Is e-learning saturated? Nothing could be further from the truth. If you thought the online course market had reached its peak, the data says otherwise. From the Tech M\&A area at Baker Tilly, we have prepared an Online Courses sector report, which reveals an ecosystem more dynamic than ever, with new opportunities for companies, investors, educational institutions, and professionals looking to reinvent themselves.
From its global reach to new AI-based personalization tools, the study breaks down the key drivers of growth and outlines a future where learning is more accessible, scalable, and personalized.
Here are some of the most striking trends highlighted in the report that are already shaping the future of education.
Customized training: the era of intelligent personalization
One of the most powerful drivers of growth in online courses is personalization based on artificial intelligence and data analysis. Leading platforms are incorporating recommendation algorithms that tailor content, pace, and formats to each student. This not only improves the user experience, but also significantly increases retention and completion rates.
What does this mean for the industry?
- Greater student loyalty
- Lower dropout rates
- More effective monetization opportunities (personalized offers, upselling, etc.)
In addition, these technologies are being complemented by virtual assistants, automatic tutors, and intelligent assessments. Learning is no longer linear, but dynamic and flexible.
Online certifications: the new professional currency
The job market has begun to strongly recognize the value of microcredentials and digital certifications. You no longer need a master's degree to demonstrate competence: platforms such as Coursera, Udacity, and edX have promoted intensive programs that allow you to acquire specific skills in weeks, endorsed by universities or large companies.
The game-changing figure: the number of users in the global online course market will exceed 1.1 billion by 2029, according to Statista, and a large portion of them are specifically seeking professional recognition.
The report prepared by our M\&A advisory specialists highlights that this trend intersects with the demand for continuous education (lifelong learning) and the rise of sectors such as programming, digital marketing, AI, and cybersecurity. The truth is that in markets like South America, where access to university education is limited, online certificates are opening up opportunities that were previously unthinkable.
Scalable and profitable business models
The most competitive platforms operate under much more sophisticated models, such as subscriptions, thematic bundles, corporate licenses, and even government contracts.
The report lists seven market entry strategies that are proving to be particularly effective:
- Free courses as a hook for premium versions
- Collaborations with universities and companies to create certification courses
- Subscription pricing in the style of Netflix (e.g., LinkedIn Learning, MasterClass)
- Influencers or experts such as star professors
- AI application to recommend the next course
- B2B contracts with companies to train their teams
- Agreements with public institutions for reskilling programs
Seeing these actions, it can be concluded that the margin for growth lies not only in attracting individual students, but also in offering turnkey solutions to entire organizations.
The global race for digital education
Regional growth data shows that online education is a global phenomenon, but with nuances depending on the area. This is demonstrated by the report:
- USA leads in revenue with \$99.84B projected for 2025 and an ARPU (average revenue per user) of over \$1,000.
- Asia-Pacific, especially India and China, holds the largest number of users, although with a lower ARPU.
- South America, with a projected annual growth of 19.9%, is establishing itself as a key emerging market.
- Spain will generate \$1.55B in 2025, with a penetration rate of 24.2% and a strong presence of online university courses.
This uneven growth opens up two clear opportunities:
- Export content from mature countries to emerging markets.
- Identify educational offerings to suit each region.
The report analyzes more than 27,000 companies in the sector, including notable cases such as Pluralsight, upGrad, and Udacity.
The EdTech market is in full expansion
In the report, you will find an assessment of the market we are addressing. With more than 2,600 funded companies and 419 acquisitions recorded up to February 2025, it is clear that venture capital continues to bet on this vertical.
Among the main conclusions drawn from the analysis, we observe that acquisitions are concentrated in technology platforms with scaling capabilities. Interest is also increasing in companies that offer solutions to businesses (B2B), and seed and early-stage rounds remain active, indicating room for new players.
Online education is no longer an alternative; it is an established reality and, at the same time, an industry in constant reinvention. The trends highlighted in the report show that demand continues to grow in both volume and sophistication. Technology enables richer and more personalized learning experiences, and viable, scalable, and profitable business models have been developed, demonstrating that there are clear opportunities for investment and consolidation.
If you have an EdTech startup or are considering investing in the sector, this report could offer you a comprehensive view of the current landscape.
Download the full report This article only scratches the surface. If you want to understand the strategic keys of the market, get to know the most relevant players, the investment metrics, and the business models that are succeeding in the sector, we invite you to download the full report.
Sector Report on the Online Courses Industry 2025
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