Singapore E-Learning Market to Grow at a CAGR of 13.6% to reach US$ 2,228.74 Million from 2020 to 2027
The Singapore E-Learning market was valued US$ 792.97 million in 2019 and is expected to reach US$ 2,228.74 million by 2027; it is estimated to grow at a CAGR of 13.6% during 2020–2027.
Education technology solutions are becoming popular in Singapore's schools and higher education institutions, providing a digital platform for documenting and tracking online education. E-learning leverages gamification by quickly tracking students' progress and improving their interactions with teachers and other students. Also, the popularity of e-learning is increasing in Singapore due to the need of systems such as LMS and analytics, which are used to understand and upgrade the learning process. This further encourages vendors to integrate learning modules, such as gamified learning, into software systems. Additionally, increased government investment in e-learning technologies is also expected to contribute to market growth. Singapore government launched its e-government masterplan named eGov2015 that aims to integrate systems, processes, and service delivery. The vision of the eGov 2015 drives the government toward a collaborative body that can co-create and connect with people. The masterplan aimed to guide government agencies to implement new ICT programs and transform Singapore into a global city that exploits infocomm's potential to add value to the economy and society, encompassing administration and education institutions in the country. The eGov 2015 has enabled access to the latest knowledge and new learning resources, giving rise to learning with multimedia and interactive elements, and creating an environment wherein independent and lifelong learning could take place. The goal was to build a new nationwide infrastructure by connecting schools, and make Singapore the model for the innovative use of ICTs in education and learning. This factor is anticipated to offer ample growth opportunities for the Singapore E-Learning market players in the region.
Every year the government devotes the most significant portion of its resources to healthcare and education, which are the two critical sectors. Both sectors form the fundamental building blocks of economic growth. In Budget 2019, it announced the allocation of US$ 6.1 billion in a new Merdeka Generation Fund. The government spending on education has increased from US$ 7.5 billion in 2007 to ~US$ 12.8 billion in 2018, with more than 70% rise. The education system in Singapore is considered among the best in the world. The mean years of schooling among people aged 25 years and above were 11.1 in 2018. For those aged 15 and above, the literacy rate was 97.3% in 2018, well above the global literacy rate of 86.2%. Singapore consistently leads international rankings, including the OECD Program for International Student Assessment (PISA), a test for students across the world on mathematics, reading, and science. The scores, in particular, shows that Singaporean students are outperforming their peers overseas despite spending far less than most developed countries. Thus, the inclination of toward pursuing education acts as a major growth opportunity for the Singapore e-learning market players.
Impact of COVID-19 Pandemic on Singapore E-Learning Market
The shutdown of educational institutions, and corporate and government offices to contain the spread of COVID-19 has resulted in significant interruptions in the education schedules and cancelation of assessments. However, the COVID-19 pandemic has paved opportunities for Singapore e-learning market players. The lockdown is expected to boost e-learning platform demand in the coming years. However, the demand, especially that from end users in K-12 and higher education, may decline during the post-lockdown period in 2020 or 2021. However, the market would witness steady growth over the forecast period as the synchronous and collaborative virtual classes allow students to participate actively and create an environment similar to that of a physical classroom. The e-learning technology is gaining traction with an increasing number of academic and corporate institutes deploying these solutions for enhanced training sessions.
Market Insights
Ease of Tracking Student Performance and Maintaining Centralized Student Database Drives the Market Growth
E-learning enables teachers to track student progress and ensure their performance accomplishments are met. For example, in case students fail to clear online exams, the instructor offers various customized learning methods, based on personalities, so that the students can more easily grasp the learning materials, ultimately improving their performance. Advanced e-learning systems provide reporting and analytical tools that enable teachers to identify areas that may be missing from their e-learning courses and where they excel. For example, if many students have difficulty mastering certain learning materials, the teacher can assess the content and improve it, if necessary. Moreover, all detailed students information is stored safely in a centralized system. Schools can have a control over the data access authority. Personal student details, completed assignments and exams, payment status, and various learning activities can all be displayed on a single screen. These features are anticipated to drive the learning market growth in Singapore during the forecast period.
Delivery Mode-Based Insights
Based on delivery mode, the Singapore E-learning market is segmented into online, LMS, mobile, and others. The online segment led the market in terms of share in 2019. Online learning is the popular and newest form of distance education. It has had a significant impact on post-secondary education over the past decade, and the trend is growing at a steady pace. Online learning gives the learner the freedom to learn remotely as most online educational tools are portable. Thus, the increasing reliance of online knowledge, coupled with technological advancements, is expected to increase boost the online e-learning market as technological advancements allow students to adopt entirely online study plan while socializing with classmates, watching lectures, and participating in subject-specific discussions.
Singapore E-Learning Market, by Delivery Mode – 2019 and 2027
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Learning Mode-Based Insights
Based on learning mode, the Singapore e-learning market is segmented into self-paced and instructor-led. E-learning provides the option of customizing the content according to the desired learning style of the target group. The use of e-learning can simplify various aspects of instructor-led training in organizations. It is comparatively expensive to conduct instructor-led training sessions in physical classrooms or workshops and limits the number of learners that can benefit from the process.
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Singapore E-Learning Market: Strategic Insights
Market Size Value in US$ 792.97 Million in 2019 Market Size Value by US$ 2,228.74 Million by 2027 Growth rate CAGR of 13.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Singapore E-Learning Market: Strategic Insights
| Market Size Value in | US$ 792.97 Million in 2019 |
| Market Size Value by | US$ 2,228.74 Million by 2027 |
| Growth rate | CAGR of 13.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Kydon Holdings Pte. Ltd. and MQ Spectrum Pte Ltd (MQ) jointly declared a definitive agreement for MQ Spectrum Pte. Ltd. to join as part of Kydon group of companies. MQ was established in 2009 and is a Singapore technology company known for providing secure, enterprise level technologies and learning management systems (LMS) to corporate and government sectors.
