The Global Personalized Learning market is estimated to surpass $2 billion by 2024, growing at an estimated rate of around 29% during 2018 to 2024, majorly driven by the on-job skill development programs featuring real-time competency analysis and online courses. Further the growing technological advancements in cyber space and gadgets is also set to lift the market growth in the future. Also, leveraging Big Data and Data Science for behavior analysis will further prosper the market.
The market for personalized learning is at boom and is set to show an exponential rise for the forecasted period. Currently, the market is majorly led by education-technology companies followed by online courses, and in the forecasted period education institutes are estimated to gain a significant market share. From students to corporate professionals, most of them are favoring learning through a self-driven pursuit.
What is Personalized Learning?
Personalized learning is a teaching approach, which caters to individual educational needs with constant feedback regarding progress. It is a computer based teaching assistance, having the application software connected to cloud or a particular system. The platform presents the interactive content with real time performance analysis of the learner, which results in modification of the content and course timeline for efficient learning. It uses the computer or mobile application software to interact and learners are assessed through computerized tests that are adjusted based on individual skills. So, personalized learning is a blended learning that progress at the rate of learners’ learning ability.
Personalized learning platform challenges traditional teaching practices, by implementing model of learning by doing and blended learning based on individual understanding and accordingly optimizes the timeline. This teaching approach is appreciated in corporate learning to up-skill resources efficiently, and adopted by the professionals for whom time management and commuting is the big issue. This blended learning approach uses modern technologies like artificial intelligence, which perform human behavior analysis to structure the content.
The education institutes including schools and colleges are showing great interest towards personalized learning, especially primary education, where young minds understand things easily by content visualization and practical approach. This has made leading universities to deliver their courses to distant learners more efficiently.
This report incorporates an in-depth assessment of Personalized Learning market by integration, technologies, applications, end users and geography.
What are the major applications for Personalized Learning?
The various applications assessed for personalized learning includes feedback, where the computerized system automatically generates a report highlighting the strong and weak areas of a learner, which can be used by teachers for improvement. Another application is live screen monitoring where mentors can share the work screens of students to see the problem solving approach deployed by them to frame out guidance based on individual needs. And also a creative application of interactive content by advancing learning by gamification to make learning more enjoyable; speech synthesis for language courses to learn and improve pronunciation. Audio & Video content to develop listening and visual concentration of learners, and various other blended learning applications. According to the National Education Technology Plan (NETP) issued in 2010 by the U.S Department of Education, personalized learning puts learners at the center and empowers them to take control of their own learning by providing flexibility on various dimensions.
Market Research and Market Trends of Personalized Learning’s Ecosystem
- With constantly changing technological sector, corporate training has emerged as one of the most significant end-user segment having enormous potential to fuel the upcoming industrial revolution.
- Cloud based data storage is estimated to dominate the personalized learning platform with a share of around 65%, thus crediting a value in excess of $214.23 million in 2017. The market is forecast to witness a growth of nearly 29% projecting to around $2080 million by 2024, which is mainly attributed to the growing demand from the end user segments such as ed-tech companies and online courses.
- Software companies are developing many mobile applications and web-based interfaces with improved algorithms for various end-users. As per IndustryARC recent analysis, the global personalized learning is estimated to plunge by 29% by 2024 with exponential increase in usage by corporates and self-learners.
Who are the Major Players in Personalized Learning market?
The companies referred to in the market research report includes D2L CORPORATION (Canada), DREAMBOX LEARNING (U.S.), KNEWTON, Inc. (U.S.), WOLTERS KLUWER (The Netherlands), SMART SPARROW PTY LTD (Australia) and other major players and startups.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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