How Singapore E-learning Market Is Positioned?
In Singapore, the e-learning companies serve the purpose of providing technology and content services to various sectors such as corporate, educational institutes, government agencies and privately owned enterprises. In recent years there has been substantial development in Infrastructure, ICT sectors, demographic profile and an increased demand for skilled workers. Owing to this, Singapore has experienced a robust growth in e-learning sector. The government of Singapore has initiated many IT related policies starting in 1970 to aid the growth in the sector and promote Singapore as an e-learning hub. The e-learning market includes electronic media as a part of its delivery system and covers diverse learning strategies like computer based learning, web based learning, virtual classrooms and digital collaborations. The Singapore e-learning market was estimated at USD ~ million in 2015 which rose from USD ~ million during 2010.
Additionally, the respective market grew at an astonishing CAGR of ~% during the period 2010-2015. The Singapore E-learning market is estimated to grow to USD 1500 million in 2020. Singapore e-learning market grew at an annual growth rate of ~% and ~% in 2014 and 2015 respectively.
The e-learning companies are innovating at a rapid pace and there is provision of tailor-cut solutions for all the different end users. The market is further sub-divided into technology and content market. The content market comprises of the major share in the overall market. The share of technology market is expected to shrink in the coming years. The largest share of the market comes from the corporate sector, both in terms of content and technology.
The e-Learning companies can launch initiatives for e-Learning in collaboration with the government to maintain its business line.
Major Segments of Singapore E-learning Market
The content services market has dominated the overall E-learning market in Singapore. The content includes course structure, multi-media, testing, assesments and others. The growing need of technology oriented training which includes aircraft maintenence lessons, car driving lessons, pshychomotor tests and others have created a demand for simulation training content as well, which is also a part of digital content. The share of content services market in 2010 was recorded at ~% of the total market. The share has been increasing and is expected to rise in the future.
The introduction of digital education methods and tools has improvised the educational system in Singapore. Leading educational institutions and corporate training centers are now focusing on improving the quality instructional content and effective assessment and monitoring tools. This has led to a rise in the share of content services in the overall market which increased at a CAGR of ~% during the period 2010-2015. The market share in 2015 was estimated at ~% of the total market share. The revenue generated by the content segment in 2015 was recorded at USD ~ million.
Technological service is another category of the digital education market in the country. It encompasses the software platforms, online tests software’s, smart classes, authoring tools and others. The share of technology market has slowly shrunk in the period spanning 2010-2015. The technology market had a ~% share in 2010. The share in 2015 was estimated at ~%. The demand for these technological tools has been increasing and with technological innovation there has been a trend of falling prices of LMS and smart authoring tools. The CAGR of technology services was estimated at ~% during 2010-2015. The revenue generated by the technology segment was recorded at USD ~ million.
The government of Singapore has initiated many IT related policies starting in 1970 to aid the growth in the sector and promote Singapore as an e-learning hub. The e-learning market includes electronic media as a part of its delivery system and covers diverse learning strategies like computer based learning, web based learning, virtual classrooms and digital collaborations. Various features such as cost effectiveness, flexibility of learning and uniform content delivery amongst all users have given e-learning a competitive edge over the conventional form of learning.
How the Content Services Market has Performed in Singapore?
It has been witnessed that corporate sector has dominated the content services market with a share of ~% during 2015. In 2010 the share of corporate was recorded at ~%. Additionally the share of content market has been on a rise since the past few years.
The market share of corporates is expected to rise even further. Numerous leading enterprises in the country have incorporated and promoted the use of digital education to educate their employees regarding the rules, regulation and ethics of the firm. There has been a rising demand for customized content by the corporates to enhance the learning skills of the employees. The share of corporates was recorded at a staggering ~%. K-12 is the second largest contributor to the total content market. The schools are one of the major purchasers of the customized content. The share of K-12 segment is the second largest in the overall content market. The share was recorded at ~% in 2015. The third largest share was that of the post K-12 segment recorded at ~%. There has also been a keen interest shown by the students towards correspondence courses. This is another factor that has fueled the demand for the Post K-12 segment.
Massive Open Online Courses have been the largest contributor to the overall market share. The number of MOOC’s in the recent years has exploded. There are large number of courses from established institutes like Stanford, MIT, Yale and Harvard. These brands have attracted a large number of students to enroll themselves under these MOOC’s. Better intrinsic qualities have also been reinforced by the extrinsic quality of institutions that are offering the courses. The second largest share was countered by e-books which contributed a share of ~% in the total revenue generated by the segment. M-learning promotes usage of all the learning material on the go. The Singaporean population has stringent working hours, thus learners can gain knowledge while travelling and utilize their time. The share of M-learning in 2015 was recorded at ~% of the total market share. The share of gamification has been the lowest. The conventional ways are still preferred and hence the share was recorded at ~% in 2015.
M-learning promotes usage of all the learning material on the go. The Singaporean population has stringent working hours, thus learners can gain knowledge while travelling and utilize their time.
