COVID-19 Pandemic Main Driving Force Behind Proliferation of Virtual Schools: Fact.MR Survey
October 21, 2021
Revenue virtual schools totaled an estimated net worth of around US$ 2.5 Bn in 2020, states a new survey by skilled analysts at an ESOMAR-certified market research and consulting firm. The virtual schools market research has also predicted market demand to rise at an exponential CAGR of 11% over the decade.
Research analysts have linked market growth to factors such as increasing digitization, rising preference for distance education, and ease of accessibility. Flexibility is also a major benefit of virtual learning and plays a crucial role in driving overall demand.
Demerits such as lack of socialization and interactivity are still a concerning issue that the virtual learning industry is dealing with. Limited access to the Internet and technology in many parts of the world is also an issue that is hindering the growth of virtual schools on a global scale.
The COVID-19 pandemic had a substantial impact on the popularity of virtual schools. Since it wasn’t safe for kids as well as adults to move out much, the virtual schooling option was the best way to continue education, which boosted demand for virtual schooling in a way no one had anticipated.
Key Takeaways from Market Study
- The global virtual schools industry is predicted to evolve at an impressive CAGR of nearly 11% over the decade.
- Demand for virtual schools increased exponentially with the onset of the COVID-19 pandemic.
- Increased demand for distance education, growing online content development, and surging digitalization are major factors promoting the growth of this industry.
- Demand for virtual schools in China is expected to rise at a high CAGR of nearly 15% through 2031.
“Wide scope of learning with flexibility and ease is a major feature of virtual education, which it is expected to grow in popularity as technology and awareness advances even more over the coming years,” says a Senior Research Analyst.
Prime providers of virtual schools such as Basehor-Linwood Virtual School, Virtual High School, Pansophic Learning, Florida Virtual School, K12 Inc. Connections Education, Abbotsford Virtual School, Lincoln Learning Solutions, etc., have been mentioned in this new survey analysis by the market intelligence firm.
Some market developments include:
- A Chicago-based instruction technology firm, Elevate K-12, is partnering with district schools in the U.S. and will provide virtual learning from grade 6 to grade 12. This offering is common to all states in the U.S. in core as well as elective subjects.
- In April 2021, BYJU’S, a renowned EdTech company, launched its live one-on-one learning platform named BYJU’S Future School. This is an attempt from the firm to move towards a more active and interactive learning approach.
These insights are based on a report on Virtual Schools Market by Fact.MR.