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MOOC Market Growing at CAGR of 40.1% | Key Players Pluralsight, Coursera, EDX, Iversity, Udacity

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MOOC Market Growing at CAGR of 40.1% | Key Players Pluralsight, Coursera, EDX, Iversity, Udacity

February 24
12:08 2020
MOOC Market Growing at CAGR of 40.1% | Key Players Pluralsight, Coursera, EDX, Iversity, Udacity

Coursera (US), edX (US), Pluralsight (US), Edureka (India), Alison (Ireland), Udacity (US), Udemy (US), Miríadax (Spain), Jigsaw Academy (India), Simplilearn (US), iversity (Germany), Intellipaat (India), Edmodo (US), FutureLearn (UK), LinkedIn (US), NovoEd (US), Open2Study (Australia)…
MOOC Market by Component (Platforms (XMOOC and CMOOC), Services), Course (Humanities, Computer Science and Programming, and Business Management), User Type (High School, Undergraduate, Postgraduate, and Corporate) and Region – Global Forecast to 2023

MarketsandMarkets forecasts the global Massive Open Online Course Market size to grow from USD 3.9 billion in 2018 to USD 20.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 40.1% during the forecast period. The increasing need for scalable open education, global training, and cost-effective education platforms are a major growth driver for the global MOOC market.

MOOC is gradually replacing the traditional education system for high school students by offering them free online courses through various educational institutes. It is being developed and adopted across the globe and presents itself as a transformer of education system. In order to spread awareness of MOOC, most of the universities and governments have taken initiatives by launching MOOC-based projects for the learners from high school to university. The initiative is helping in expanding the reach and horizon of the knowledge.

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The education and training course is projected to grow at the highest CAGR in the MOOC market. MOOC helps reduce attrition rate and disengagement of the students through its interactive platform. MOOC courses equip the faculty and teaching staff of universities and colleges to understand the modern pedagogical approaches required by the learners.

Undergraduate user type is projected to grow at the second highest CAGR in the MOOC market. MOOC for under graduates has brought more interesting and interacting ways of learning through mobile phones, computers, and holographic devices. MOOC is provided to undergraduate students residing in a particular area. It is a college with no residential amenities, often funded by the government. Undergraduate provides MOOC lower-level tertiary education, granting certificates, diplomas, and degrees.

The MOOC market by region covers 5 major regions: North America, Europe, APAC, MEA, and Latin America. North America is expected to be the overall leader in the adoption of MOOC platform and services, followed by Europe and APAC. High investments in digital learning platforms and integrated BI and reporting solutions would drive the MOOC market in North America and Europe. Economic growth, globalization, favorable government policies, and increasing digitalization are expected to drive the growth of the APAC MOOC market. The market players are expanding their operations in APAC to expand their market share.

The global MOOC market is fragmented in nature with many players operating across the globe. Leading players constituting prominent market share include Lynda, Coursera, edX, Pluralsight, Udacity, Udemy, Simplilearn, Alison, and iversity. MOOC companies have adopted several strategies to enhance their market growth including partnerships and collaborations, mergers and acquisitions, and product enhancements and launches. For instance, in October 2018, LinkedIn Learning added more than 100 courses covering areas, such as IT Security, Data Science, Marketing, and Sales, which were designed by different individual authors. In July 2017, Intellipaat launched DevOps training and certification course and certification, a clipped combination of IT Development and IT Operations for IT Developers, IT administration and IT operations professionals.

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The MOOC market comprises major platform providers, such as Coursera (US), edX (US), Pluralsight (US), Edureka (India), Alison (Ireland), Udacity (US), Udemy (US), Miríadax (Spain), Jigsaw Academy (India), Simplilearn (US), iversity (Germany), Intellipaat (India), Edmodo (US), FutureLearn (UK), LinkedIn (US), NovoEd (US), Open2Study (Australia), WizIQ (India), Skillshare (US), XuetangX (China), Federica (Italy), Linkstreet Learning (India), Khan Academy (US), and Kadenze (Spain).

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