As the demand for skills increases in the job market, online courses are becoming increasingly popular with students and working professionals. The learners prefer online courses due to their various benefits including convenience, flexibility and advanced curriculum.
According to data by ‘Statista In 2024, the online education sector is expected to generate US$166.60 billion in revenue.
Market volume is anticipated to reach US$238.40 billion by 2027, with revenue estimated to expand at a 9.37% annual rate (CAGR 2024-2027). This demonstrates that the demand for online courses will continue to rise sharply. Institutions are encouraged to start offering online courses for a number of reasons.
Here are 6 reasons why institutes should consider delivering an online course from 2024-
1. Students are preferring to learn about more than one domain or skill🧑🎓
In today’s fast-paced world, students are looking to broaden their horizons and explore multiple domains or skills. Students want to be equipped with knowledge and skills in diverse fields to increase their employability prospects.
Online courses offer a flexible way for students to learn about different subjects or skills without disrupting their existing academic schedules. By delivering online courses, institutes can cater to the needs of students who are looking to explore more than one domain or skill.
2. UGC has given a mandate for students to take two full-time degree courses, opening up the way to thousands of students to full-time online courses 💻🎓
The University Grants Commission (UGC) of India has recently given a mandate for students to take two full-time degree courses simultaneously. This move has opened up new avenues for students who wish to pursue online courses along with their regular academic programs.
With this mandate, thousands of students can now opt for online courses without worrying about conflicting schedules. Institutes can capitalize on this opportunity by offering a diverse range of online courses to students. This is a chance for institutes to serve a larger number of students while adhering to the regulations.
3. Majority of jobs are demanding multiple skills, extending the online course need to corporate employees 👥💼
The job market is becoming increasingly competitive, and employers are looking for candidates with multiple skills. Corporate employees are expected to be proficient in different areas and be adaptable to changing work environments.
Online courses offer an excellent opportunity for employees to enhance their knowledge and skills in various domains, thus increasing their employability prospects. Institutes can target corporate employees by delivering online courses that are tailored to meet their specific needs.
4. Students and corporate employees are following the approach of continuous learning, and online courses are thus becoming a preferred way of learning 👨🎓👩🎓
In today’s knowledge-based economy, continuous learning is critical for career growth and success. Students and corporate employees are adopting a lifelong learning approach to stay competitive in their respective fields.
Online courses offer a convenient and cost-effective way for learners to continue their education and stay updated with the latest industry trends. By delivering online courses, institutes can cater to the needs of learners who are looking to engage in continuous learning.
5. Online courses are mostly self-paced and thus attract corporate employees and students engaged in other full-time courses 💻📈
One of the biggest advantages of online courses is their self-paced nature. Learners can access course materials at their convenience and complete assignments at their own pace. This flexibility is particularly attractive to corporate employees and students who are engaged in other full-time courses.
Online courses allow learners to balance their academic or work commitments while pursuing additional knowledge or skills. By delivering online courses, institutes can offer a convenient and flexible way for learners to pursue their educational goals.
6. With online courses, the institute can outreach and serve education to a larger number of learners 📚🌍
Online courses offer an excellent opportunity for institutes to reach out to a larger number of learners. Institutes can offer online courses to learners across different geographical locations without the constraints of physical classrooms.
This means that institutes can serve education to a larger number of learners, including those who may not have access to traditional classroom education. By delivering online courses, institutes can expand their reach and cater to a diverse range of learners.
Online learning has become an integral part of the education industry, and institutes must adapt to this shift. By delivering online courses, institutes can cater to the changing needs and preferences of learners. Online courses offer a flexible, cost-effective, and convenient way for learners to pursue their educational goals. Institutes can capitalize on this opportunity.
In the corporate sector, online learning is expected to play a crucial role in upskilling and reskilling employees. The trends in eLearning highlight that the increasing demand for personalized learning and the need for cost-effective training solutions are driving the growth of the corporate e-learning market.
Overall forecast statistics for the online education industry highlight the significant growth opportunities for educational institutions, the corporate sector, and individual learners. By delivering online courses, institutes can tap into this growing market and cater to the changing needs and preferences of learners. The adoption of online learning is expected to accelerate in the coming years, and institutes must adapt to this shift to remain competitive and relevant in the education industry.