The MOOC market is gaining significant traction on the back of flexible learning and availability of micro & nano courses as employee engagement & development programs. A new study report reveals that the MOOC market will hit a valuation of ~US$ 65 Bn by 2029.
MOOC has been witnessing immense adoption in various enterprises due to a strong consumer interest in convenient and portable learning options. Rapidly growing educational costs & the increased requirement for higher education to secure a job creates demand for an economical education system. This, in turn, is giving impetus to the growth of the MOOC market over the forecast period.
Key Takeaways of the MOOC Market
- In 2018, Business & Management courses generated more than 17% revenue in the market, owing to the high cost of degrees from the world’s leading business schools. However, the cost is still lesser than the regular academic classes.
- Over 950 universities have seamlessly integrated with MOOC providers, out of which close to 250 universities offer more than 10 different courses. The number of universities that offer more than 100 courses has been less than 25 till 2019
- In the last 3 years, with the addition of more than 2,200 courses per year, the overall MOOC offerings have increased from around 1,050 in 2014 to more than 11,000 courses in 2018.
- MOOC providers who have a strong foothold in the market are generating 30% more revenue while emerging providers show above 40% growth in revenue generation in 2018.
- Overall, the MOOC market is likely to create an absolute value opportunity of more than US$ 62 Billion during the forecast period, adding 20X times more value in 2029 as compared to 2019
Paradigm Shift towards Low Internet Bandwidth and Regional Language Courses
MOOC adoption is facing a major challenge due to low internet bandwidth. To address this significant challenge, market players are focusing on designing resources which can be accessed on low internet bandwidth. Towards, this, providers are offering low bandwidth solutions such as low definition MOOC videos, video transcripts and audio-only versions supported by slides. To gain a competitive edge, providers are offering courses in regional languages.
For instance, Miríada X, a regional provider offers more than 490 courses in Spanish & Portuguese, created by the leading universities in Spanish and Portuguese speaking countries.
Some providers are focusing on creativity & arts education instead of mainstream education. For Instance, Kadenze, a platform that specializes in creative and arts education, partners with some of the best art institutions and universities around the world to optimize its arts education offering.