Growth Of The eLearning Market
Advancements in internet technologies have resulted in the flexibility of content storage and access to it. The cloud-based solution has not only made the processing of the content easier but, also, eased the accessibility.
Today, content creation at one location can be accessed anywhere in the world, even in space. Yester year’s physical forms of data storage cannot handle the increasing quantity of today’s course content from colleges and institutions. The content is stored in electronic media, which allows institutions and consumers to store and manage their content and business information on online websites and on other applications from any place; it, also, cuts down on the cost. Increased use of cloud-based platforms by the eLearning market has given them flexibility regarding accessibility, storage, and processing.
North America alone will constitute 40% of the market totaling USD 120 billion by 2025. Emerging technologies such as Augmented Reality (AR) and Virtual Reality (VR) devices, Artificial Intelligence (AI) platforms, Big Data, Machine Learning, and wearable devices will aid in the growth plan and is likely to quickly take over from other conventional methods of imparting learning.
The whole of eLearning from this perspective can be divided into 3 classifications:
- Technology
LMS, MOOCs, VR, AR, etc. - Provider
Service and content - End-Use
Formal education like K-12, university, etc., corporate and government
eLearning Content Providers
Course materials for training and educating employees or students are witnessing huge growth rates, thus resulting in demand for the services of content providers. Companies that are offering LMS solutions are partnering with these content providers. Software companies in their training modules for end-users are incorporating the majority of the content offered by these content companies into their solutions.
The corporate sector is also witnessing a very high growth rate high due to the adoption of eLearning technologies. The increased demand for effective training courses for employees is leading to high demand for eLearning technology as well as content providers.
The technology that enables a company employee to understand the business policy of its employer and the job roles still remains one of the heaviest invested areas by corporations. Most of the corporate training is converging toward the electronics medium and away from traditional techniques like conferences and workshops. Webinars and online video serving platforms have had a significant growth rate in the last couple of years and now pose as a mainstream content delivery mechanism.
eLearning Mobile Technology
With increased penetration of smartphones, the eLearning market is witnessing a high rate of growth in the adoption of learning technology over mobile.
Many companies are now working on developing application-based platforms for knowledge, which will allow mobile users to gain access to any topic at any point in time. Some institutions and universities have developed their own smartphone-based app, which allows a student user to gain access to classroom lectures and other study materials in real-time. The logical reasoning skills of learners and the students' IQ have improved manifold by the use of these technologies by their respective institutions.
eLearning Academic Market
When we talk about geographies, for example, India, eLearning growth is much higher compared to other nations. More and more Indians are receiving training through eLearning. Compared to a global growth rate of 10%, the Indian academic eLearning market is also reported to register a Compound Annual Growth Rate (CAGR) of 10% until 2025. There remain many challenges in the adoption of eLearning in India, nonetheless, the future of eLearning in India seems bright.
The eLearning market is currently propelled by the growing applications and other relevant technology in academic institutes. The academic sector alone comprises 50% of the global share of the eLearning market. The literacy rate is growing rapidly with extensive use of modern solutions in several universities, schools, and colleges. Anyone who wishes to learn, other than students, is being provided the digitized platform for learning and interaction.
The new solution around electronic media and cloud-based solutions is offering deep and clear insights into subjects, topics, and academic courses. These are the gamut of eLearning solutions which is expected to rise above USD 300 billion in the market by 2025.
