Online Education Market

Online Education Market

The online education system is an electronically based teaching system and it completely relies on the Internet technology of the modern world. It acts as a medium of interaction and distribution of knowledge and course material between the students and faculties. This online education system first started from the mid-1990s when the internet comes into the picture with a high number of users and also with the help of the World Wide Web.

This kind of education system in which only virtual presence is required first took place in the 1800s when the courses are and teaching is meant to be taught through parcel posts. Thereafter, with the help of technological advancements, it took place with the help of radio waves. Then this idea of distance learning got the expansion roots from the invention of the television between 1930-1950. With the spread of the internet, these distance learning programs caught the interest of the public. In 2000, only 8% of the students were enrolled for the online courses which got a huge increment till 2008 with 20% of the students. And this expansion never got the fall after that due to the spread of internet technology all over the world.

Impact of ED-tech on few of the Industries are:

  • IT Industries: With the advancements in the technology of the internet, the online education system serves a major role as an opportunity for generating huge revenues for the IT companies. As so many IT companies design some or other software or websites which help students to learn virtually. For example, TCS is providing some software as a platform for Online courses, Test preparation, certification training, etc. At present, many exams that are taken on an online basis belong to TCS online platforms.
  • Healthcare Industries: Various healthcare industries are now providing various kinds of online certification courses to enhance the skills of the students of the healthcare sector. They might be using their online platform or may be of any other IT industry but the courses they provide serves as a huge revenue generation to the company as well as they get equipped with more knowledgeable and skillful students. This ED-Tech helps students of the healthcare sector to learn virtually watching the video graphics in their free time.
  • Retail Industries: At present, the Internet-savvy world is witnessing a huge amount of growth in the retail sector. As we know that E-commerce is generating big amounts of revenue in the retail industry. And even for that, a person needs to be well trained with the technology to be in-line with the technology enhancements and for all that online education plays a major role, as it helps to learn the roots of online systems and understand the present market trends to grow the online business.
  • BFSI Sector: Recent training and development reports have clearly stated that banks and other financial institutions are investing high in the online education system. Most of the banks are using various types of e-learning courses for skills, knowledge enhancements, and assessments of their employees. For various companies in the banking sector, web-based training acts as a new opportunity to build a humorous and skillful labor force, which certainly helps in increasing the efficiency of business productivity.

Impact of ED-Tech on the various Geographic Regions:

  • Americas: The USA had witnessed a huge number of increases in online enrollments 14 years consecutively, irrespective of incline, or decline in the economy. And at the same, there is been a decline in the number of students taking classes face to face. However, a variety of educational institutions faced impediments related to institution policies, instructors, and students. It also helped the institutions to make such kind of strategies to reach the people beyond the country and subsequently increase their reach globally.
  • India: India being a developing country is in a better position to adopt the hybrid models of online courses, the addition of new interactive subjects, interactive online classes, etc. Indian online education system is currently of the value of US $250 million with an average of 1.6 million users. The Indian government has taken several initiatives to promote the online education system like Digital India and skill India.
  • Asia and the Middle East: China explored various programs through online platforms and found it to be more useful and flexible for the coming generations. Saudi Arabia took some initiatives to promote online learning like collaborations with other high-level institutions outside the country, high-quality level standards, regulations, and policies for governing e-learning.
  • Africa: South Africa is the most developed country in Africa, where digitalization has its foot well established all over the country. They have well-determined policies for e-learning.

Some of the leading companies (globally) providing the e-learning products are:

  • Com (US)
  • Pearson PLC (UK)
  • McGraw-Hill Education (US)
  • Blackboard Inc. (US)
  • Aptara Inc. (US)
  • Adobe Systems Inc. (US)
  • Docebo (Canada)
  • Edmodo (US)
  • PowerSchool Group LLC (US)
  • Tata Interactive Systems (India)
  • Udacity, Inc. (US)
  • Classteacher Learning Systems (India)

Effect of COVID-19 on the online education industry:

Due to the Covid-19 pandemic, all the schools and colleges across the world have been closed, which gives the boom to online education technology and taking it to the next level. All the educational institutions are adopting online platforms through which they can provide education, assignments, assessments, tests, etc. Various new start-ups of the online education platform also found this as an opportunity to place its foot in the competitive market by generating sales leads through online mode only. And these start-ups are also giving more opportunities to fresh graduates or interns to enhance their marketing skills. Although every countries economy is in a downfall due to this pandemic, the online education companies are trying to generate revenue as much as they can by utilizing all the opportunities.

Future of Online education system:

The online education system is itself termed as the future of education which lies at all the levels of the institutions. A recent research study says that 46% of graduates took the credit of online courses combined with the classroom sessions. Most of the institutions are now investing in e-learning, with the belief that it will act as the survival for them in this competitive world. Various high-tech education systems like AI and VR plays an essential role in developing and enhancing the skills of the students virtually.