Malaysia e-learning to reach US$2b by 2023: report
Online education is set to boom in Malaysia with e-learning revenue expected to hit US$ 2 billion by 2023, claims a Ken Research report on Malaysia education.
Ken Research found that, following the change in Malaysian government at the end of 2018 to the PAKAPAN HARAPAN after 60 years under the UMNO, the focus within education has gained a greater focus on ICT and digitisation.
The new government has expressed its vision to improve ICT in Malaysia and focus on improving and digitising education.
The report claims this pro e-learning stance indicates a positive trend for the future of e-learning in Malaysia.
Other key findings from the report were as follows:
- As the government moves towards a standardised quality of e-learning content, more students and vocational users will use e-learning tools and shift from traditional learning into digital learning.
- Corporate companies are expected to represent a significant source of the demand for e-learning in the future.
- Businesses look for e-learning solutions to reduce their expenditure on training and development.
- They are value conscious and are poised to invest in quality e-learning content, making them a potent source of revenue for e-learning providers.
Private school and HEI enrolments mean a greater demand in Malaysia for e-learning locally
The number of students enrolling into private K-12 schools and Higher Education Institutes (HEIs) is expected to see a significant rise.
In 2018, the number of private K-12 enrolments was approximately 511,000; this is expected to be 952,000 in 2023.
Similarly, 1.3 million students enrolled in HEIs in 2018 and this number is expected to increase to 1.6 million in 2023.
For schools and universities, this increase in students means that they will need to adopt e-learning tools to accommodate the rise in demand for education services.
This may be in the form of a distance learning course or home tuition and vocational uses. For e-learning companies, this rise means an increasing pool of potential customers.
Research Analysts at Ken Research in their latest publication stated that they believe that the expected tailwinds in the form of development of the ICT sector, government initiatives, improvements in e-learning content, entry of foreign players, rising number of schools and corporate companies in the internet penetration rate will drive the Malaysian e-learning market to show a positive future growth at a CAGR of 16.1% in the next 5 years.
Pic: John Schnobrich
Kate Frazer is a reporter for Global Education Times with a focus on UK/Ireland and North American education news. When she is not writing for GET News, Kate spends her time as an English and Maths tutor, and is currently pursuing her PGCE in Secondary Mathematics.
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