Online learning revenue will reach US$149 billion in 2022
Online education has become a leading industry over the past decade.
According to figures presented by StockApps.com, the online education industry is expected to bring in $148.57 billion in 2022, as online education has become a top industry over the past decade.
Additionally, the industry is moving in the right direction and is expected to grow 10.8% YoY in 2022.
According to data available on Statista, copied to Ghana News Agency, the online education sector is expected to grow at an annual growth rate of 10.68% between 2022 and 2026.
The industry was worth just $65.61 billion in 2017. As shown above, annual revenues are expected to reach $148.57 billion in 2022.
In five years, the size of the industry is expected to grow by 126.4%.
It does not look like the growth rate will slow down in the coming years.
In 2023, the industry is expected to generate $168.03 billion in revenue, indicating annual growth of 13.1%. By 2026, annual revenue is expected to reach $222.99 billion.
Comparing 2017 revenue to 2026 revenue, there will be a 240% increase. Consequently, the e-learning industry is expected to more than triple its revenue within a decade.
The e-learning sector mainly includes online university education, e-learning platforms and professional certificates.
Most of the industry’s revenue is generated by online university education, while the contribution of professional certificates is minimal. In 2022, online college education will generate $86.63 billion in revenue, or 58% of all industry revenue.
E-learning platforms will bring in $57.25 billion in revenue, or 38.5% of overall revenue. The remaining part is allocated to professional certificates.
In 2026, the share of university education online is expected to increase to 68%, while the share of online platforms is expected to drop to 28%.
The United States is currently the undisputed leader in the online education sector. The US market will produce $62.3 billion in revenue in 2022.
China is the second largest market and is expected to generate $46.9 billion in revenue. The United Kingdom ranks third with an estimated figure of $8.1 billion.
The Indian market is expected to produce $4.8 billion in 2022. Given its size, India is expected to experience rapid industry growth in the coming years. Canada finishes in the top five with $4.2 billion in revenue.