The COVID-19 pandemic has driven demand among students and corporates in the sector for e-learning solutions.
Technological advances in the fields of computers, mobiles, and IT have greatly revolutionized the education sector. The education system has moved from paper books and pencils into E-solutions. Over the last ten years, the e-learning market has emerged and is now increasing than ever before. With private and public higher education institutions, educational and testing firms, education ministries, and quality assertion and authorization agencies, the number of players in this market is escalating too. Also, the provision of enhanced flexibility among e-learning services offers the e-learning service providers new opportunities. E-learning enables educational institutions to reduce learning costs, equipment for the classroom, rentals for online training sites, and book printing. Mobile learning, micro-learning, social learning, and corporate MOOCs are the emerging trends that boost e-learning market revenue in Singapore. The growing demand from diverse end-user sectors, such as healthcare, to train their employees is driving demand from industry.
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The Singapore E-Learning market was valued US$ 792.97 million in 2019 and is expected to reach US$ 2,228.74 million by 2027; it is estimated to grow at a CAGR of 13.6% during 2020–2027.
Every year the government devotes the most significant portion of its resources to healthcare and education, which are the two critical sectors. Both sectors form the fundamental building blocks of economic growth. In Budget 2019, it announced the allocation of US$ 6.1 billion in a new Merdeka Generation Fund. The government spending on education has increased from US$ 7.5 billion in 2007 to ~US$ 12.8 billion in 2018, with more than 70% rise. The education system in Singapore is considered among the best in the world. The mean years of schooling among people aged 25 years and above were 11.1 in 2018. For those aged 15 and above, the literacy rate was 97.3% in 2018, well above the global literacy rate of 86.2%. Singapore consistently leads international rankings, including the OECD Program for International Student Assessment (PISA), a test for students across the world on mathematics, reading, and science. The scores, in particular, shows that Singaporean students are outperforming their peers overseas despite spending far less than most developed countries. Thus, the inclination of toward pursuing education acts as a major growth opportunity for the Singapore e-learning market players.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
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