Pune, India -- (SBWIRE) -- 02/20/2018 -- Online Education Market Overview:

Online education has grown at fairly colossal levels in recent times. Market Research Future is a company which focuses on industry reports with respect to the information and communications sector. Its latest report states that the global online education industry will reach approximately USD 423 billion by 2023, at 24% CAGR between 2017 and 2023.

Conventional education alone cannot meet the needs of aspiring students for higher education. Proactive policies and strategies are needed to be devised and developed to encourage online education and overcome any issues that are currently hindering its optimization. With the advent of online education, the cost of infrastructure has been lowered considerably. Online education also provides the students with study material at a reasonable cost and with the help of cloud, it can be accessed from anywhere and at any time. Also, the transportation and housing costs are eliminated with the adoption of online education. With the aid of distance education programs, online education is witnessing a considerable growth. Online skill enhancement courses are a major hit among the consumers of online education market. Online channels are very much capable of providing quality education to potential learners by bringing the content all at one place. Moreover, online study websites are gaining popularity owing to the rise in competitive exams and test preparations done online. Test preparations is considered to be the fastest growing segment due to the growing acceptance of the same. Also, online channels allow the users to seek job opportunities around the world while sitting at one place.

Web education is a booming sector owing to individuals in search of knowledge or degrees. Students have their own academic preferences, but cannot access resources that help them achieve their goals. As web education allows individuals to learn about their respective syllabi (as per their convenience), its demand is on the rise. Constant demand for technical knowledge has also contributed to market growth.

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Major Key Players:
With emerging industry players displaying expansion and the addition of high-tech products, the internet education market will grow rapidly in the forecast period. Companies focus on collaborations and product developments to gain shares and traction worldwide. Eminent participants in the global market are Adobe Systems (U.S.), McGraw-Hill Education (U.S.), Pearson Education (U.K.), Blackboard (U.S.), and Lynda.Com (U.S.). Aptara (U.S.), Docebo (Italy), and Edmodo (U.S.) are few others.

Industry Segments:
The internet education market has been divided into products, learnings, and end users. By products, the industry is fragmented into content and services. Synchronous and asynchronous constitute the learnings. The end users comprise K-12 education, higher education, and industry & professional.

Detailed Geographical Study:
Regional analysis of the worldwide Online Education Market is done in terms of Asia Pacific, North America, Europe, and Rest of the World. It is reported that North America will account for the largest shares, whereas Asia-Pacific could grow at the fastest rate during the forecast period. Major growth in the North American industry is attributed to its technical advancements and proliferation across internet, mobiles, & tablets.

For instance, 'McGraw-Hill Education' is set to offer 'Wonders', one of the leading teaching systems for English language to its students. It has entered an agreement with DaDaABC, a direct English education portal for children. Both DaDaABC and McGraw-Hill Education (MHE) have developed unique & highly effective methods of teaching & learning. This agreement combines the key elements of these two organizations' systems.

Latest Industry News:
Dec 2017 - Springboard, an online education Market start-up, which offers professional courses announced it has raised $9.5 million in a Series A funding round led by Costanoa Ventures. This included participation from Learn Capital and Appdynamics founder, Jyoti Bansal. Existing investors, like Blue Fog Capital, Rocketship.vc and Moneta Ventures also participated in the round.

Jan 2018 - Car firm, Jaguar Land Rover is to open a software engineering center in Shannon this year. It is projected to create 150 jobs. The new facility will help develop new technologies and systems for future electric and self-driving vehicles. As a part of the development, this premium firm has agreed to a partnership with online education provider, Udacity. Udacity specializes in courses, such as automated driving, artificial intelligence, robotics, and data analytics.

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Jan 2018 - Tiger Global Management and New York Exchange-listed education & technology company, TAL Education has invested in a USD 100 million series C round in DadaABC, a Chinese 'one-on-one' English education web platform.

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