Global MOOC Market to Increase Up to USD 255 Million by 2018
MOOC or Massive Open Online Courses are online educational courses which can be accessed by unlimited number of students. These are provided by private companies, non-profit organizations, government institutions and universities across the world.
Massive Open Online Courses (MOOC) are online educational courses aimed at unlimited participation, specially by students and open access through the web.The global MOOC market is expected to grow from around $90 million in 2013 to around $255 million by 2018, due to the heavy demand for affordable online courses worldwide.
These courses are provided by private companies, non-profit organizations, government institutions and universities across the world. While most of them are paid, non-paid courses are also present in large numbers. The paid courses usually cost only a fraction of the offline courses but sometimes, they offer credits and certificates as a normal university would, on the completion of the course. The non-paid courses are usually funded by universities and government and cater to a specific group.
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A wide range of subjects are covered under these courses. The flexibility, with respect to attendance of online classes, taking tests and the duration of the course has increased the demand for MOOC in recent times. The ecosystem for this market involves the software, service providers, the tutor expenses, hardware expenditure, course content licensing expenses, payment gateway provider, and the CDNs.
With the heavy demand for these courses and the need for cheaper education worldwide, these courses are steadily gaining more footage as time is passing by. The market for MOOC has been analyzed with consideration from a number of parameters such as length of the course, the agencies or bodies offering the course, as well as pricing metrics.
Pricing is further classified into various categories such as examination fees, licensing fees, and others that reflect the nature of service associated with it. Apart from the geographical regions, there are key languages that are used to impart MOOC across the globe, which are subsequently identified and analyzed.
IndustryARC has created a report where the key constituents of the MOOC value chain, that is, the universities, hardware providers, payment gateway providers, software providers, content delivery networks, tutoring services, content providers, testing organizations, proctoring services, accreditation providers, and others have been identified. Moreover, individual stakeholders like the universities, government institutions, non-profit organizations, and private companies, have been identified as crucial to the growth of the market. It can be said that this market has great growth potential in the near future.
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