As technology makes advancements and smart phones become more accessible, the demand for accessible and affordable open education for employees as well as students grows. This factor is expected to propel the global MOOC Market forward in the years to come. Even while the massive open online courses (MOOCs) field has grown more fascinating over time, it is still plagued by a daunting issue of completion rate, which is likely to limit growth of the market. For MOOCs to come up as a genuinely successful business paradigm, this problem must be resolved.
Gamification in the MOOC platform encourages pupils to participate in the course whilst also promoting competitiveness amongst students, resulting in increased demand in the global MOOC market. The absence of mentorship as well as personal supervision for students studying through massive open online courses (MOOCs) utilizing online platforms is likely to pose a barrier toward the expansion of the global MOOC market in the years to come. Massive open online courses are considered the last chapter of remote education, as they provide public educational materials to students across the globe. They are developed to be accessible to a wide pool of online crowds, with open engagement and no formal prerequisites, to empower millions of people all over the world with the chance to learn via hundreds of private as well as public colleges and institutions.
MOOC Market: Summary
The COVID-19 pandemic has changed the dynamics of numerous sectors to a large extent. The novel coronavirus outbreak has prompted an unprecedented shift to online teaching at various institutions around the globe. Thus, taking into consideration the various growth factors, the global MOOC (Massive Open Online Courses) market is expected to display expansive growth across the forecast period of 2020-2030.
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Massive open online courses are distant learning courses that can be accessed over the web by a large populace. These courses also provide a certificate of completion at minimal prices after the course is complete.
The global MOOC market report provides a systematic study to the stakeholder on numerous parameters of growth such as competitive scenario, regional assessment, and notable trends. The researchers have closely studied and monitored the COVID-19 impact on the MOOC market and have been inculcated in the report. Furthermore, the report also highlights the pain points so that the stakeholder can design the business strategy accordingly.
MOOC ((Massive Open Online Course) Market: Competitive Scenario
The MOOC market comprises numerous players that invite considerable competition. The players in the MOOC market are trying to upgrade their services and features to facilitate a seamless experience for the end-user. The government support for the efficient functioning of MOOCs through expanding broadband connectivity across remote and rural regions is also bringing considerable growth opportunities for the MOOC market to magnify its consumer base.
Collaborations and partnerships with renowned organizations are important for the players in the MOOC market to imply quality training and teaching. For instance, IBM and National Skill Development Corporation have joined hands to provide training on emerging technologies such as Blockchain, Artificial Intelligence (AI), and machine learning. Such developments bring extensive growth opportunities.
MOOC Market: Well-Established Participants
- Khan Academy
MOOC Market: Recent Investments
Novel investments are seeping in the MOOC market due to the growing influence of online learning across the globe. Coursera enrolments have recorded a rise of a staggering 640 percent from mid-March to mid-April in 2020 as compared to the same period in 2019. The SARS-CoV-2 outbreak has led a considerable populace to stay-at-home and online courses are gaining substantial traction. This has resulted in generating interest among a plethora of investors. Here are some important developments regarding investments.
- DST Global is in talks with Byju, an Indian online education startup in regards to an investment of $400 mn
- Coursera raised an additional $130 mn investment due to the boost in massive open online courses during the pandemic
- Arkademi recently obtained an undisclosed investment from SOSV, a U.S. based VC firm to revamp its operations
These investments signal the expanding clout of the MOOC market and the potential to generate great growth.
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MOOC Market: Offerings and Features Attracting Tremendous Growth
The players in the MOOC market are offering novel features and forging collaborations with renowned organizations for attracting sales and improving the subscriber count. This factor is eventually inviting growth for the MOOC market.
- Udacity announced free technology courses for a limited time in MOOC format
- Coursera is offering free certificates for 115 courses
- EdX has started MOOC-based degree programs by collaborating with varied renowned universities
MOOC Market: Geographical Assessment
North America may serve as the largest growth contributor during the forecast period of 2020-2030 due to the large-scale presence of a plethora of prominent solution vendors such as Coursera and Skill share. The influence of the pandemic is also bringing extensive growth opportunities in the region.
Asia Pacific may also evolve as an enormous growth generating-region for the MOOC market. Skill share recently announced that it had seen 300 percent month-on-month growth in users across India from February to April. The growth accrued due to the popularity of short-term courses in a densely populated country like India may provide good growth opportunities. In addition, the recent changes in education policies may also incur great growth opportunities for the MOOC market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
TMR has a track record to provide ace market research solutions that has earned us the trust of our clients for their business intelligence needs. Serving 13 industry verticals with a database of over 1,000 reports and 1 million + data points, our expanse to provide market research solutions is exceptional. We deep dive for a thorough understanding of the subject, gather precise information, and then analyze it to present solutions that are par excellence.