Global Online Self-Study Market Outlook Report 2023-2028: Interactive Videos, Simulations, VR, and AR Set to Transform Online Learning

DUBLIN, Nov. 9, 2023 /PRNewswire/ -- The "Global Online Self-Study Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global online self-study market is expected to reach a value of $330.94 billion by 2028 from $146.17 billion in 2022, growing at a CAGR of 14.59% from 2022 to 2028

The global online self-study market is fiercely competitive, characterized by the presence of numerous players vying for market share through the introduction of innovative products and services.

Some prominent players in the global online self-study market include Blackboard, British Council, Oracle, Pearson, Aptara, Adobe, Skillsoft, and NIIT. These companies face stiff competition not only from each other but also from other players in the broader online education sector. Pricing strategies also pose challenges, as companies need to strike the right balance to attract and retain customers while maintaining profitability.

As of 2022, North America led the global online self-study market, accounting for over 46% of the market share. This dominance is attributed to the region's well-established learning infrastructure and the adoption of innovative learning methodologies. The United States and China emerged as the two largest marketplaces for online self-study in terms of revenue. However, the Asia-Pacific (APAC) region, particularly India and the Middle East & Africa, is expected to exhibit substantial growth potential during the forecast period.

The increasing integration of artificial intelligence (AI) and machine learning (ML) in the online self-study market is a transformative trend. AI and ML algorithms can analyze extensive learner data, including preferences, learning styles, strengths, and weaknesses. This data-driven approach enables platforms to deliver personalized learning experiences by recommending relevant courses, modules, or resources tailored to each learner's unique needs. Learners benefit from a customized learning path that optimizes comprehension and retention of the material.

Furthermore, the rollout of 5G technology is a significant driver of growth in the global online self-study market. 5G offers significantly faster and more reliable internet connectivity compared to previous mobile network generations. This high-speed connectivity enables uninterrupted streaming of educational content, including videos, lectures, and interactive materials. Learners can access and engage with online self-study resources without disruptions or buffering delays, enhancing the overall learning experience.

The increased bandwidth and lower latency of 5G also enable online self-study platforms to provide richer multimedia content. High-quality videos, simulations, virtual reality (VR), and augmented reality (AR) applications become more accessible and immersive, allowing learners to interact with dynamic and engaging learning materials.

This enhanced multimedia learning experience has the potential to significantly improve the comprehension and retention of complex concepts.

INDUSTRY RESTRAINTS

Limited Interactivity & Engagement

One of the challenges faced by the online self-study industry is limited interactivity and engagement. Interactivity and engagement are crucial factors for effective learning. When studying online, learners often miss out on the benefits of face-to-face interactions, such as immediate feedback, dynamic discussions, and peer collaboration. These elements can enhance understanding, deepen knowledge, and promote critical thinking.

Online self-study courses often rely on pre-recorded videos or written materials. While these resources can provide valuable information, they typically lack personalized feedback. Learners may have questions or need clarification, but obtaining timely and tailored feedback becomes difficult without direct interaction with instructors or peers.

Effects of Looming Recession

The global online self-study market has experienced steady growth in recent years, driven by factors such as the increasing penetration of technology in education, the growing demand for affordable and flexible education options, and the need for upskilling and reskilling in a rapidly evolving job market. However, an impending recession could significantly impact the growth trajectory of the global online self-study market.

INSIGHTS BY DELIVERY MODE

Online self-study encompasses various courseware and content delivery services for various end-user applications. Packaged content, LMS, and other emerging learning avenues, including serious games and gamified mobile applications, are the most prominent.

Other important learning models increasingly gaining prominence include video-based learning, virtual classrooms, social learning, gamification, and simulations. Of all these, gamification and virtual classrooms stand out due to their high engagement level and perceived effectiveness.

Packaged content encompassing ready-to-share e-books, videos, and simulations has existed since the conception of online learning platforms. Packaged content dominated the global online self-study market in 2022, followed by the LMS system, enabling easy collaboration of content, testing material, and information exchange among peer groups in the academic and corporate worlds.

