Online Learning market set to reach a whopping $729 billion dollars in a decade

86 / 100

Transparency Market Research (TMR) has released a research report that states that the online learning market is set to reach a whopping $729 billion in a decade. Predicted to grow at a CAGR of 12.3%, this piece of news augurs well for both prospective students and the companies involved.

The research brings out some key points worth a discussion

Online Learning popular among people seeking to reskill themselves

Online learning platforms have been wholeheartedly embraced by people looking at reskilling themselves during the Corona pandemic period. This trend continues as the world reopens slowly towards normalcy.

  1. Skill development
  2. Reskilling
  3. Online Certifications
  4. Corporate Learning

The above four facets of learning have seen tremendous interest amongst learners. These facets will continue to lead the way in making online learning popular among the masses in the years leading up to 2031.

Coding and programming too have been an area that most online learning platforms have offered as a way to pique interest among the younger generation learners.

The key areas that have seen a spurt in online courses are

Language

Learning of an additional language online had long been popular prior to the pandemic thanks to apps like Duolingo and Rosetta. This learning entered the mainstream with a lot of online learning platforms jumping into the fray during the pandemic.

Casual learning

Learning photography, seeking out ways to increase MS Office skills, learning a little bit more about cryptocurrency than the layman are all examples of casual learning. The learner is focused on learning for the sake of knowledge primarily as opposed to learning for boosting one’s career.

Primary and secondary supplemental learning

Learning for the purpose of hammering in the concepts taught at school and college, learning to seek additional peripheral aspects around a key topic constitutes this kind of learning.

Higher education

Masters’ courses, Degree courses, 10+2 courses are all part of higher education.

Integration of Artificial Intelligence with Online Learning Platforms

This is an interesting development as it brings us closer to the reality of smart online learning platforms with an ability to adapt to a variety of circumstances.

Artificial Intelligence in online learning
Artificial Intelligence in online learning

Adapt to the online learner’s pace of learning

A key challenge for a bulk of online learning platforms is customer retention and repeat footfalls to their app or website. Often the platforms ping the user incessantly regarding course completion which puts off the user or they hardly follow up which too can be detrimental.

Artificial Intelligence can overcome this by studying the customer past patterns and alerting the customer accordingly.

Identify gaps in learning and alert courseware makers

AI can also map out the modules most-searched-for but failed to register an enrolment, as gaps in course availability on the platform. These dark areas can be used by courseware makers to develop courses to fill up the gaps.

On-the-fly doubt solver for self-paced learning

Solving doubts in real-time becomes a challenge for self-paced learning. Experts cannot be on 24/7 availability to address the queries of students. This can be overcome with AI that can keep an array of ‘previous doubts raised’ and ‘clarifications provided’ handy, based on the module currently being taken by the student.

Availability of access to Learning Platforms in Developing Countries

The availability in developing countries of modern telecom infrastructure like OFC (Optic Fiber Cables), 4G and 5G networks have helped boost the chances of online learning taking deep roots.

Also, the huge population of youth in these countries find the online learning experience liberating in terms of focussing better on other skill development. Online learning makes learning ‘on-the-go’ possible. This unshackles the youth from having to attend a traditional classroom.

Closing words

Overall, it is clear that the online market is poised to make a huge leap over the next decade. I forsee newer technology like hologram avatars of educators, projector mobiles, Augmented reality and other cool futuristic stuff to start seeping into the online learning space in the following years. This will probably completely reinvent the way learning happens and turn the whole model upside down.

Additional Reading

Love the Content you are reading?Get Insider Access to Parenting Tips and Tricks and a FREE e-Book

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.