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By Faith Ashmore, Benzinga
Four years later it is more evident than ever that the global impact of COVID-19 has revolutionized the education sector. What was previously considered impractical has now become the norm, with digital learning models increasingly adopted from primary to tertiary levels, as well as business development programs. Despite this transformation, there are few companies and institutions that are effectively providing the resources needed to evolve in the digital world.
The digital education sector is poised to grow exponentially in the coming years. With the global digital education market projected to expand at an impressive CAGR of 25.8%, its value is expected to skyrocket from $19.2 billion in 2023 to $97.5 billion by 2030. This compares to a CAGR of just 4.21% for the broad U.S. education market over 2022-2030 signifying a turning point in education approaches. North America is expected to represent the largest share of the global digital education market due to its advanced technological infrastructure and because the region was the first to embrace digital education.
One of the key reasons behind the industry's thriving success is its ability to transcend geographical limitations. By incorporating interactive multimedia resources, online courses and virtual classrooms, digital education platforms provide learners with unparalleled flexibility and accessibility at a lower cost to the student. This is particularly relevant in today's fast-paced world where individuals seek to balance work, personal commitments and education.
Another key driver for the market is the growth of skill-development initiatives. In a time marked by rapid technological change and an evolving labor market, there is a growing awareness of the importance of skill development, with many conventional jobs now changing or being supplanted by technology. The exponential growth in digital education is also a response to this evolution, and academic institutions like colleges and universities represent the top revenue contributors.
All of these trends make the work of companies like Coursera (NYSE: KOR), 2U (NASDAQ: TWOU) and Amesite Inc. (NASDAQ: AMST) even more important for learning institutions and companies.
Amesite: An AI-Driven Digital Education Company
Amesite Inc. (NASDAQ: AMST), an artificial intelligence software company that offers a cloud-based learning platform for businesses and education, is one of the few pure play public companies revolutionizing the e-learning space. The company's smart and intuitive learning environments assist organizations including universities and colleges in launching branded learning programs easily and affordably.
With a focus on providing innovative solutions, Amesite enables organizations to quickly evolve with the times by offering a zero-cost set-up fee platform that leverages Artificial Intelligence (AI) and facilitates personalized, engaging and efficient learning experiences. The company is known for its best-in-class Learning Management System (LMS) which can integrate with thousands of Application Programming Interface (APIs), enabling the sharing of information with different software applications.
Amesite has already seen success in growing sales activity in the digital education sector since introducing its no set up fee approach to the eLearning sector with contracts all over the country with higher education. Since September the company announced the collaboration with Partners for Advancing Clinical Education (PACE) to deliver accredited continuing education and five-year partnerships with:
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Benedict College
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Drake State Community and Technical College
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West Virginia Northern Community College
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Joliet Junior College
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Volunteer State Community College
The company has also reported an overall learner/student retention rate of 96-98% for its platforms (defined as what percentage of students complete the course). This metric is impressive when compared to the average retention rate for comparable paid online courses which ranges from 68-73%.
As technology continues to advance and education embraces digital transformation, the digital education sector is poised to shape the future of learning, making it an exciting and thriving industry for individuals to be a part of driven by companies like Amesite that are helping shape the future of digital education in the North American market.
With the momentum Amestite is experiencing with recent contract wins, Amesite looks to raise its profile within the online learning sector and the investment community.
Featured photo by Nick Morrison on Unsplash.
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