Online Assessment Software Global Market Expected to Reach $7.02 Billion By 2033, Key Factors behind Market’s Exponential Growth

Overview and Scope
Online assessment software refers to the specialized computer programs or platforms designed to facilitate the creation, administration, and evaluation of assessments, tests, quizzes, surveys, or exams over the internet. These software solutions offer functionalities to streamline the assessment process, making it easier for educators, trainers, employers, or organizations to conduct assessments remotely.

Sizing and Forecast
The online assessment software market size has grown rapidly in recent years. It will grow from $3.35 billion in 2023 to $3.91 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to global events and crises, educational reform initiatives, regulatory compliance, and pedagogical shifts.

The online assessment software market size is expected to see rapid growth in the next few years. It will grow to $7.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to rise in remote and hybrid learning, continued technological Innovation, and focus on accessibility and inclusivity. Major trends in the forecast period include blockchain-based credentialing and digital certificates, gamification and interactive assessments, and emphasis on accessibility and inclusivity.

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Segmentation & Regional Insights
The online assessment software market covered in this report is segmented –
1) By Software Type: Remote Or Online Assessment Software, Question Paper Management Software, On Screen Marking Software, Other Software Types
2) By Component: Solutions, Services
3) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By End-User : Education, Corporate, Government, Healthcare

North America was the largest region in the online assessment software market in 2023. The regions covered in the online assessment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increasing adoption of remote work practices is expected to propel the growth of the online assessment software market going forward. Remote work practices refer to organizations and individuals’ strategies, methodologies, and guidelines to effectively conduct work outside of a traditional office environment. It arises because of technological advancements, cost savings, access to talent, increased productivity, and a changing work culture. Online assessment software used for remote work operates through various mechanisms to facilitate the assessment process regardless of the physical location of the participants. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, around 12.7% of full-time employees are working from home in 2023, while 28.2% use a hybrid model in the US. Further, it is expected that 32.6 million people will be working remotely by 2025. Therefore, the increasing adoption of remote work practices is driving the growth of the online assessment software market.

Key Industry Players
Major companies operating in the online assessment software market are Mercer LLC, McGraw-Hill Education Holdings LLC., Blackboard Inc., Pearson VUE, Edmentum Inc., Desire2Learn Incorporated, PSI Services LLC, Canvas by Instructure Inc. , Moodle Pty Ltd. , Mettl, Top Hat Monocle Corp., Questionmark Computing Limited., Talview Inc. , TestReach Limited., Schoology Inc. , ProProfs Quiz Maker., ProctorU Inc., Learnosity Ltd., ExamSoft Assessment Solutions., iSpring Solutions Inc., Kryterion Inc., WizIQ Inc., Respondus Inc., Think Exam , Surpass Ltd

The online assessment software market report table of contents includes:
1. Executive Summary