Digital Education Market is expected to reach US$ 54.95 Billion by 2028

The digital education market size is expected to reach US$ 54.95 billion by 2028 and registering at a CAGR of 26.1% between 2022 and 2028, according to a new research study conducted by The Insight Partners.

Rising Penetration of Internet Catalyzes Digital Education Market

Source: The Insight Partners Analysis

The usage of modern technologies and digital tools in learning and teaching process can be termed as digital education. It is also known as technology enhanced learning (TEL), e-learning and digital learning. Growing penetration of internet have been primarily driving the digital education market. Easy access to internet, coupled with a growing user base of smartphones and tablets, has revolutionized the digital education market. Academic institutions and businesses rely on digital modes for knowledge delivery, thus providing the learner access to the learning materials at their own preferred time.  Digital education offers adaptive learning and blended learning, which allows the user to learn in a whole new manner. Adaptive learning allows users to learn at their own pace, whereas blended learning offers the user a blend of different approaches, such as tutor-led classroom and on-to-one education. Increasing penetration of internet have been enabling such trend and the usage of such technologies. Additionally, the integration of augmented reality (AR) and virtual reality (VR) is adding new dimensions to digital education. Enterprises are strongly deploying AR- and VR-based training modules for their employees, which provide hands-on training on certain aspects of jobs, without exposing employees to the risks associated with the job. Such factors are strongly driving the digital education market growth. Also, the adoption of machine learning (ML), artificial intelligence (AI), and big data fuels the digital education market growth.

The digital education market, by course type, is segmented into science and technology courses, entrepreneurship and business management courses, and others. In the digital education market, science & technology courses are witnessing high demand. Complexity of such courses often requires a blended approach.  With the utilization of AR and VR, the target audience can have a better understanding of the topic. Additionally, practical knowledge can be imparted virtually, even without the presence of the required subject. For instance, a tutor can teach a student how to disassemble a motor virtually, as the user can access 3D renditions of the same while being present at different places. Such advantages and integration of technology are strongly driving the digital education market. Entrepreneurship & business management courses are also witnessing good demand, as digital education is allowing users to pursue higher education without hampering their daily job. A combination of all such factors bolsters the digital education market growth.

The digital education market, by learning type, is bifurcated into self-paced online education and instructor-led online education. Self-paced online education is the preferred mode of digital education by corporates and academic institutions as it allows the user to access and learn at their own pace and preferred time. Instructor-led online education is the preferred choice for several academic institutions where interaction between student and teacher is required. Instructor-led online education provides the environment of a classroom to some extent. It allows the learner to clear their doubts in real-time and gather knowledge from queries of other students in the class. Such factors promote the digital education market growth for this segment.

The digital education market, by end user, is bifurcated into individual learners & academic institutions and enterprises & government organizations. The individual learners & academic institutions segment held a larger share in 2021. However, the digital education market for the enterprises & government organizations segment is expected to grow at a higher rate during the forecast period. Owing to the various advantages on offer, enterprises are increasingly favoring digital education mode for providing their employees with job related trainings and higher education courses such as Master in Business Administration (MBA) and Python crash course. Demand from both segments is expected to propel the digital education market globally during the forecast period.

The lack of proper infrastructure in developing nations restrains the demand for digital education. Unstable internet connection, low bandwidth, and frequent power outages hinder the growth of the digital education market. However, most nations are strongly focusing on improving their country’s infrastructure. The rising emphasis on creating a digital economy is also aiding in mitigating such infrastructural challenges. Thus, the impact of the restraints on the market growth is expected to decrease by the end of the forecast period.

Intellipaat Software Solutions Pvt. Ltd.; Coursera, Inc.; Udemy, Inc.; edX, Inc.; and Kadenze, Inc. are among the key digital education market players profiled during the study. Several other major market players were studied and analyzed during this research study to get a holistic view of the market and its ecosystem.

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