In our fast-changing world, information technology greatly impacts human life. Many activities were taken offline - now drifting to the online sphere more and more. In past years, during the so-called e-revolution was invited e-mails, e-commerce, e-government, etc. The speed of life goes up, and processes change so fast; as a result, technologies change to give people time to do many things.
The consequence of changing life and technology creates for humans a new challenge to continuously learn new skills, be in the education pipeline and create careers simultaneously.
Of course, information technologies help to pass this obstacle too by inviting e-learning or online education technologies—this new approach transforms how we learn and teach. Having a vast potential, educational technologies have become one of the most perspectives industrial domains in the last decades.
This topic presents the current state of the online education market, why people choose to learn remotely and online, and, additionally, the forecast of the online education market based on statistics and analytics.
Here at DevaOne we think that the root cause of the changes in the education industry is the result of the tectonic shifts in business processes over the last years and, as a result, an updated labor market.
So, let's start our discovery of the online education market from the labor market of high-tech industries.
Labor Market In High Tech
More and more different industries get the digitized year over year. New online or mobile software applications released to the market by multiple companies. Many organizations developed modern AI services to serve different aspects of human life. The cloud-based infrastructure is used as a base for most of those applications.
As a result, more and more software, DevOps, QA engineers, and other IT specialist are required by the global market to implement new ideas and maintain the existing platforms. And the required number of experts, based on the statistics and analytics, will increase year over year.
Statistical information shows there were 24.5 million software engineers worldwide in 2020, and the number of specialists will grow fast in the future. By the forecast, the software engineering market will require 28.7 million developers in 2024.
The significant impact of the digitalization process caused COVID-19. Temporary isolation from physical contact boosted people's need for new solutions to do business remotely. Additionally, metamorphoses during the pandemic brought a lot of traditionally offline human activities to online platforms, mostly left online even after the pandemic was over.
In January 2022, the number of software engineers only in the USA was 2.9 million, which is one of the most impressive records over the last years.
Students' Choice In Education
As a result of the multiple factors such as digitilizing, new age technologies development, and generally increased speed of human life processes in current days, the students have to be in continuous learning mode.
Some have to learn new skills to improve their careers; others have to learn new professions because of weak perspectives in their current one. Others prefer to get educated in specific colleges or universities far from their location.
Additionally, many students must balance their education between household obligations, work, or family.
The consequence for students, because of the mentioned points here and many others out of the scope of this topic, is the choice as the primary learning option the online education.
As shown in the presented charts for the US, the students choose online education for well-explained reasons. The same situation is available for the entire world, as illustrated in the chart below:
Online Education Market In The World
The new age of digital technologies and the COVID-19 pandemic has changed the teaching-learning ecosystem by rapidly improving the quality of online education systems and involvement in global educational technologies.
This situation showed the strengths and weaknesses of education systems facing the challenge of digitalization. Although the rapidly spreading coronavirus harshly affected all businesses, the online education system surprisingly showed lucrative growth opportunities amid the threatening pandemic. As a result, the worldwide Online Education Industry is expected to grow with a double-digit CAGR of 13.8% during 2021 -2027.
The same forecast gets proved by analyzing the investments in the online education industry in the last years.
The market of online education will be one of the most perspectives markets for the next several years. This results from requirements from the labor market, changed lifestyles after the COVID-19 pandemic, and frequently changed technologies in IT, calling people to learn new skills constantly.