Virtual Charter Schools Market Is Estimated To Witness High Growth Owing To Rising Enrolment Of Students
The Virtual Charter Schools Market is estimated to be valued at Us$ 16.99 Bn in 2023 and is expected to exhibit a CAGR Of 16% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual charter schools offer K-12 education completely online without any physical campus. Students can study and learn from their own homes with the help of computers and internet access. Virtual charter schools offer flexibility to students and parents as they can access course content anytime and anywhere. This enables students to balance their education with extracurricular activities, sports, jobs or medical situations.
Market key trends:
One of the major trends driving the growth of virtual charter schools market is rising enrolment of students in online education. According to the National Center for Education Statistics in 2019, around 300,000 to 450,000 students were enrolled in full-time virtual charter schools in the United States. The increasing adoption of online learning among students due to flexibility and convenience offered is expected to significantly boost the market growth during the forecast period. Moreover, virtual charter schools also provide cost effective education which is another factor positively impacting the market.
Porter's Analysis
Threat of new entrants: Low capital requirement for setting up online educational platform reduces threat of new entrants. However, established virtual charter schools have strong brand recognition and economies of scale.
Bargaining power of buyers: Buyers have high bargaining power as they can easily switch between various virtual charter school providers based on course offerings and fees.
Bargaining power of suppliers: Suppliers of online learning content and tools have moderate bargaining power as there are many alternative suppliers in the market.
Threat of new substitutes: Threat from new substitutes like moocs and specialized online courses is moderate as they do not entirely replace K-12 virtual education.
Competitive rivalry: Intense as major players compete on basis of curriculum, certifications, faculties and prices.
SWOT Analysis
Strengths: Flexible timings, affordable fees, accessibility from remote areas, self-paced learning.
Weaknesses: Lack of social interactions, need for self-motivation, dependence on technology infrastructure, high dropout rates.
Opportunities: Growing demand for affordable education, expanding into international markets, incorporating emerging technologies like VR/AR, collaborative online learning.
Threats: Stiff competition, regulatory challenges, technology disruptions, preference for traditional schools.
Key Takeaways
The Global Virtual Charter Schools Market Demand is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing internet penetration and adoption of online learning amidst the pandemic. The U.S. dominates the market with over 75% share due to early adoption of online schooling and presence of major players.
Regional analysis: North America leads the virtual charter schools market with the U.S. accounting for majority share. Asia Pacific is the fastest growing region due to improving connectivity, rapid digitalization of education sector, and rising foreign student enrollment in online degree programs in countries like China, India and Singapore.
Key players: Key players operating in the virtual charter schools market are K12 Inc, Connections Academy, Florida Virtual School, Lincoln Learning Solutions, Acklam Grange School, Basehor-Linwood Virtual School, Insight PA Cyber Charter School, Nevada Virtual Academy, GOAL Academy, Charter Schools USA. The US based K12 Inc is the largest provider of full-time virtual education followed by Connections Academy.
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