Remote Learning Educational Platform Revenues Soar As Result COVID-19 Conditions
February 09, 2021 at 08:30 AM EST
PALM BEACH, Fla., Feb. 9, 2021 /PRNewswire/ -- The coronavirus pandemic has caused a number of organizations to adopt remote learning technologies, as premises are closed to students and employees, while providing education and training materials, online through live interactions. The approach provides structural benefits and greater accountability. These factors will bolster scope of applications through the forecast period. Education institutes across the region are encouraging the applications of new digital learning methods, while corporate entities are also making use of remote learning to train existing and new employees for the duration of the coronavirus pandemic. A report from ResearchAndMarkets projected that the global online education market is projected to witness a CAGR of 9.23% during the forecast period to reach a total market size of US$319.167 billion in 2025, increasing from US$187.877 billion in 2019 with the North American segment anticipated to provide the highest revenue generating opportunities. A report from Future market Insights said: "Mobile device-based learning, social learning and corporate training are major trends supporting the adoption of remote learning technology spending market revenue," the analyst firm said in a statement. "Demand from varying sectors such as healthcare and aviation for employee training is supporting industry demand. The coronavirus crisis has further provided impetus to remote learning solutions among students and corporate bodies." Active tech companies in the market this week include Chegg, Inc.'s (NYSE: CHGG), Zoom Video Communication, Inc (NASDAQ: ZM), Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY), Slack Technologies Inc (NYSE: WORK), Atlassian Corporation Plc (NASDAQ: TEAM).
The ResearchAndMarkets report said: "Increasing penetration of internet in many regions across the globe is a major factor driving the market growth. Growing adoption of cloud-based solutions coupled with huge investments by major market players towards enhancing the security and reliability of cloud based education platforms, is further increasing its adoption among the end-users. Presence of a large number of service and content providers in the market is bringing huge volumes of educational content online. Declining hosting cost and growing need for accessing educational content is further fueling the adoption of this technology, thus augmenting the market growth. Advancements in the field of artificial intelligence and rapid growth of Internet of Things (IoT) will continue to enhance the user experience on these online education platforms, which is anticipated to spur the market growth throughout the forecast period."
Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY) BREAKING NEWS: Moovly Experiences Over 300% Yearly Growth in Education Sector - Moovly Media Inc. ("Moovly" or the "Company") by way of update, is pleased to announce that its paid Education subscriptions have grown more than 300% year over year. Additionally, the Company is pleased to announce it has now reached approximately 3.7 million total registered users on its platform.
Strong organic growth in the education technology sector as well as the more recent and urgent need for such technology during the pandemic have resulted in fully-paid Moovly Education subscriptions increasing 302% in the last 12 months. As a sector, the global e-learning market is expected to reach $337 billion by 2026, with a CAGR of 9.1%. As an example of a sector that relies heavily on video for its transmission, revenue in the MOOC (massive open online course) sector has increased from $5 billion 2 years ago to projected revenues of $21 billion in 2025 (National Centre for Education Statistics, 2020).
The recent addition of Moovly's Zoom-style collaboration and communication tool has also proven to be a key element of this growth, being especially useful in the education sector. Moovly's clients can use this communication tool in conjunction with their existing Moovly subscription, thereby dispensing with the need for a second, separate service.
Moovly CTO Geert Coppens notes: "Moovly is ideally positioned to benefit from the explosive growth in the education technology sector. The sector is growing rapidly and the changes that we are currently seeing due to the particular demands of the pandemic are expected to continue long after this current crisis is over." Read this full release and more news for Moovly at: https://www.financialnewsmedia.com/news-mvy/
Other recent developments in the tech industry include:
Chegg, Inc.'s (NYSE: CHGG) Individuals looking to jumpstart careers in the growing fields of data science, software engineering, and website and app design, are now able to take advantage of a new online training program through Arizona State University and Chegg, Inc.'s career accelerator, Thinkful.
Learners who enroll in one of the training programs can choose to study either full-time or part time and complete in 5-6 months. They'll make progress through cutting-edge, skills-focused curriculum, have access to a 1:1 mentor, receive career coaching throughout the program, and walk away with a Professional Certificate from ASU. This program is launching at a time when companies continue to face an ongoing shortage in tech talent, a trend that is only expected to grow as advancements in technology accelerate. According to McKinsey, 375 million workers — or about 14% of the global workforce — will have to switch occupational roles as various industries are disrupted due to this rapid automation. Thinkful has one of the best outcomes of any online career accelerator, with 83% getting jobs in their area of study within 6 months of graduation.
Zoom Video Communications, Inc. (NASDAQ: ZM) recently announced the general availability of Zoom Rooms innovations that will help organizations safely re-enter the office and sustain an 'everywhere workforce'. The traditional workplace has evolved and adapted with employees and organizations embracing more places as workspaces. Whether it's in an office, co-located space, remote location, or at home, Zoom's platform enables organizations to put employee health and safety at the center of their strategy.
In an effort to ensure the safety of every employee and customer, organizations are faced with the need to address their employee's top three concerns about working in the workplace. Generally summarized as: others coming to work sick, an overcrowded workplace, and proper ventilation "Clearly, the office workspace continues to change. In fact, more than 80 percent of employees working remote say they'd like to continue to work remotely at least 50% or more once they do return to the office," said Craig Durr, Senior Analyst with Wainhouse Research. "But, to accomplish this, employees have to have a healthy, safe and secure conference room experience that meets the needs of today's emerging hybrid workforce. Zoom is well positioned to provide this."
Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of team collaboration and productivity software, recently announced financial results for its second quarter of fiscal year 2021 ended December 31, 2020 and released a shareholder letter available on Atlassian's Work Life blog. The shareholder letter will also be posted to the Investor Relations section of Atlassian's website.
"Our Q2 results reflect steady progress towards our long-term goals as we crossed $500 million in quarterly revenue for the first time, up 23% year-over-year, and drove subscription revenue growth of 36% year-over-year," said Scott Farquhar, Atlassian's co-founder and co-CEO. "Total customers rose to 194,000, an increase of over 11,600 during the quarter. This increase is a new record illustrating our progress and commitment to continuous customer innovation in the cloud."
Slack Technologies, Inc., (NYSE: WORK) recently reported financial results for its fiscal quarter ended October 31, 2020. "We had a phenomenal quarter, headlined by continued acceleration in new paid customer growth, with 12,000 net paid customer additions, up 140% from the same quarter last year," said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. "The accelerating growth is partly driven by increased awareness and demand due to the work from home environment, but we believe the larger portion comes from continued product momentum which shows up in the new user experience and, especially, from Slack Connect driving viral growth. Finally, we're thrilled by the continued momentum in the enterprise segment where we're seeing market leaders overwhelmingly choosing Slack for its unmatched security, scalability, flexibility, and user experience."
"We saw improving trends in the overall buying environment and large enterprises continue to standardize on Slack. We ended the quarter with 1,080 customers spending more than $100,000 annually, up 32% year-on-year," said Allen Shim, Chief Financial Officer at Slack. "Our focus remains on investing as we help define the future of work. We also continue to drive leverage and delivered record free cash flow in the quarter."
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