Competition in Singapore E-Learning Content market
Singapore E-learning content market is estimated at USD ~ million in FY’15. The market in the segment has few major companies and there are a lot of startups dwelling in the market. Skillsoft is one of the pioneers in Singapore E Learning which was started way back in 1998. The revenue was recorded at USD ~ million in 2015. Antoree is followed by Skillsoft in terms of revenue share in the market. The company countered a share of ~% in the total market during 2015.
With a ~% share of the total market Coursepad has the major player in the industry. The bite sized learning provision makes the product one of a kind. Epiphany accounted for ~% of the total market share contributing USD ~ million to the total market. Illuminate, a tool that helps learners envisage themselves in real life situations thus promoting conceptual learning. Gnowbe has posted market share of ~% in terms of content service revenues during 2015. Gnowbe claims itself to be the “learn-by-doing” app other than being an information gathering app.
Major Projections in Singapore E-learning Content Market
There has been a shift in the industry from imparting knowledge in a traditional way to digital methods. The lower cost of LMS per pupil to around USD 5-15 per pupil per month would prove to be vital for the content industry as a cheaper platform would raise demand for the content. Due to lack of renowned universities in home countries, students are engaging in self- paced digital education courses from reputed universities in Singapore, which in turn is likely to fuel demand for content services from various companies. The market is expected to grow to USD ~ million in 2020 from USD ~ million in 2018.
The demand for the content is expected to grow continuously. Singapore has many startups coming up in this sphere which would lead to better revenues for the industry. There are many courses which are not yet available online and thus in the long run these courses are expected to be ~% online. The population in Singapore is expected to grow to ~ million by FY’20 and majority of Singapore’s population lies in the age group25-40, which is a major target base for e-learning content companies.
What have been the Growth Drivers for Singapore Tech Services Market?
The technology market includes the sales of all the software and hardware that is involved in transmission of digital learning practices, either directly or indirectly. A LMS can be broadly defined as a software application which is used in management, delivery and tracking of online learning courses. The smart classrooms are also included in the Singapore technology market. The technology services market gauged revenues worth USD ~ million in 2015. The market share has nearly been ~% in 2010.
The technology services market gauged revenues worth USD ~ million in revenues in 2010; the market share in this segment has been nearly ~% of the total market size and has been declining.
The revenue generated in the market has been growing but the share of content market has been growing at a rapid pace. The revenue has gradually increased over the years to clock at USD ~ million in 2015. The technology market in 2015 accounted for a total market share of ~%. The growth in the market can also be attributed to the cheaper availability of LMS’s which are used widely in all the sectors now.The share of corporate was recorded at ~% in the overall market share. The corporate are the largest buyers of the technology in Singapore. The companies convert the content into various forms that aids the understanding process of the employees of the company. of the schools invest in LMS’s and that is the only major expense of the schools.
The largest share was clocked by the sales of LMS in the Singapore E-learning technology market. The share was recorded at ~%. The authoring tools, another segment of the market, are the plug-ins available on the digital education learning platforms, which accounted for a share of ~% in the overall technology service segment during 2015. Smart Classrooms in Singapore had a total market share of ~% in 2015. The share of gamification was recorded at ~% in 2015.
How THE COMPETITION IS Structured in Singapore E-learning Technology Market?
Intuitive, Innovative and Intelligence” - these are the three principles that have taken the company to its current heights. The company won the Microsoft ISV award in the year 2007 and it is a gold certified partner. It was further chosen as a key partner to Hewlett Packard Singapore Consortium for the government funded future schools project.
Inchone Pte. Ltd has the majority of the chunk of the market in the technology services market gauged at ~% in 2015. The company was estimated to have ~% market share in 2015.Edugrate posted revenue of USD ~million in FY’15 grabbing a market share of ~%. Three learning is growing in terms of market share with revenue been placed at USD ~ million with a market share of ~%
The company provides services ranging from content development to learning management systems. Teamie operates on a platform that supports collaborative learning. The company bagged a market share of ~% in FY’15 and is expecting higher revenues by expanding the presence beyond Asia-Pacific
What are the Future Prospects of E-Learning Technology Market?
The services rendering companies are expected to generate revenues worth USD ~ million by 2018. There has been a rise in demand for the technology services by corporate as the pedagogy of e-learning supports collaborative learning. The service providing companies are going to be the gainers in the near future because of the government initiatives like Sixth National IT plan in place. The market is expected to grow to USD ~ million in FY’20 from USD ~ million in FY’2018.
The demand for the services is expected to enhance as the cost of LMS has considerably reduced (LMS costs vary around USD 0.5 - USD 10 per course, pay per user plan costs around USD 5 per user) and flurry of features like smart authoring tools have flooded the services market. The ICT tenders provided by the government of Singapore are expected to grow at a CAGR of ~% during the period 2016-2020; this shall improve the ICT infrastructural base of the country and hence would scale up the business of the e-Learning Services companies.
In the upcoming years, it is expected that the number of small and medium scale software vendors in the country will increase, due to the rising demand of digital education services
Key Factors Considered in the Report
- Comprehensive analysis of Singapore E-learning market and its segments.
- Snapshots on Singapore E-learning market and their segmentations.
- Listed major players and their positioning in the market.
- Identified major industry developments in last few years and assess the future growth of the industry.
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Ankur Gupta, Head Marketing & Communications