Increasing MOOC Enrollments boost Global MOOC Market Growth
MOOC refers to Massive Open Online Course which as emerged lately and is in the transformation phase. Demand for MOOC is increasing on the backdrop of huge demand of management courses. Corporate customers are primarily responsible for this demand and strongly exist in the key vendor’s portfolio as they are responsible for generating significant revenue in market. Individual customers are the other important revenue generating segment and are known to be responsible for the one-third market. Institutional customers are responsible for less than ten percent of the market revenue.
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Introduction of new courses propels market growth
MOOC providers are focused to expand their reach with various strategies. Some of the primary focus points are integration with universities, addition of new courses and introduction of new degrees. A slew of factors including increased smartphone penetration, rising population of learners, growing awareness for education and addition of new courses propel the global MOOC market. The latest Fact.MR report predicts MOOC market to grow at 35% CAGR during the forecast period 2019-2029. This market was estimated to value below US$3Bn in the year 2019. The growth is going to be very rapid and its value is expected to exceed US$60Bn by the end of 2029.
Past few years have been very promising for the MOOC market as it witnessed huge surge in MOOC enrollments. Fact.MR report highlights the fact that more than 350Mn MOOC enrolments took place in the year 2018. Moreover, total MOOC program enrolments are known to have doubled in the last few years. Total enrollments are estimated to be about a billion by the end of the year 2029. Technical courses that include streams like mathematics, engineering and data sciences led the market in terms of enrollments. 11450 MOOC courses have been recorded worldwide in the year 2019. The increment in courses addition has been very positive and the growth rate between 2014 and 2018 is estimated to be about 50%.
Certificate programs and professional programs form two major course types
MOOC providers are capturing market by introducing various types of courses. Global MOOC market can be segmented in terms of courses and programs into certificate programs and professional programs which contain different degrees. Prominent vendors in MOOC market are exploring further into programs so that they can attract new enrollments with new programs. Programs are being added on certificate as well as professional level and the vendors are equally focused to expand the business in both types. Key vendors are developing strategies to maintain dominance in both types of program.
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Major players in the global MOOC market are developing business models to gain competitive edge in market. MOOC market can be segmented into two primary frame works which are cMOOC and xMOOC. Companies are focused to offer solutions for both the types. Different courses and languages are the primary components of the competitive strategies. MOOC providers are actively collaborating and are tying up with different regional universities to strengthen their regional presence.