/7 as well as 1-on-1 live tutoring for needy students.
- Aug-2022: Varsity Tutors unveiled a teacher-assigned tutoring offering, which allows educators to schedule live online face-to-face personalized tutoring for students who can benefit from targeted and additional intervention.
List of Companies Profiled
- Chegg, Inc.
- BYJU'S
- Ambow Education Holding Ltd.
- ArborBridge, Inc.
- Beijing Magic Ears Technology Co. Ltd.
- Club Z, Inc.
- Teach Away, Inc.
- Nerdy, Inc. (Varsity Tutors)
- Vedantu Innovations Pvt. Ltd.
- TutorEye, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9o9i9x
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