Market Size –
The online assessment software market size has grown rapidly in recent years. It will grow from $3.35 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to global events and crises, educational reform initiatives, regulatory compliance, and pedagogical shifts.
The online assessment software market size is expected to see rapid growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to rise in remote and hybrid learning, continued technological Innovation, and focus on accessibility and inclusivity. Major trends in the forecast period include blockchain-based credentialing and digital certificates, gamification and interactive assessments, and emphasis on accessibility and inclusivity.
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Scope Of Online Assessment Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Online Assessment Software Market Overview
Market Drivers –
The increasing adoption of remote work practices is expected to propel the growth of the online assessment software market going forward. Remote work practices refer to organizations and individuals’ strategies, methodologies, and guidelines to effectively conduct work outside of a traditional office environment. It arises because of technological advancements, cost savings, access to talent, increased productivity, and a changing work culture. Online assessment software used for remote work operates through various mechanisms to facilitate the assessment process regardless of the physical location of the participants. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, around 12.7% of full-time employees are working from home in 2023, while 28.2% use a hybrid model in the US. Further, it is expected that 32.6 million people will be working remotely by 2025. Therefore, the increasing adoption of remote work practices is driving the growth of the online assessment software market.
Market Trends –
Major companies operating in the mobile content delivery network market are focusing on developing innovative technologies, such as Edge CDN, to improve the customer experience. Edge content refers to data and services delivered and processed closer to the end-users at the edge of a network rather than centrally in data centers or the cloud. For instance, in September 2022, Bharti Airtel Limited., an India-based telecommunications services company, launched Edge CDN, accelerating web and video content delivery by utilizing its edge network to bring content closer to users. This aims to enhance the quality of videos and other media consumed by Airtel’s extensive subscriber base.
The online assessment software market covered in this report is segmented –
1) By Software Type: Remote Or Online Assessment Software, Question Paper Management Software, On Screen Marking Software, Other Software Types
2) By Component: Solutions, Services
3) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End-User : Education, Corporate, Government, Healthcare
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Regional Insights –
North America was the largest region in the online assessment software market in 2023. The regions covered in the online assessment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the online assessment software market are Mercer LLC, McGraw-Hill Education Holdings LLC., Blackboard Inc., Pearson VUE, Edmentum Inc., Desire2Learn Incorporated, PSI Services LLC, Canvas by Instructure Inc., Moodle Pty Ltd., Mettl, Top Hat Monocle Corp., Questionmark Computing Limited., Talview Inc., TestReach Limited., Schoology Inc., ProProfs Quiz Maker., ProctorU Inc., Learnosity Ltd., ExamSoft Assessment Solutions., iSpring Solutions Inc., Kryterion Inc., WizIQ Inc., Respondus Inc., Think Exam, Surpass Ltd
Table of Contents
1. Executive Summary
2. Online Assessment Software Market Characteristics
3. Online Assessment Software Market Trends And Strategies
4. Online Assessment Software Market – Macro Economic Scenario
5. Global Online Assessment Software Market Size and Growth
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31. Online Assessment Software Market Other Major And Innovative Companies
32. Global Online Assessment Software Market Competitive Benchmarking
33. Global Online Assessment Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Online Assessment Software Market
35. Online Assessment Software Market Future Outlook and Potential Analysis
36.Appendix
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