It is anticipated that the worldwide market for digital education would grow from its 2022 valuation of US$ 15.1 billion to US$ 19.8 billion by 2023. From 2023 to 2033, the market is expected to develop at a compound annual growth rate (CAGR) of 28.3%. In addition, it is anticipated that by 2033, the digital education industry would be valued at US$ 240 billion. The exponential rise in the digital education and web conferencing sectors suggests a growing need for remote learning and communication solutions to keep up with the swiftly evolving global environment.
These days, access to the internet continuously has become necessary for digital education. The number of people using the internet worldwide has increased dramatically in recent years, and both broadband and mobile subscriptions have grown significantly.
Digital education is a learning approach that is centered around the learner. It allows individuals to consume educational content at their own pace, making it a convenient and efficient way to learn. With the rise of digital technology, digital education has become increasingly popular due to its potential to enhance learning outcomes. It is widely used across different sectors, including corporate training, higher education, and K-12 education, because of its accessibility, affordability, and flexibility.
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Many parents are worried about the health implications of their children spending too much time in front of screens. This is especially true with online learning, where increased screen time is one of the biggest concerns. Learners may develop bad posture and other physical problems due to staying hunched in front of a screen for extended periods. Excessive screen time can also lead to physical ailments such as headaches and poor posture. Furthermore, there are concerns about using unethical practices by students to cheat in exams conducted on such platforms, which is expected to hamper the market’s revenue growth further.
Nevertheless, the market’s revenue growth is likely constrained by the need for face-to-face interaction, direct monitoring, and growing concerns about screen time. In addition, self-discipline is a prerequisite for digital education, and virtual learning can lead to social isolation.
“Investments in digital solutions to accelerate digital transformation in education are rising. As Industry 4.0 continues to gain momentum, the demand for digital education among employees is also increasing. Collaboration between companies is expected to provide holistic digital learning capabilities to students seeking to develop their digital skills in line with market trends.”– says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Digital Education Market Report:
- The global digital education market is estimated to register a CAGR of 28.3% with a valuation of US$ 240 billion by 2033.
- The market captured a CAGR of 32.3% in the historical period between 2018 and 2022.
- South Korea is anticipated to dominate the global market by registering a 30.3% CAGR during the forecast period.
- With 29.5% CAGR, Japan is driving the global market by 2033.
- China is anticipated to secure a CAGR of 29.1% in the global market during the forecast period.
Key Players and Strategies for Success in the Digital Education Market
In the upcoming decade, the education industry has witnessed a notable upsurge in innovative initiatives and collaborative efforts, particularly involving educational institutions and universities. These strategic partnerships and technological advancements are aimed at expediting the process of knowledge acquisition by learners.
Leaders in digital technologies in education are capitalizing on these opportunities to attract and retain their customer base by providing immersive and practical learning experiences. These Edtech companies are cultivating practical skills and closing the breach between academic learning and practical implementations.
Leading Key Players:
- XuetangX
- EDX, LLC
- Byjus
- Pluralsight LLC
- Iversity Learning Solutions GmbH
- Alison
- Adobe
- Blackboard
- IBM
- Google LLC
- Microsoft
- Udemy
Recent Developments in the Digital Education Market
- In June 2023, edX partnered with the Raspberry Pi Foundation, a global education charity, to unite students and educators with similar backgrounds. The aim was to encourage knowledge-sharing and collaboration among future generations and promote diversity, inclusivity, and excellence in education.
- In Sept 2022, Udemy partnered with RBL Group, a global leader in human capabilities. This reinforces Udemy’s commitment to flexible, practical skill development for individuals and organizations, increasing competencies. The collaboration allows Udemy to leverage RBL Group’s expertise to create innovative learning solutions for today’s dynamic workforce.
- EdX collaborated with AWS in February 2023 to introduce its inaugural Professional Certificate program. The Cloud Solutions Architecture Professional Certificate program, equips learners with the knowledge and abilities necessary to kickstart a career in cloud architecture and prepares them for the AWS Certified Solutions Architect-Associate exam.
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Digital Education Market Market Segmentation:
By Learning Type:
- Self-paced Online Education
- Instructor-led Online Education
By Course Type:
- Science, Technology, Engineering and Mathematics (STEM)
- Business Management
- Others
By End User:
- Academic Institutions
- Individual learners
- Enterprises
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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