As Higher Education Demand Rises, MOOC Marketplace Grows Rapidly

Career College Central summary:

  • Massive Open Online Courses (MOOCs) are attracting millions of students around the world as an affordable — and usually free — education option. It is estimated that there are more than 2 billion potential learners around the world today and more than 70% of those are unable to afford a college degree.
  • Josh Bersin, founder and principal at Bersin by Deloitte, a provider of research-based membership programs in human resources (HR), talent and learning, writes in Forbes that a college degree is more important today than ever. McKinsey, global management consulting firm, estimates that college-educated workers will have a three-fold advantage in salaries and opportunities by 2020.
  • According to Bersin, the MOOC market has exploded. In November, Coursera secured another $20 million in funding, bringing their total investment to $63 million, compared to edX‘s original $60 million funding by MIT and Harvard.
  • Despite people’s comment on the low completion rates for MOOCs and Sebastian Thrun of Udacity’s unhappiness with his course’s impact, enrollment in MOOCs is rapidly growing. Search engine giant Google has put their engineering team onto the edX platform.
  • The MOOC providers are expected to launch online degree programs to target the more than 2 billion potential students around the world. Recently, Udacity teamed up with AT&T and Georgia Tech to deliver an online masters degree in computer science.
  • The MOOC companies are trying lots of interesting things to attract more and more people. Coursera now offers business programs from Wharton and Rice. EdX is licensing its platform to any educational entity or government who wants to produce and distribute education, while Udemy has expanded its corporate online learning offering.

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