NEWARK, Del, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global digital education market was valued at US$ 15.1 billion in 2022 and is expected to reach US$ 19.8 billion in 2023. The market's growth is estimated to flourish with a CAGR of 28.3%, projected from 2023 to 2033. Furthermore, the digital education market is expected to reach a valuation of US$ 240 billion by 2033. This growth in the digital education and web conferencing markets indicates the increasing demand for remote learning and communication solutions in response to the rapidly changing global landscape.
An uninterrupted internet connection has become a prerequisite for digital education today. Recent years have witnessed a remarkable surge in global internet penetration, with a distinct growth in mobile subscriptions and broadband connections. Mobile internet penetration, in particular, has emerged as a pivotal factor that has bridged the gap between people, even those residing in remote regions.
Digital education is a learning approach that is centered around the learner. It allows individuals to consume educational content at their own pace, making it a convenient and efficient way to learn. With the rise of digital technology, digital education has become increasingly popular due to its potential to enhance learning outcomes. It is widely used across different sectors, including corporate training, higher education, and K-12 education, because of its accessibility, affordability, and flexibility.
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Many parents are worried about the health implications of their children spending too much time in front of screens. This is especially true with online learning, where increased screen time is one of the biggest concerns. Learners may develop bad posture and other physical problems due to staying hunched in front of a screen for extended periods. Excessive screen time can also lead to physical ailments such as headaches and poor posture. Furthermore, there are concerns about using unethical practices by students to cheat in exams conducted on such platforms, which is expected to hamper the market's revenue growth further.
Nevertheless, the market's revenue growth is likely constrained by the need for face-to-face interaction, direct monitoring, and growing concerns about screen time. In addition, self-discipline is a prerequisite for digital education, and virtual learning can lead to social isolation.
“Investments in digital solutions to accelerate digital transformation in education are rising. As Industry 4.0 continues to gain momentum, the demand for digital education among employees is also increasing. Collaboration between companies is expected to provide holistic digital learning capabilities to students seeking to develop their digital skills in line with market trends.”- says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Digital Education Market Report:
- The global digital education market is estimated to register a CAGR of 28.3% with a valuation of US$ 240 billion by 2033.
- The market captured a CAGR of 32.3% in the historical period between 2018 and 2022.
- South Korea is anticipated to dominate the global market by registering a 30.3% CAGR during the forecast period.
- With 29.5% CAGR, Japan is driving the global market by 2033.
- China is anticipated to secure a CAGR of 29.1% in the global market during the forecast period.
Key Players and Strategies for Success in the Digital Education Market
In the upcoming decade, the education industry has witnessed a notable upsurge in innovative initiatives and collaborative efforts, particularly involving educational institutions and universities. These strategic partnerships and technological advancements are aimed at expediting the process of knowledge acquisition by learners.
Leaders in digital technologies in education are capitalizing on these opportunities to attract and retain their customer base by providing immersive and practical learning experiences. These Edtech companies are cultivating practical skills and closing the breach between academic learning and practical implementations.
Leading Key Players:
- XuetangX
- EDX, LLC
- Byjus
- Pluralsight LLC
- Iversity Learning Solutions GmbH
- Alison
- Adobe
- Blackboard
- IBM
- Google LLC
- Microsoft
- Udemy
Recent Developments in the Digital Education Market
- In June 2023, edX partnered with the Raspberry Pi Foundation, a global education charity, to unite students and educators with similar backgrounds. The aim was to encourage knowledge-sharing and collaboration among future generations and promote diversity, inclusivity, and excellence in education.
- In Sept 2022, Udemy partnered with RBL Group, a global leader in human capabilities. This reinforces Udemy's commitment to flexible, practical skill development for individuals and organizations, increasing competencies. The collaboration allows Udemy to leverage RBL Group's expertise to create innovative learning solutions for today's dynamic workforce.
- EdX collaborated with AWS in February 2023 to introduce its inaugural Professional Certificate program. The Cloud Solutions Architecture Professional Certificate program, equips learners with the knowledge and abilities necessary to kickstart a career in cloud architecture and prepares them for the AWS Certified Solutions Architect-Associate exam.
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Digital Education Market Segmentation:
By Learning Type:
- Self-paced Online Education
- Instructor-led Online Education
By Course Type:
- Science, Technology, Engineering and Mathematics (STEM)
- Business Management
- Others
By End User:
- Academic Institutions
- Individual learners
- Enterprises
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Edtech Market Analysis: The global market size was estimated to be worth US$ 74.2 Billion in 2021 and is forecast to grow at a prolific CAGR of 14.5% during the forecast period between 2021 and 2031, totaling over US$ 288.4 Billion by the end of 2031.
Educational Robots Market Overview: The global market size is expected to reach US$ 5.0 billion by 2032. It stood at US$ 1.1 billion in 2022. The market would showcase a CAGR of 16.3% from 2022 to 2032. From 2017 to 2021, the market witnessed a CAGR of 20.0%.
Augmented and Virtual Reality in Education Market Size: The current market valuation is estimated at US$ 20.1 billion. The market is expected to register a healthy CAGR of 16.2% from 2023 to 2033. The market is likely to reach a valuation of US$ 90 billion by 2033.
Learning Management System (LMS) Market Share: The market is anticipated to have a prodigious CAGR of 18.0% during the period of 2022 to 2032. The market is anticipated to reach US$ 98.5 Billion in 2032, from US$ 18.8 Billion in 2022.
Self-supervised Learning Market Outlook: The global market is projected to have a moderate-paced CAGR of 33.4% over the forecast period. The current valuation of this market is US$ 12.46 billion in 2023. The value of this market is anticipated to reach a high of US$ 222.31 billion by the year 2033.
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