Massive Open Online Course Market Witnessing Impressive Growth Owing to the Surge in Demand amidst the Pandemic: FMI
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.
Massive Open Online Course Mooc Market
A recent market study published by Future Market Insights (FMI) on the massive open online...
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.
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.
- 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).
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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