LONDON--(BUSINESS WIRE)--The virtual schools market in North America is expected to grow by USD 181.56 thousand during 2020-2024, decelerating at a CAGR of about 6%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Virtual Schools Market in North America: Need for cost-effective teaching model to drive growth
Virtual schools reduce the learning costs for students as it helps them access the content in digital form as per convenience. Virtual schools are also beneficial for teachers and trainers as they enable them to deliver knowledge for a wider audience. Besides, the introduction of cloud-based LMS further reduces the cost of creating, managing, storing, and delivering content to learners. Educators can also access small modules of specific content for classroom sessions from various sources, thereby reducing the dependency on large publishers. Moreover, virtual schools help the faculty in creating and managing diversified and interactive content. Many such benefits are fostering the growth of the virtual schools market in North America.
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As per Technavio, the increasing number of e-learning enrollments in the higher education sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Virtual Schools Market in North America: Increasing number of e-learning enrolments in higher education sector
Enrolments for e-learning in the higher education sector have increased significantly over the years. This can be attributed to the rising inclination toward courses and degree programs with flexible formats, such as self-paced learning among students. This is encouraging many higher education institutes to offer e-learning in their curriculum. Moreover, the proliferation of internet-enabled devices such as smartphones and tablets has resulted in a shift in the preference from traditional classrooms to digital learning platforms among students. Therefore, the increasing e-learning enrolments in the higher education sector is expected to foster the growth of the virtual schools market in North America during the forecast period.
“Need for effective content development technology and rise in digitalization of the education sector will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Virtual Schools Market In North America: Segmentation Analysis
This market research report segments the virtual schools market in North America by End-user (Private and NPI) and Geography (US and Canada).
The US region led the virtual schools market in North America in 2020. During the forecast period, the US is expected to register the highest incremental growth due to the rising emphasis on e-learning and blended e-learning in the country.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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