Technology is revolutionizing the education sector on a massive scale. Currently, 1.2 billion students are enrolled in different online educational platforms. One must wonder, “what has brought about this significant shift to digital education?” The online education market has been flourishing for quite some time now, but the most significant push for the industry came due to the COVID pandemic.
During the global lockdown, millions of students shifted to remote learning. Although the transition was sudden, students swiftly adapted to the new normal. More children began relying on online learning platforms to supplement their education. This has given rise to profitable business opportunities for E-learning companies.
The global E-learning market is expected to grow to USD 374.3 Billion by 2026. Online learning platforms are quickly changing how students learn and interact. This rapid expansion of digital education can be attributed to the greater proliferation of technology. Now, more companies are turning their attention to EdTech because of its promising future and economic viability.
Top online learning companies like Udemy, Coursera, Skillshare, EdX, and Udacity are game-changers reshaping the digital education market. Today, there are a multitude of websites that offer tutoring classes, online reading materials, how-to video guides, and mock assessments to help students advance their education. Furthermore, there are pay for essay writing services to help students achieve their targets without putting in too much effort.
Online education is an emerging trend that is here to stay:
Even in a post-pandemic world where children return to schools and college, we will likely continue to see growth in online education. E-learning platforms are expected to improve and become more convenient for learners with future updates and upgrades. The clever integration of gamification, interactive content, and study material makes online learning fun for students.
Introducing new teaching methods and collaborative classes will make online courses even more engaging for learners. Moreover, digital education is not only limited to students. Even organizations are using online platforms to educate and upskill their workforce. LinkedIn Learning is one such education E-commerce website that offers courses for professionals.
Online education is gaining traction because it allows users to learn and access information at their own convenience. People can attend lectures and master a new skill from the comfort of their homes. Such convenience is simply more appealing than traditional classroom learning.
Advantages of digital education:
Education, like food, clothing, and shelter, is now an essential requirement that helps people reach their full potential. The gap between students’ skill sets in the modern economy and the knowledge that the traditional education system provides is widening. As a result, the skills are insufficient to meet the demands of today’s workforce.
However, online education is bridging the gap by introducing adaptive pedagogical methods as part of the curriculum. It enables students to take charge and oversee their learning process and acquire new skills along the way. As a comparatively younger method of education, online learning has its own set of benefits. Learners get the following benefits when they choose to go digital:
- The flexibility of time and schedule
- Access to a wide range of courses.
- No necessity for travel or commute.
- Ability to learn at one’s own pace.
- Low-cost investment.
- Ability to work while learning.
Why is digital education considered the new E-commerce business?
The financial forecast for online education shows that it will grow exponentially over the next decade. Digital transformation in the education sector will continue to push online learning to the fore. According to a study, we are witnessing a greater enrollment in online courses than in educational institutions. This indicates that more students choose to study online rather than opt for traditional schooling systems.
One of the reasons why more students opt for online education is that average college tuition fees in the US are reaching unattainable levels. The student debt crisis has now turned into a trillion-dollar quandary. Given that online courses are more affordable than traditional institutions, most students are choosing the cost-effective alternative.
Also, an increasing percentage of students prefer to work while pursuing a degree. Online learning enables such students to have more flexibility. They can take advantage of personalized tutoring lessons, online evening classes, or 24/7 accessible study materials to accommodate their work schedule. This is simply not possible with traditional education.
The mass appeal of online education is the biggest reason behind its growth. The business opportunities in E-learning are tremendous. Success stories like Byju’s and Unacademy from India have helped push the narrative that digital education is a lucrative business model. According to a financial report by Thomson Reuters, US venture capitalists invested a staggering USD 429.1 million in 82 EdTech deals in 2020, increasing from USD 334.3 million and 58 deals in 2019.
Entrepreneurs and investors definitely see the potential in EdTech and are investing heavily in this market. In fact, financial gurus expect the digital education industry to grow faster than the E-commerce sector.
According to GSV Advisors’ industry forecast, the worldwide online education market will be worth USD 4.38 trillion by 2022 at a 7% CAGR. On the other hand, in 2022, the global E-commerce business will be worth USD 3.25 trillion, with a CAGR of 13.5%. As a result, by 2022, digital education will be 34.67% larger than eCommerce. Going by this financial prediction, it wouldn’t be wrong to say that digital education is the new E-commerce business.