Virtual Classroom Market Scenario:
The rising costs of education and pending student loans is calling for a need to make basic education affordable for students irrespective of race or creed.
Virtual classrooms offer an online environment for students to share notes, interact with their peers and teachers, and communicate openly from the comfort of homes or classrooms in selective colleges. The online virtual classroom market report by Market Research Future (MRFR) outlines latest events and trends while keeping an unbiased outlook.
The global Virtual Classroom Market size can touch USD 12 billion by 2023, expanding at 10% CAGR from 2017 to 2023 (forecast period). Mobile applications are the primary driver of the market. This can be attributed to its approval in classrooms to encourage learning. The affordability of smartphones in developing and developed economies can contribute to the market growth as well. Lessons in the form of audio formats, video presentations, and online quizzes are likely to entice students.
Collaboration between students and teachers is another major market driver. The application offers a secure platform for students discuss ideas in a secure forum and team up on group projects. Gamification of lessons and options of asynchronous and synchronous learning options can push the global market to new heights.
But data storage and privacy concerns can impede market growth.
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Key market players include Canvas, SAP SE, Bluevolt, Brainier, Saba Software, Edvance360, Skyprep, Oracle Corporation, BrainCert, and Docebo.
The global virtual classroom market is segmented by type, service, deployment, application, and organization size.
• By type, it is segmented into teleconferencing, combination of teleconferencing and world wide web, and world wide web. Teleconferencing is expected to gain major shares in the virtual classroom market due to features of toll-free services and dial-in access facilities which can be used in assigning classes at short notice.
• By service, it is bifurcated into managed service and professional service.
• By deployment, it is segmented into cloud and on-premise.
• By application, it is segmented into enterprise/business education, IT & telecommunication, school & college, healthcare, professional services, and government.
• By organization size, it is segmented into large organization and small and medium organization.
Geographically, the global virtual classroom market spans Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW).
The APAC region will be highly lucrative for the market owing to high adoption of novel classroom techniques across colleges and institutes in developing economies. Presence of various educational institutions and large number of vendors offering solutions and services in India, Japan, and China are likely to boost market growth. Rollout of supportive education policies which encourage education among the youth can be a deciding factor within the market. This is exemplified by the local state government in India expending close to USD 4.3 billion in 2019 for digitizing education.
North America can exhibit a stupendous growth rate due to the integration of artificial intelligence and virtual reality to enhance lessons. Heavy investments in the education sector due to bad student loan debt and high demand for cutting-edge solutions can augur well for the market.
The European region can be beneficial to the global virtual classroom market thanks to large scale purchases of interactive whiteboards and inclination towards higher learning. Adoption of technology-driven solutions and interactive software are other factors expected to drive the regional market.
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In 2019, the Indian government allotted permission to colleges in Goa to offer online courses in order to reduce unemployment numbers. The establishment of 4 virtual classrooms will be used for imparting education and stand as a platform for sharing ideas and presentations in real-time.
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