Online education is booming and is set to continue to grow, according to online education industry figures.
In the past 12 months, online education providers have posted a cumulative $1.4 billion in revenue, up from $974 million a year earlier.
The figures show the sector is on track to reach $9.4 trillion by 2021.
Online education grew at an annual rate of 5.4% over the past year.
It is the largest online learning market in the world.
Online education is also expected to continue growing, with the average amount spent on online education reaching $1,100 per person in 2021, up 12% from $1 a year ago.
Digital video streaming is on the rise, and in 2018, the number of consumers subscribing to pay TV services grew by almost a third, to an estimated 8.1 million people.
The number of households subscribing to cable TV grew by more than 30% in 2018.
Digital video is expected to become a larger part of household spending in 2021 and online education is expected for a higher share of total spending.
“The growth in digital video is not only the result of the increase in online learning.
It also reflects a desire for greater access to content and a broader reach for consumers,” said Rob Rains, chief executive officer of Digital Education Group.
“As consumers seek to connect with the content and to share it, they want to be able to access it online and in digital form.”
The rise of online education will also lead to a higher rate of consumer engagement.
A recent study from The Nielsen Group found that 65% of millennials believe that they are more engaged with a television programme or online service than they were five years ago.
Online learners, who are typically younger people who are either students or teachers, are expected to spend more than $1 billion on online courses and courses, according the report.
Online learning is also predicted to grow by another 25% in 2021.
Digital education will be an important part of the future of learning and is forecast to become more important as the technology and computing platforms mature.
The industry is expecting to see a strong performance from the video-on-demand industry, with $2.5 billion in revenues in 2021 alone.