Online tutoring marketplace to reach $60 billion by 2023
The global K-12 online tutoring market size is poised to reach USD 60.03 billion by 2023, according to a new report by global technology research and advisory company Technavio.
The growing importance of STEM education and the strong global demand for test preparation is anticipated to boost the growth of the market during the forecast period, it said.
Job opportunities in science, technology, engineering, and mathematics (STEM) fields have led to an increase in demand for STEM education, leading to an increase in online education.
“Students must have basic STEM education to prepare for competitive examinations in countries such as India,” it said.
“Parents, students, and various stakeholders are placing greater emphasis on basic STEM education in schools.
“As a result, the number of students enrolling in K-12 online tutoring classes, at the start of their secondary education, is expected to increase further in the forthcoming years.”
It also suggests that a range of standardized tests, such as SAT and American College Test (ACT), are conducted for admission into higher education institutions in the US.
These admission tests are encouraging students to enroll in K-12 online tutoring programs, it said, with test preparation driving enrolments in online K-12 tutoring programs in future.
“The global K-12 online tutoring market is a contributing segment of the global education market,” part of its 126-page research report reads.
“Privatization in the education industry is strengthened by the increasing role of profit-oriented private organizations globally.
“In online tutoring, students can communicate with tutors through a pre-determined schedule or on-demand.
“The demand for online tutoring services is rising among K-12 students as it offers several benefits, such as easy interaction, real-time feedback, and improved learning processes”