- In 2019, Gnowbe partnered with Stephenson Mansell Group (SMG) to increase its global footprint. As per the partnership, SMG would use the Gnowbe platform to enhance the experience for their clients.
Singapore E-Learning Market – by Delivery Mode
- Online
- LMS
- Mobile
- Others
Singapore E-Learning Market – by Learning Mode
- Self-Paced
- Instructor-Led
Singapore E-Learning Market – by End User
- Academic
- Corporate
Company Profiles
- Antoree Pte. Ltd.
- Gem Learning
- Coursepad Pte Ltd.
- Gnowbe Group Ltd.
- Inchone Pte Ltd.
- KooBits Learning Pte Ltd.
- Kydon
- Marshall Cavendish Education
- Xiamen Phoenix OneSoft CO., LTD.
- Wizlearn Technologies
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Delivery Mode, Learning Mode, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Singapore E-learning Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Singapore
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 Singapore e-Learning Market: Consumer Perspective
5. Singapore E-learning Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Ease of Tracking Student Performance and Maintaining Centralized Student Database
5.1.2 Emergence of Digital Learning
5.2 Market Restraints
5.2.1 High Cost of Producing and Maintaining E-Learning Content
5.3 Market Opportunities
5.3.1 Increasing Spending on Education Sector
5.4 Future Trends
5.4.1 Mobile Learning Technologies Growing at Faster Pace
5.5 Impact Analysis of Drivers and Restraints
6. Singapore E-learning – Market Analysis
6.1 Singapore E-learning Market Overview
6.2 Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Singapore Market Players Ranking
7. Singapore E-learning Market Analysis – By Delivery Mode
7.1 Overview
7.2 Singapore E-learning Market, By Delivery Mode (2019 and 2027)
7.3 Online
7.3.1 Overview
7.3.2 Online: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
7.4 LMS
7.4.1 Overview
7.4.2 LMS: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
7.5 Mobile
7.5.1 Overview
7.5.2 Mobile: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
8. Singapore E-learning Market Analysis – By Learning Mode
8.1 Overview
8.2 Singapore E-learning Market, By Learning Mode (2019 and 2027)
8.3 Self-Paced
8.3.1 Overview
8.3.2 Self-Paced: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
8.4 Instructor-Led
8.4.1 Overview
8.4.2 Instructor-Led: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
9. Singapore E-learning Market Analysis – By End-user
9.1 Overview
9.2 Singapore E-learning Market, By End-user (2019 and 2027)
9.3 Academics
9.3.1 Overview
9.3.2 Academics: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
9.4 Corporate
9.4.1 Overview
9.4.2 Corporate: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
10. Singapore E-Learning Market- COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Market Initiative
11.2 Product Development
12. Company Profiles
12.1 ANTOREE PTE.LTD
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Gem Learning
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Coursepad Pte Ltd.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Gnowbe Group Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Inchone Pte Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 KooBits Learning Pte Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 KYDON HOLDINGS PTE LTD.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Marshall Cavendish Education
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Phoenix OneSoft Singapore Pte Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 WIZLEARN TECHNOLOGIES PTE LTD
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Table 2. List of Abbreviation
LIST OF FIGURES
Figure 1. Singapore E-learning Market Segmentation
Figure 2. Singapore E-learning Market Segmentation – By Geography
Figure 3. Singapore E-learning Market Overview
Figure 4. Singapore E-learning Market – Learning Mode Analysis
Figure 5. Singapore E-learning Market – Delivery Mode Analysis
Figure 6. Singapore E-learning Market – End-user Analysis
Figure 7. Singapore: PEST Analysis
Figure 8. Singapore E-learning Market – Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Preferred Duration of Video
Figure 11. Preferred Type of Assessment
Figure 12. Challenges Faced During the Course
Figure 13. Key Reason for Not Completing the Course
Figure 14. Singapore E-learning Market Impact Analysis of Drivers And Restraints
Figure 15. Global: Singapore E-learning Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16. Singapore E-learning Market Revenue Share, by Delivery Mode (2019 and 2027)
Figure 17. Online: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 18. LMS: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 19. Mobile: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 20. Others: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 21. Singapore E-learning Market Revenue Share, by Learning Mode (2019 and 2027)
Figure 22. Self-Paced: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 23. Instructor-Led: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 24. Singapore E-learning Market Revenue Share, by End-user (2019 and 2027)
Figure 25. Academics: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 26. Corporate -Led: Singapore E-learning Market – Revenue, and Forecast to 2027 (US$ Million)
Figure 27. COVID-19 Impact on Singapore E-learning Market
The List of Companies - Singapore E-learning Market
- ANTOREE PTE.LTD
- Gem Learning
- Coursepad Pte Ltd.
- Gnowbe Group Ltd.
- Inchone Pte Ltd
- KooBits Learning Pte Ltd
- KYDON HOLDINGS PTE LTD.
- Marshall Cavendish Education
- Phoenix OneSoft Singapore Pte Ltd.
- WIZLEARN TECHNOLOGIES PTE LTD
- eLC Pte Ltd
- BEENET
- Veev Interactive Pte. Ltd.
- Three Learning Pte Ltd
- Litespeed Education
- Inchone
- Webanywhere
- Verztec
- Loop Company
- Cegos
- HashMicro
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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