Coronavirus (COVID-19) has plunged the world’s economy into pieces, with which the countries may step into a global recession. Manufacturing sector to aviation and hospitality sector, everything has been impacted by this pandemic disease. However, there are few sectors that might excel in this crisis, including the online tutoring industry, video conferencing industry, and healthcare sector. The factors responsible for the industry growth include closure of schools and colleges, which were the first among steps that were taken by the government for the safety concern of children. China, followed by the US, India, and European countries have announced the closure of schools until the situations comes under control. According to the UN, around 22 countries on three continents have closed schools due to the rapid spread of the COVID-19. In the US, school closures for eight weeks and more have been declared in the country in early March 2020. Whereas, the schools in China are closed since late January 2020 and no news has been published till date regarding the reopening of the schools. This has been offering growth to the market players to increase their market value across the globe.
Online tutoring industry may experience a growth in this scenario due to the increasing preference for online learning courses during this crisis. Government of China launched national remote learning platforms for primary and senior high school students. Before the launch of this platform, there are several tech companies in the nation including Tencent and Alibaba, which have stepped forward to offer online courses for free during this outbreak situation. The government organizations are also encouraging the adoption of these online learning platforms, with an aim to minimize the loss of the students. UNESCO has cited some of the digital learning platforms on its website, to help schools, teachers, and parents to facilitate student learning during periods of school closure. Most of the platforms mentioned on the site are available for free and support multiple languages.
Steps taken by market players amidst the outbreak
Realizing to these facts and growth prospects, the online tutoring companies are offering their platforms for free or at a minimal cost. For instance, Varsity Tutors, a US-based private and online tutoring company, has released a free product called Virtual School Day for parents and students. This product offers 20 hours live online courses for students from kindergarten to 12th grade. Similarly, there are some other Edtech companies, such as Vedantu, BYJU’S, Coursera Inc., which are helping and excelling across the globe during this pandemic situation. Therefore, the companies operating in the online tutoring market can mark their significance during this period, which in turn, will also offer growth opportunity to the companies in the near future. The companies can also opt for public-private partnership (PPP) or partnerships with the schools. This will enhance the company’s product portfolio in the global market.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/online-tutoring-market
The Report Covers-
- Historical market growth estimation in online tutoring industry excluding COVID-19 pandemic effect
- Deviations in the online tutoring industry growth rate due to COVID-19 pandemic
Market Segmentation
By Course Type
- STEM Courses
- Language Courses
- Others
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/online-tutoring-market
Company Profiled
- Alibaba Group (DingTalk)
- Alison
- Think & Learn Pvt. Ltd. (BYJU’S)
- Chegg Inc.
- Club Z! Inc.
- Coursera Inc.
- TAL Education Group
- Tencent Holdings Ltd. (Yuanfudao)
- Varsity Tutors LLC
- Vedantu Innovations Pvt. Ltd.
