4 Ways The World Economy Has Been Affected By eLearning Industry
The era of the 20th century saw the expansion of the eLearning industry. The idea was prevalent in the 1960s when the first computer-based training was originated. With technological advancements multiplying in the economy, eLearning tools and methods have seen a steep rise. New ideas and innovations in this industry helped it make its way through the competitive world and deliver a wealth of information and opportunities to learners.
Introduction of a new sector or industry into an economy brings along with it an ocean of opportunities to expand, grow and develop. It does not only affect a particular industry but all the industries associated with it. With the introduction of the eLearning industry, the world economy has been able to boost its GDP which gradually leads to the growth of nations across the world. As per statistics, the digital learning market will have grown up to $65.41 billion by the end of 2023 with North America dominating the platform because of the extensive use of smartphones and better internet facilities.
How Have The World Economies Benefited From eLearning Industry?
1. Employment Generation
The eLearning industry has created multiple job opportunities for people to earn a livelihood and fulfill their financial needs. With the online-study material gaining popularity, the need for Instructional Designers, graphic designers, web developers, content writers, content instructors, etc. has risen and bridged the unemployment gaps. The corporate sector is the fastest expanding sector with CAGR (Compound Annual Growth Rate) of 9.7% as per statistical analysis and is reaping the benefits of digital learning and generating revenues. eLearning industry is flexible enough and grants work from home facility which gives the opportunity to disabled people, a woman who cannot indulge in full-time jobs, students who wish to pursue higher studies, etc. to work and to earn.
2. Demand Leads To Money Injections In The Economy
Before we know how the mechanism works, injections and leakages mean income circulated in the economy by making investments or expenditures while the latter means withdrawing money from the circular flow of income by savings, paying taxes, imports, etc. Job creation leads to income generation and it is then people tend to demand goods and services and are willing to spend, which is beneficial because this initiates the process of injecting money into the economy. eLearning is one of the biggest revolutions in the education sector which has reshaped the learning process and has helped by providing countless job opportunities. Even the corporate sector including Information and Technology, healthcare, telecom, retail, manufacturing, banking, etc. have been increasingly using online platforms to fulfill learning demands in a cost-efficient manner and are employing eLearning resources optimally.
3. Better Standard Of Living
Employment generation allows people to earn more, which expands their disposable income and gradually increases the demand for goods and services. From the consumer’s point, eLearning platforms are economical and can save funds which learners would have otherwise invested in learning by attending regular classes. From the producer’s point of view, eLearning creates jobs which boosts up the personal disposable income of an individual. Both producers and consumers are in a position where they can save funds and optimize their incomes. The quality of life an individual leads dominates the growth of a nation. Standard of living is one of the criteria used to determine whether a country is developed or not. Therefore, job creation can lead to better living standards.
4. Social Impact On The Economy
The impact of education is not only curtailed to employment opportunities, improved skill and income but it has much more to offer. Access to education develops the overall personality of a human being along with improved health and wellbeing. It has been witnessed that educating women can reduce the chances of exploitation, better sanitation practices, pre and post-natal care and many more. Discovering this area of education has gained importance because of the lack of information among rural residents. eLearning is the rescue to all such problems, and many countries have been investing in this industry to fulfill the social aspects of the economy.
eLearning industry has been a boon to the economy because it has opened gates for employment which is most important to uplift the lives of the residents. 98% of the organizations are planning to implement online lectures as a part of their training and development program. These platforms have immensely added to the nation’s wealth and continue to do so.
