Online University Education - Canada

Canada

Highlights

Revenue in the Online University Education market is projected to reach US$5.46bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.51%, resulting in a projected market volume of US$8.14bn by 2028.
In the Online University Education market, the number of users is expected to amount to 898.4k users by 2028.
User penetration will be 1.6% in 2024 and is expected to hit 2.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$8.93k.
In global comparison, most revenue will be generated United States (US$82.30bn in 2024).
With a projected rate of 2.3%, the user penetration in the Online University Education market is highest United States.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Online University Education market in Canada has been experiencing significant growth in recent years.

Customer preferences: Customers in Canada are increasingly turning to online university education for its convenience and flexibility. Online courses allow students to study at their own pace and from the comfort of their own homes. This is particularly appealing to working professionals and individuals with busy schedules who may not have the time to attend traditional brick-and-mortar universities. Additionally, online education provides access to a wider range of courses and programs that may not be available locally.

Trends in the market: One of the key trends in the online university education market in Canada is the increasing number of partnerships between traditional universities and online education providers. Many universities are recognizing the demand for online education and are partnering with established online platforms to offer their courses and programs online. This allows them to reach a larger audience and cater to the growing demand for flexible education options. Another trend in the market is the development of specialized online degree programs. Online universities in Canada are offering a wide range of specialized programs in fields such as business, healthcare, technology, and more. These programs are designed to meet the specific needs of students and provide them with the skills and knowledge required for their chosen career paths.

Local special circumstances: One of the factors contributing to the growth of the online university education market in Canada is the vast geographical size of the country. Canada is the second-largest country in the world by land area, and many individuals living in remote areas may not have access to traditional universities. Online education provides an opportunity for these individuals to pursue higher education without the need to relocate. Additionally, the high cost of living and tuition fees in major cities in Canada can be a barrier for many individuals who wish to pursue higher education. Online education offers a more affordable alternative, as it eliminates the need for commuting and provides access to a wider range of programs at lower costs.

Underlying macroeconomic factors: The growth of the online university education market in Canada is also influenced by macroeconomic factors such as technological advancements and changing labor market demands. The rapid development of online learning platforms and technologies has made it easier for universities to offer online courses and programs. Furthermore, the increasing demand for skilled professionals in various industries has created a need for continuous education and upskilling, which online education can cater to effectively. In conclusion, the Online University Education market in Canada is experiencing growth due to customer preferences for convenience and flexibility, the development of specialized programs, the vast geographical size of the country, the high cost of living and tuition fees, technological advancements, and changing labor market demands. These factors have contributed to the increasing popularity and adoption of online education in Canada.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.