The Massive Open Online Course (MOOC) market is accelerating rapidly owing to the burgeoning need for highly economical and scalable open education to enable learners’ access education platforms across the globe. MOOCs have been witnessing immense adoption owing to the tighter embrace of virtual living by millennial coupled with cheaper Internet, which is likely to fuel growth in MOOC market in forthcoming years. However, the low completion rate of MOOC is expected to hinder the growth of MOOC market.
The proliferating demand for highly flexible learning courses is necessitating the uptake of MOOC specifically among the corporates, who are increasing adopting MOOC as employee engagement and development programs. Further, several MOOC providers are embracing XMOOC platform over the counterparts owing to the diverse learning alternatives being offered by this platform.
MOOC market has been providing immense scope of learning to individuals, who fail to get enrolled themselves in regular courses due to personal reasons, such as financial crunches. The leading players in MOOC market are vying to offer highly customized, flexible and informative MOOC to expand their foothold in MOOC market.
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MOOC Market- Notable Developments
Some of the leading players operating in MOOC market are Coursera, LinkedIn, Khan Academy, edX, Inc., Kadenze, Edmodo, Instructure, Inc., FutureLearn, Jigsaw Academy, Udacity, Inc., Intellipaat, Simpliearn, iversity Learning Solutions GmbH, Miríadax, Pluralsight, WizIQ, Alison, and Udemy.
- In November 2017, Amercian multinational company General Electric joined hands with Microsoft Corp to provide free online technology courses to residents of Massachusetts.
- In 2017, the Indian government launched a MOOCs platform named SWAYAM to offer virtual classrooms in remote parts of the country using internet and satellite connectivity. SWAYAM hosts courses up to postgraduate levels in wide range of fields, such as engineering and law.
MOOC Market- Market Dynamics
High Demand from Corporates Reinforcing Market Growth
MOOCs are increasingly and positively impacting corporates, with MOOC designers focusing on establishing highly sustainable business models. Several leading players in MOOC market have been developing offerings targeting the corporate sector. Amid the rapidly shifting corporate landscape in line with the continuing need to upskill and reskill, executives and companies are increasingly realizing that learning curve is linked to earning curve.
Thus, they are opting for MOOCs, as they make a viable and cost-efficient option. To capitalize on this growing trend of organizations beginning to embrace MOOCs for an array of purposes, such as corporate training, event marketing, and recruiting, market players are designing corporate-growth focuses highly flexible MOOCs.
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Instant Availability, Easy Accessibility & Affordability Underpinning Gains in MOOC Market
As MOOCS are readily available courses conducted by highly-qualified lecturers and professors from world class universities, they are increasing gaining traction of learners eying at flexible courses. The gains in MOOC market can be further attributed to easy accessibility of MOOC from anywhere and anytime for learners from any group with access to Internet connection. Furthermore, the considerably reduced costs or even free of costs MOOC in some cases as compared to traditional courses have been growing the demand for MOOC across the globe.
Unique Offerings Remain Growth Expansion Strategy
Amid the rigorous competition in MOOC market coupled with concerns pertaining to strong bandwidth Internet, market players are focusing on designing resources which can be assessed in settings that are less well-equipped. To address this significant challenge, market players are offering options for low definition MOOC videos, video transcripts, audio-only versions supported by slides, and other ways of decreasing access requirements.
Concerns Related to Learning Outcomes & Effectiveness Restraining Market Growth
Despite widespread adoption of MOOCs by several leading universities and business organizations, MOOC is still not considered as ‘main stream’ option for academic and corporate learning. The growing concerns pertaining to the learning outcomes and effectiveness continue to make it difficult for market players to expand their foothold in MOOC market. Moreover some individuals and corporates believe that reliance on virtual interactions will result into isolation and disengagement, further resulting into widespread poor performance or even opting out of the course altogether.
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The vast MOOC market research data included in MOOC market study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from MOOC industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The MOOC market report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of MOOC market value chain. A separate analysis of macro- and micro-economic aspects of MOOC, regulations, and trends influencing the overall development of MOOC market is also included in the report.