On the back of global urbanization, people around the world have increasingly hectic schedules and busy lifestyles. The time-poor lives of continuous learners are consequently leading to the disfavor for traditional classroom learning systems. The working professionals and students who face time crunch tend to incline towards obtaining education and knowledge through learning methods other than traditional classrooms such as distance learning involving online courses that liberate learners from the constraints of time and place and offer flexible learning opportunities. According to the National Center for Education Statistics (NCES), “in the U.S., a total number of 6,294,801 students enrolled in any distance education courses at degree-granting postsecondary institutions in fall 2016, an increase of 5.5% from 2016.” The rapidly growing trend for distance education led to the development of “Massive Open Online Courses Market (MOOCs)”. A massive open online course platform delivers high-quality study courses from renowned global universities for free to anyone and facilitates unlimited participation as well as a high degree of student-student and student-instructor interaction. Moreover, MOOCs amalgamate social networking sites and available online resources provided by leading practitioners in their respective fields of study. Thus, the need for scalable and reliable education procedures to cater to the demands of learners across the globe is boosting the growth of massive open online courses market.
Additionally, the rising price of going to college is another impetus creating an unprecedented endorsement for massive open online courses. As per the National Center for Education Statistics, the average fee per year for a four-year degree was $26,120 during the academic year 2015-2016. This results in a hefty total of $104,480 for four years. The equivalent fee for the similar four-year degree in 1989 was $26,902. It can be easily perceived that the cost for a four-year degree has increased fourfold during the academic years ending in 1989 and 2016. This factor instigated the necessity for cost-effective education platforms such as MOOCs. The global massive open online courses market size is estimated to be $4 billion in 2018. Furthermore, the prospects are projected to propel at a remarkable CAGR of 33.6% during the forecast period 2019-2025.
Technological Advancements in North America: Prime Impetus for the Growth of Massive Open Online Courses Market—
Geographically, North America held the majority share in the global MOOC market, accounting for almost 29.4% of the total market share in 2018. The increasing penetration of Internet of Things (IoT) and enhanced internet accessibility has helped the market in this region. Additionally, the increasing usage of portable consumer electronics such as smartphones, e-readers, laptops, and tablets has enticed learners to adopt enhanced e-learning methods such as MOOCs. Moreover, the presence of the infrastructure to support the high adoption of e-learning is fueling the market in North America. For instance, recently, Students at Georgia Tech and MIT in certain courses were given an option to enroll either in the traditional on-campus course or sign up for a similar online course. Moreover, the Georgia Institute of Technology has announced its agreement with edX, the nonprofit online learning destination, to facilitate MOOCs to the learners worldwide. These factors have rendered North America with the maximum market share.
Massive Open Online Courses Market is set to Gain Growth from Key Application Segment—
On the basis of provider type, the MOOC market is segmented into universities, private companies, and government. Among these MOOC market gained majority revenues from the private company segment. The increasing adoption of e-learning technology by private companies of various industries such as healthcare, I.T., telecommunications, electronics, automotive, and many others to provide training and development, professional certification, and professional courses for enhancing their employees' production abilities and improve the production and brand value of the company. The increasing popularity for the massive open online course in private companies is due to the fact that it is a cost-effective learning platform to enhance the skillsets of the employees and enable organizations to track their employees’ progress. Therefore, the key application segment is projected to propel at an outstanding CAGR of 38.6% through to 2025.
Emerging Economies of APAC Region to Create Lucrative Opportunities for the Global Massive Open Online Courses Market—
The increasing adoption of technology by the educational institutions in the emerging economies of the Asia-Pacific region such as India, China, and Japan is accelerating the demand for massive open online courses. India is considered to be the world’s second-largest marketplace for massive open online courses market by subscriber base, after the U.S. In 2017, the government of India, launched a MOOCs platform called SWAYAM (Study Webs of Active–Learning for Young Aspiring Minds) to procure the three cardinal principles of Education Policy (access, equity, and quality). This program offers digital classrooms in every nook and corner of the country using the internet and satellite connectivity. It facilitates the hosting of all the courses taught in classrooms to be accessed by anyone, anywhere at any time. All the courses are interactive, prepared by the best teachers in the country and are available, free of cost to the residents in India. The platform is capable of hosting 2000 courses and 80000 hours of learning covering courses taught in classrooms from Class 9 till post-graduation. There is an increasing inclination among the learning people of the populous country towards MOOC platform owing to its benefits such as reduced cost, maximum knowledge retention, high productivity, real-time collaboration, scalability, and flexibility. Thus the Indian MOOC market is creating growth opportunities for the global MOOC market.
Massive Open Online Courses (MOOC) Market: Major Players
The prominent players in the massive open online courses market include edX, Udemy, Coursera, Udacity, Edureka, Pluralsight, Alison, Simplilearn, Miriadax, Edmodo, and LinkedIn. These players have embraced various growth strategies such as new product launches, agreements, partnerships, acquisitions, and collaborations, to expand their global presence and market shares.
· In April 2019, Udemy announced the launch of its corporate learning product, “Udemy for Business”, a subscription-based corporate learning product, in Spain. In addition to a fully localized product experience, the latest collection of courses in the Spanish language is integrated to facilitate consumers to have impactful learning through a curated selection of the top technical and business skills.
· In October 2018, edX, the leading nonprofit online learning destination, launched 9 new Master’s degree programs from top global institutions such as Arizona State University, Curtin University, and Georgia Institute of Technology and made disruptions in the massive open online courses market. The courses are offered in popular subjects, including cybersecurity, computer science, data science, analytics, and supply chain management. This is designed for learners who want to make a pivotal career move that requires a Master’s degree.
· In June 2018, LinkedIn partnered with the world’s leading Learning Management Systems (LMS) providers - Cornerstone OnDemand and SAP SuccessFactors – to facilitate unintermittent access to LinkedIn Learning content and insights. This collaboration benefited customers with automated uploads of 25 - 40 LinkedIn Learning courses weekly paving the way for them to stay ahead of the curve.
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