Online University Education - South Korea

South Korea

Highlights

Revenue in the Online University Education market is projected to reach US$2.81bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.25%, resulting in a projected market volume of US$3.71bn by 2028.
In the Online University Education market, the number of users is expected to amount to 687.5k users by 2028.
User penetration will be 1.0% in 2024 and is expected to hit 1.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$5.38k.
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 South Korea is experiencing significant growth and development.

Customer preferences: In South Korea, there is a growing demand for online university education due to several factors. Firstly, the country has a highly competitive education system, and students are often under pressure to excel academically. Online university education provides an alternative pathway for individuals who may not have been able to gain admission to prestigious universities through traditional means. Additionally, online education offers flexibility and convenience, allowing students to balance their studies with other commitments such as work or family responsibilities.

Trends in the market: One of the key trends in the online university education market in South Korea is the increasing availability of online courses and degree programs. Many universities in the country are now offering online versions of their programs, allowing students to earn a degree without having to attend classes on campus. This trend is driven by advancements in technology and the recognition of online education as a legitimate and effective learning method. Another trend in the market is the rise of Massive Open Online Courses (MOOCs). MOOCs are online courses that are open to anyone and often provided free of charge. These courses have gained popularity in South Korea as they offer the opportunity to learn from top universities and instructors from around the world. MOOCs provide a flexible and accessible way for individuals to gain knowledge and skills, and they are particularly appealing to those who are looking to enhance their employability.

Local special circumstances: South Korea has a strong emphasis on education and a culture that values academic achievement. This has created a favorable environment for the growth of the online university education market. The government has also recognized the potential of online education and has implemented policies to support its development. For example, the Ministry of Education has launched initiatives to promote the use of online learning platforms and has provided funding for universities to develop online courses.

Underlying macroeconomic factors: South Korea has a highly educated population and a strong economy. The country has a high internet penetration rate and a well-developed technology infrastructure, which makes it conducive for online learning. Additionally, the COVID-19 pandemic has accelerated the adoption of online education globally, including in South Korea. The shift to remote learning during the pandemic has further highlighted the benefits and potential of online education, leading to increased interest and investment in the sector. Overall, the Online University Education market in South Korea is experiencing growth due to customer preferences for flexibility and convenience, the availability of online courses and degree programs, the rise of MOOCs, the country's emphasis on education, and favorable macroeconomic factors. The market is expected to continue to expand as more individuals recognize the value and potential of online education.

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.