The online tutoring services market is expected to gain an upper hand in terms of growth across the forecast period of 2019-2029 on the back of the growing threat of COVID-19 worldwide. Instead of physical classes, a large chunk of the populace is switching to online tutoring. This factor invites extensive growth prospects.
The pandemic has forced the shutdown of all classes and colleges. This has led the students to inculcate online tutoring in their daily life. Even after the pandemic is over, most of the parents are expected to be skeptical about sending their children to school. Thus, this aspect further invites promising growth for the online tutoring services market.
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The online tutoring services market was gaining immense growth even before COVID-19 struck the globe. A string of investments are being made across the firms in the online tutoring services market. Here are some of the prominent developments regarding investments.
• Vedantu, an Indian online tutoring platform recently raised $100 mn from U.S.-based Coatue
• Tencent recently announced an investment in Udemy, an online education startup
• Unacademy, an Edtech platform recently raised investment from Tiger Global Management and Dragoneer Investment Group
• Byju’s, an online education startup is raising fresh investments from Blackrock and T.Rowe Price
These investments are expected to give a great boost to the growth of the online tutoring services market.
Mergers and acquisitions are also an important part for gaining prominence across the online tutoring services market. For instance Byju’s recently acquired WhiteHat Jr for $300 mn.
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The promotion of digital education by various countries is further helping in sowing the seeds of growth across the online tutoring services market. Recently, the Vice President of India, while inaugurating a digital academy stressed the importance of online education in these unprecedented times. Such promotions by the governments are further helping the online tutoring services market to turn its tables of growth.