The massive open online course (MOOC) market is expanding rapidly due to the rise in demand for online education amid the ongoing pandemic, finds Future Market Insights (FMI) in a new study. The extended lockdown and new social norms have resulted in skyrocketing demand for various massive open online courses for school students, college-goers, and others. According to a study by FMI, the global massive open online course market is expected to grow at 16.5% CAGR during the forecast period between 2020 and 2030.
The increase in requirement for various open online courses such as humanities, business management, science, and others is propelling the growth of MOOC market across the globe. As massive open online courses offer unlimited participation and open access via web to various courses, they have come to the rescue of student during lockdown amid COVID-19, as educational and corporate institutes remained shuttered to prevent the spread of the virus.
According to the research report published in the 2nd International Conference on Modern Management, Education Technology, and Social Science (MMETSS 2017) on United States, China, and India, in 2016 alone, around 23 million people joined in the MOOC family for the first time. The total number of MOOCs increased to 6,850 in 2017 from over 700 universities in 2016. And this trend is expected to grow further during the forecast period.
FMI offers an exhaustive overview of the market, its growth drivers, and restraints in its market study.
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Some of the key takeaways from the report are highlighted below-
- Demand in MOOC platforms is expected to surge considerably in the coming years
- Education & training courses are set to witness surge in demand which in turn will cater to the market growth
- Post graduates are expected to remain dominant end users of MOOC throughout the forecast period
- North America will lead in the global market with its epicenter in Canada
- South Asia & Pacific will emerge lucrative exhibiting highest rate of growth in the coming years
“With digitization gaining rapid traction, the demand for massive open online course has increased significantly over the past decade. The outbreak of COVID-19 pandemic has further increased the demand for MOOC across the globe. This trend is likely to continue even after the pandemic passes. With governments around the world taking initiatives to make education and training accessible to all, the market is expected to gain impetus in the coming years,” says an FMI analyst.
COVID-19 Impact Analysis
While the market got affected in the on-set of the COVID-19 pandemic earlier this year, the surge in demand for various online courses followed soon after. In order to continue with the respective courses as schools, colleges, and educational institutions remained shut during lockdown the adoption of online education and courses increased substantially.
According to the Organization for Economic Cooperation and Development (OECD), the evidence from web searches also points to the rise in requirement for online training. In Canada, France, Italy, the United Kingdom, and the United States, searches for terms such as online training, e-learning, and massive online open courses increased up to fourfold between end-March and early April 2020 as strict lockdown started in most OECD countries.
Though the world is recovering and about to get back to normal in a couple of years, the inclination towards online courses is anticipated to increase further in the coming years.
Who is Winning?
Competition in the global MOOC market is getting tougher gradually. In order to capitalize on the prevalent opportunities, the market players are designing new education modules and launching online courses to provide quality MOOCs.
For instance,
- EDX launched its new range of MOOCs from the world’s best universities such as MITx, HarvardX, BerkeleyX, UTx, and others in 2020. Their courses covers various topics such as biology, computer, chemistry, science, computer, economics, and others.
- Edureka launched its new range of instructor-led MOOCs along with their 24/7 online demand support to achieve highest course completion rates in the industry in 2020.Their real life projects and personal learning managers ensure that learning goals are meet on time
More Valuable Insights on Massive Open Online Course Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global MOOC market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of component (platform, services), course (humanities, computer science & programming, business management, science, health & medicine, education & training, engineering, and others), end user (high school, under graduates, post graduates, corporate), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, MEA).
View TOC @ https://www.futuremarketinsights.com/reports/massive-open-online-course-mooc-market/table-of-content
Key Questions Answered by the Report
- At what CAGR is the MOOC market expected to grow? According to Future Market Insights (FMI), the MOOC market is expected to grow at 16.5% CAGR during the forecast period between 2020 and 2030.
- Which are the top companies in MOOC market? Some of the top companies in global MOOC market are EDX, Udacity, Edmodo, Edureka, and others.
- Which component type of MOOC is highly sought-after? Platform is the highly sought-after component and is expected to maintain the lead throughout the forecast period.
- Which is the most preferred course in the MOOC market? Education & training is the most preferred course in the MOOC market and is expected to exhibit hegemony in the coming years.
- Which is the largest market for MOOC? Currently North America is the largest market for MOOC followed by Europe.
- Which is the leading end user for MOOC? Post graduates are the leading end user for MOOC followed by under graduates.
- What are the key challenges for MOOC market? Reaching out to the students in the rural and underdeveloped areas is still a point of concern for market players. The lack of proper internet connection, devices, and others often work as restraints to the market in this areas. However, with the various governmental initiatives, investments, and the initiatives taken by the key market players, the market is expected to overcome these restraints in the coming years.