Market Research about Online E-Learning, Online Medical, Online Mental Health & Online Legal Service.
In this age of technology, where everything traditional is going online – get to know where the world stands and what the trends are regarding education, healthcare, legal resolution, therapy in the realm of internet.
The global online education market is expected to experience a CAGR of 9.23 per cent to hit a total market size of US$ 319.167 billion in 2025, up from US$ 187.877 billion in 2019. Increasing adoption of cloud-based solutions coupled with major market players investing heavily in improving the security and efficiency of cloud-based education platforms is further improving end-user adoption. Declining hosting costs and the rising need to access educational content further drive the adoption of this technology, thus rising market growth.
Declining hosting costs and the rising need to access educational content further drive the adoption of this technology, thus rising market growth. Advances in the field of artificial intelligence and rapid growth of the Internet of Things (IoT) will continue to enhance the user experience on these platforms of online education anticipated to accelerate market growth over the century. Academic organizations have a substantial market share and North America is estimated to offer the highest chances of generating revenue.
With 3 G networks covering more than 90 percent of the world, high mobile data subscription rates are keeping those at the bottom of the wealth distribution from obtaining internet access. According to a GSMA survey, purchasing a 1 GB package would cost 11 per cent of an individual’s monthly earnings at the bottom 20 per cent of the income distribution.
In 2017, the global demand for online education was $1.60 billion and is expected to rise at a compound annual growth rate of 10.26 per cent to hit $287 billion by 2023. Bangladesh’s industry is still in its early stage of growth, and its current market size is not censused.
Online Medical Services
The global e-health market is projected to record a 14.7 per cent CAGR over the 2018-2023 forecast period. The growth of the eHealth market is due to the transformation of the healthcare sector into the digital healthcare system for patient management and health research. With healthcare system built and high-speed internet facility.
That market is expected to be dominated by North America due to favorable government policies, well-established healthcare infrastructure, and rising number of initiatives from the American Health Information Community (AHIC). In addition, according to American Telemedicine Association (ATA) statistics, the number of mobile health applications downloaded each year in this area grew by multiple folds. The Asia-Pacific region is projected to expand at a high pace over the forecast period due to the growing adoption of internet facilities in healthcare and increased widespread high-speed internet coverage.
Major players include ATHENAHEALTH, INC., BOSTON SCIENTIFIC CORPORATION, CERNER CORPORATION, COMPUMED, INC., GE HEALTHCARE, IBM, ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., MCKINSEY & COMPANY, PROTEUS DIGITAL HEALTH, AND TELECARE CORPORATION, amongst others.
Even though e-Health remains a bit troublesome in Bangladesh, the difficulties could be overcome. Based on the current e-Health scenario and challenges, further changes are expected to the reach of certain fields.
DGHS ‘Management Information System (MIS) has also taken an initiative to develop a structure for interoperability.19 We will incorporate e-Health requirements and inter-operability process for use of short-term database systems.
Online Mental Health
According to a new study by Grand View Research, Inc., the global behavioral / mental health care software & services market size is expected to hit USD 5.06 billion by 2026. A CAGR of 13.1 per cent is projected to be reported over the forecast period. Technology for performing mental health treatment facilitates direct contact between patients and care providers. Some of the key market players are Cerner Corporation; Core solutions, Inc.; Epic; Netsmart Technologies; and Welligent, Inc.
Such programs keep patient records private, in particular in cases of mental health and drug abuse. Mental healthcare quality and effectiveness can be increased by the incorporation of innovative behavioral health technological technologies within current mental healthcare systems.
Behavioral health care services help to minimize drug misuse costs by offering value-based treatment programs by avoiding hospital readmissions. According to a report conducted by the Drug Abuse and Mental Health Services Administration (SAMHSA), the impact of drug abuse is estimated at USD 600 billion annually in the U.S.
In 2018, North America dominated the general market as regards sales. In comparison, Asia Pacific is expected to experience the fastest CAGR in the coming years. Increased acceptance of technical approaches for the management of mental health practices ‘clinical, administrative and financial functions is responsible for market growth.
The distribution model category was led by the subscription services in 2018. Mostly, small-scale programs in mental health work on a minimal budget to invest in technical solutions.
Online Legal Services
As of April 2017, there were 93 online platforms offering services to lawyers and other legal practitioners (Li 2018), and some sites claim to have registered tens of thousands of lawyers.
The specific benefits of legal services online, such as faster access and reduced prices, are especially appealing to vulnerable groups in society. Intra-professional status of lawyers is pushed down to the bottom of the personal hemisphere by working for those clients.
Legal services have been a sector for several years where substantial reform was largely absent. That’s shifting, now. Advances in technology push innovation in fields such as virtual law, smart contracts, and artificial intelligence. Large legal firms are most adaptable, with the most capital, but there is tremendous competition to use cutting-edge technology. The future will look very different from the conventional model, even for the occasional user of the legal services. Certain patterns are however less appealing. False lawyers tend to be a major concern, and mostly threaten refugees and other vulnerable groups.
Also major legal firms set up virtual offices, arguing that a substantial percentage of cases will soon be settled without lawyers.
In addition, time savings from AI are significant, reducing business expenses and allowing for higher margin jobs for human legal practitioners. Law firms are investing in artificial intelligence in a bid to adjust to a evolving legal environment as quickly as possible despite fierce competition for clients.
The post is written by Rashik Riasat. He is a third year BBA Student in IBA, University of Dhaka.