INSIGHTS BY FUNCTION

The function of online self-study courses can be broadly divided into the following two categories: training and testing. The training function facilitates the learners with lectures (live or recorded) along with necessary notes or other relevant content. Testing plays a vital role in measuring the grasping capacity of a learner. It also certifies how well a student has learned a particular subject or course. In 2022, the global online self-study market was dominated by training functions.

INSIGHTS BY LEVELS

In the online self-study market, educational content and resources are often designed to cater to learners at different proficiency levels, including beginners, intermediate, and advanced learners.

Online self-study platforms offer comprehensive resources for beginners starting their learning journey in a particular subject or skill. The beginners level held the largest share of the market in 2022. The beginner level in the market comprises individuals new to the subject or skill. Many people interested in exploring a new field or career path will start at the beginner level.

They seek accessible and beginner-friendly content that helps them acquire a new skill or hobby. Professionals who want to switch careers or acquire new skills relevant to their current job may start at the beginner level. They look for courses that equip them with the necessary knowledge and skills to advance in their careers.

INSIGHTS BY END-USERS

The global online self-study market by end users is broadly divided into K-12, higher education, corporate, government, and vocational. The corporate segment held the largest share of around 34% in 2022.

Corporates use Online Self-Study to upskill, reskill, and enhance the value of employees across organizations. They are constantly looking to increase the effectiveness and efficiency of their workforce. There is a constant requirement to upskill the existing personnel. Online Self-Study provides essential skills to employees and makes them more valuable to the company.

KEY QUESTIONS ANSWERED:

• How big is the online self-study market?
• What is the growth rate of the global online self-study market?
• What are the growing trends in the online self-study market?
• Which region is expected to have the highest global online self-study market growth rate?
• Who are the key players in the global online self-study market?
• Which end-user accounted for the largest global online self-study market share 2022?

Premium Insights

Evolution In The Education Industry

• Transition In Digital Learning
• Effects Of Looming Recession

Value Chain Analysis

• Content Creation
• Technology And Platform Development
• Marketing And Sales
• Distribution
• Support & Feedback

Market Opportunities & Trends

• Soaring Popularity Of Mobile Learning
• The Gamification Revolution In Online Self-Study Market
• Increasing Use Of Ai And Machine Learning

Market Growth Enablers

• Increasing Need For Upskilling And Lifelong Learning
• Rising Online Self-Study Amidst Chaotic Lifestyles
• Introduction Of 5G Technology
• Continuous Investment In Digital Learning

Market Restraints

• Inadequate Internet Bandwidth In Low Middle-Income Countries
• Availability Of Free Content
• Rising Demand For Instructor-Led Courses
• Limited Interactivity And Engagement

Key Company Profiles

• Adobe
• Aptara
• Blackboard
• British Council
• Coursera
• NIIT
• Oracle
• Pearson
• Skillsoft
• Udemy

Other Prominent Vendors

• Age of Learning
• Babbel
• BenchPrep
• Blinkist
• BYJU'S
• Cengage Learning
• Cisco Systems
• Chegg
• Cornerstone
• Codecademy
• CreativeLive
• DataCamp
• D2L
• Docebo
• Domestika
• Duolingo
• edX
• eLearn Australia
• Estacio
• FutureLearn
• GP Strategies
• General Assembly
• GoSkills
• Instructure
• iHASCO
• ITPro
• John Wiley & Sons (CrossKnowledge)
• Litmus
• LinkedIn (Microsoft)
• 360Learning
• LearnQuest
• Learnetic
• McGraw Hill
• MasterClass
• Macmillan Education
• NVIDIA
• OpenSesame
• Pluralsight
• Thomson Reuters
• Rosetta Stone
• Simplilearn
• Skillshare
• Sorting Hat Technologies (Unacademy)
• Tracxn Technologies
• Treehouse Island
• Teachlr
• Udacity

For more information about this report visit https://www.researchandmarkets.com/r/w5lroj

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