One of the strongest growth industries globally is the online tutoring market, which is expected to enjoy a compound annual growth rate of nearly 11% over the next five years. That would push the industry’s valuation to more than $275 billion by 2026, making it one of the most lucrative markets in the world.
The largest share of this market is expected to be North America, continuing a long-standing trend of this region leading the charge in online tutoring.
However, the Asia Pacific area should enjoy the fastest growth rates during this period. With India, China, and other nations embracing technology and education as drivers of economic success, online tutoring will reap the benefits.
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Reasons for Market Growth
Several factors underlie the growth in the online tutoring market, including both expected advances in technology and unpredictable worldwide events. Here are some of the biggest contributors to the increase in online tutoring:
The Impact of COVID-19
As the COVID-19 virus spread in early 2020, schools worldwide closed their doors, and students had to rely on online tutoring and other e-learning technology to continue their learning.
While many of these students have returned to in-person schooling, a significant percentage of students are still using e-learning, and more will likely do so in the future.
An increasing number of companies are turning to online learning as their primary means of providing their employees professional development opportunities.
In addition to the convenience of online tutoring, these programs are often much more cost-effective than in-person learning, and while trainers cannot replicate some experiences outside of the classroom, there are many settings where e-learning is a preferable option.
With today’s increasingly versatile devices, there are many ways to access online tutoring and e-learning. Phones, tablets, and laptops continue to be the main devices students can use to access their lessons, and this portability makes online tutoring effortless for customers.
All over the world, networks continue to improve, and more people than ever before are connected to the internet. As technology reaches further into previously unconnected areas, e-learning becomes a more attractive option for students, especially those in far-flung places with little access to high-quality education.
Internet companies are constantly expanding their scope, bringing thousands of new learners into the reach of online educators every week. As this trend continues, the market for online tutoring continues to grow.
Looking into the Future
With the increasing focus on STEM (science, technology, engineering, and math) education, the benefits of online tutoring and other e-learning options will only become more apparent. Technical skills can readily be taught online, especially when those lessons are coupled with intensive one-on-one tutoring.
As we learned during the pandemic, online tutoring is not just a viable alternative to in-person education. It can provide benefits that regular teaching cannot match in the classroom, and as more people discover these benefits, it seems likely that growth projections may prove too conservative, if anything.
Work With a Jantzi Test Prep Tutor
If you’d like professional assistance studying for your exams, work with a certified tutor from Jantzi Test Prep. Schedule a tutoring session today!