AR & VR Applications Shaping Online Learning Market
Arizton’s recent research report on the e-learning market provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by delivery mode (packaged content, SaaS/LMS, and others), learning mode (self-paced and instructor-led), type (training and testing), end-user (K-12, higher education, corporates, government, and vocational), and geography (North America, APAC, Europe, MEA, and Latin America).
The online learning market is expected to reach around $238 billion by 2024, growing at a CAGR of 8.5% during the forecast period.
The increased application of virtual reality(VR) and augmented reality(AR) in e-learning, perennial private investments in digital language learning, and the penetration of internet and internet-enabled devices are the key trends that are expected to drive the online learning market in the coming years.
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Increased Penetration of Internet and Internet-enabled Devices
The worldwide internet penetration is set to grow to 59.935 by 2022, thereby increasing opportunities for the e-learning market. The growth in internet connectivity and internet-enabled devices has immense transformed the online learning market. With the increased penetration of smartphone devices and the continuous evolution in the network connectivity, the volume of video content streamed worldwide has increased significantly over the years. This has given rise to a host of new business opportunities, varying from streaming webinars that enhance the reach of quality educational content from premier universities to facilitating the much-needed medical advice to remote areas. Further, the online learning has brought in some fundamental changes to the conventional education system by implementing highly interactive tools and service at a low cost with clear advantages in the realms of content access and delivery, proficiency testing, language training, and collaborative learning.
Growing Prevalence of AR and VR
The application of augmented reality (AR) and virtual reality (VR) in the online learning market has increased significantly. AR head mounts and videos are emerging as a major avenue for language learning and making the learning more engaging for primary education users by mounted displays. Ed-Tech startups with deployment of AR and VR are set to continue gathering investors’ interest. More than 100 startups and vendors are actively engaged in developing AR and VR driven Ed-tech content. The investment in education based tech companies is set to grow at least 20 times during the forecast period, which is mainly driven by the diversification of conventional Ed-tech players and corporate investment interests.
Digitization Initiatives in Learning and Training Avenues
Digitization initiatives have gained importance around the world both in government and private sectors. Primary and secondary education curriculum in emerging countries are being re-designed to emphasize upon both functional and soft skills in order to meet the global academic standards, which are expected to propel the online learning market. Further, the implementation of digital governance and the enhancement in skill development programs are expected to increase the demand for online learning programs.
Apollo Education Group Inc., BlackBoard Learn, Oracle, Pearson PLC, and The British Council are the leading vendors in the online learning market.
The complete overview of the latest market research report on the e-learning market by Arizton is now available.
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The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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