DUBLIN–(BUSINESS WIRE)–The “Massive Open Online Courses (MOOC) Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global MOOC market is projected to grow at a CAGR of 34.54% during the forecast period to reach US$7,209.889 million by 2027, from US$903.418 million in 2020.
Massive Open Online Courses, abbreviated as MOOCs, are free, web-based courses scalable to a large population. MOOCs are gaining popularity among knowledge seekers due to their low cost and lack of eligibility requirements. Additionally, these courses can also aid people in transitioning their careers by gaining new qualitative knowledge and expertise and enhancing their prospects.
MOOCs are segmented into two based on types: cMOOCs, and xMOOCs. Connectivist MOOCs (cMOOCs) accentuate open-access elements like open licensing, content, structure, and learning goals to uplift the reuse and remixing of resources. Extended MOOCs (xMOOCs) use locked licensing for course content while still allowing students free access. Furthermore, the growing trend of digitalization, rapid penetration of smartphones, and flexible accessibility of the internet are adding impetus to the growth of the massive open online course market.
Growing technological advancements, changing trends, and ease of access are expected to propel the MOOC market in the projected period.
In the past two years, in particular, MOOCs have witnessed rapid growth owing to the emergence of multiple MOOC platforms like EdX, Udacity, Coursera, and many others, as they offered free courses from many top-tier universities. The disadvantages of traditional universities, such as high academic prerequisites and exorbitant tuition fees, are also fueling the MOOC market. The pandemic has further increased the necessity for modernized and enhanced learning platforms like MOOCs.
The statistics derived from the report analyzed by the University of Arizona further solidify this development. According to the report, the rate of enrolment in the US increased by a factor of 4.2 in the United States, while India witnessed growth seven times higher than the US, recording a factor of 27.8.
Furthermore, according to Class Central, of the total enrolments in MOOCs ever since their inception, one-third of them were seen in 2020, making it the ‘Year of MOOC’, with over 180 million learners across the globe, excluding China. Enrollment in Coursera increased by 640% in 2020 from mid-March to mid-April. Moreover, as of January 2022, over 900 universities are offering free online courses globally, according to Class Central. Furthermore, of the multiple courses, business and technology amounted to about 40% of the total.
Amid the pandemic, many MOOC providers made their offerings free. Coursera, for instance, provided free public-health courses in 2020, including mental health and wellness, diseases caused by COVID-19, and career development. According to higher officials of Udacity, the platform’s weekly active users increased by 44.8% from March 9 to April 6 and the surge in new enrolments by 73.3%.
The various strategic developments and initiatives taken by MOOC providers and the government are bound to boost the market size.
COVID -19 Insights
COVID-19 had a positive impact on the MOOC market. The mandated lockdowns and closures of schools and campuses have sparked the demand for MOOCs. The negative impact on the economies of several industries also led to several employees being laid off. Consequently, many signed up for free online courses to upskill themselves. For example, 35 million and 15 million new users registered in Class Central edX and Future Learn, respectively, compared to 5 million and 1.3 million in the previous year.
Market Segmentation:
By Platform
By Course
By Geography
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/7hm8aa
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ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
