Analysts from the Barometer research project conducted a study of the online education market and discovered that over the year the percentage of founders of online education projects who had no previous experience in the education field increased and such founders still make up the majority. This means it is still easy to enter the market, the analysts say.
One of the notable differences between the most successful projects is that such schools are twice as likely to educate for digital professions (32% of respondents) and provide training in business skills 1.5 times more often (30%). In addition, they focus on long-term training from three months (29%) to one year (28%). Before launching the course, 60% of respondents test the demand and only after that create a product - this is 1.4 higher than the average for all schools. When setting the price for a product, educational projects are primarily guided by the cost of content production, additional costs and markups, but at the same time they try to keep competitors in sight.
The entrepreneurial approach of project founders is also significant: they are focused on sales, increasing the company’s capitalization and entering new markets.
According to the latest EdMarket estimates, the global online education market at the end of 2019 amounted to $205 billion, and by 2023 it may reach $282 billion. This year, the online education industry has experienced rapid growth and transformation, but it is still relatively young. The rapid growth in the number of players on the market has been observed since 2017. According to the representative of Barometer project, the influx of new players is weakening and the market is becoming more mature, but it still remains fragmented.