Online education has become a prominent industry during the past decade. According to the numbers presented by StockApps.com, the online education industry is set to make $148.57 billion in 2022. Furthermore, the industry is headed in the right direction and is expected to grow by 10.8% year on year in 2022.
According to the data available on Statista, the online education sector is expected to grow at an annual growth rate (CAGR) of 10.68% between 2022 and 2026. The industry was worth only $65.61b in 2017. As stated above, the annual revenues are expected to grow to $148.57b in 2022. In five years, the industry’s size is expected to grow by 126.4%.
It doesn’t appear that the growth rate will slow down in the coming years. In 2023, the industry is expected to rope in $168.03bn in revenue, indicating a Y-o-Y growth of 13.1%. By 2026, the annual revenues are expected to reach $222.99b.
Comparing revenues from 2017 with those from 2026, there will be an increase of 240%. Therefore, the online education industry is set to more than triple its revenues in the span of a decade.
The online education sector mainly consists of online university education, online learning platforms, and professional certificates.
Most of the industry revenue is generated by online university education, while the contribution from professional certificates is minimal. In 2022, online university education will earn $86.63b in revenue, making 58% of the entire industry revenue. Online learning platforms will bring in $57.25b in revenue – 38.5% of the overall revenue. The remaining share is attributed to professional certificates.
In 2026, the share of online university education is expected to increase up to 68%, while the share of online platforms is expected to drop to 28%.
The United States is the clear leader in the online education sector currently. The United States market will produce $62.3b in revenue in 2022.
China is the second most prominent market and should generate $46.9b in revenue. The United Kingdom is in the third spot with an estimated figure of $8.1bn.
The Indian market should produce $4.8bn in 2022. Considering its size, India should witness rapid growth in the industry in the coming years. Canada finishes off the top five with $4.2bn in revenues.