Online education is a growing trend in the world. With more and more people adopting this new trend, you must familiarize yourself with the basic data of the industry.
The market size for online education has been increasing at a rapid rate over the past few years. This article will highlight some of the major statistical records to look out for concerning online education and its progressive evolution.
Important Statistics to Know
Below are some of the most important online education statistics to know:
Online education revenue in 2022
Global online education revenue is expected to reach $146.90 billion by the end of 2022, according to a report by Statista (the world’s most reliable market report website). Revenue is projected to show an annual growth rate of 10.17%, leading to an estimated volume of $238.40 billion in the next five years.
The industry’s largest segment is online university education, which is estimated to yield a market volume of $85.50 billion in 2022, with an average revenue per user generation of $0.20k by the end of the year. Going by global comparison, the United States is the country set to generate the most revenue, with an estimated $61,300m by the end of 2022.
Students prefer to learn via video than text
Video learning is a good way to learn, and students prefer to learn via video rather than text.
In a recently conducted survey, 83% of respondents (all students) preferred watching a video to accessing information or instructional content via text or audio. The reasons for this preference are not far-fetched. Learning with videos allows students to uniquely adapt different effective learning methods, some of which include:
- Visual processing: The brain is said to automatically respond faster to visuals, therefore, learning via video enables students to process data more accurately and quickly.
- Demonstrations: Videos are full of animations that demonstrate a process or story. Concepts that are initially difficult to understand become simplified when people watch their demonstrated processes.
- Self-study: When text is used as a means of study, there is often a limited perspective, which is usually the author’s perspective. However, when using videos, the student’s imaginations are left to run wild, leaving a powerful impact on the brain.
- Contextualization: Representation matters a whole lot in learning, and videos allow for diverse representations of real-world dynamics.
Global eLearning market statistics
Worldwide eLearning market statistics are growing at a rapid speed. Over 90% of companies in today’s world use eLearning software. Despite being at $214.21billion in 2021, the global market projection is set to hit more than twice this figure by 2026.
Recently, North America has been declared to be the region with the biggest eLearning market in the world, with the United States generating the most value within the region. It is expected that the market will increase to $12.81billion by 2024.
The rising trend is likely due to two factors:
- The popularity of online education and
- The flexibility it offers enables tons of people to choose this new study technique as it offers them an opportunity to balance school, work, and other social activities. Through this, you can do my math homework for me with ease and increased flexibility.
There are currently over 92 million people learning online on Coursera
Online education is a growing global trend, much of which gained widespread popularity during the months following the pandemic.
Using Coursera as a case study: In 2020, the total number of registered learners was 71 million – a figure which significantly rose to 92 million in 2021. The total number of enrollments stood at 143 million in 2020, however, this increased to 189 million in 2020.
The above statistics prove that online learning is experiencing a rapid upward trend. By 2029, it is predicted that the number of people studying online will surpass 2 billion.
Conclusion
There are many different types of studies and reports out there that give us insight into what might happen in the future with technology. As a student, you need to know the statistics on online education. You need to make sure that you are getting the best education possible. If you want to find out more about online courses and their benefits, then this article has helped answer your questions.
