With continuous advancements in the learning & education fraternity, elearning market, in response to these developments, has observed commendable gains over the recent years. E-Learning has been gaining immense popularity of late, owing to its ability to reduce costs by centralizing content and enabling uniformity in content delivery, a factor that has stimulated this sector to attain significant heights in the recent years – as per the estimates, the global eLearning market generated a revenue of USD 150 billion in 2016. The growth trajectory for this business space continues to remain strong with a myriad range of companies incorporating eLearning tools for maximum skill development, administration, knowledge and training,
Global E-Learning Market Size, By Application, 2016 and 2024 (USD Billion)
As eLearning tools are becoming a viable choice for the learning & development sector, reputed firms such as CityCab and ABP brewery company have been using eLearning to train their staffs. CityCab, for example, provides web-based trainings & online courses to its cab drivers with regards to communicating effectively with the commuters. Reportedly, the web-based tools have helped the company pertaining to time management, flexibility, and convenience – a factor that has leveraged the e-learning methodology with an upper hand over the conventional classroom training programs. Needless to say, with web-based & online learning becoming an integral component of the corporate training & development spectrum, eLearning market is certain to carve out a lucrative growth chart in the coming years.
The recession and economic turmoil have forced several global corporations to exercise caution on expenditure and cash outflow. This need for saving expenses have prompted companies to implement drastic cuts in budgets & training costs, downsize operations, and even review employee salaries. Faced with the need to keep the skilled workers during adverse economic conditions, corporates are re-assessing their means of imparting academic knowledge and training. The pressing need to save cost and also to ensure the sustenance of training activities during economic breakdown is fueling the adoption of eLearning tools, thus impelling eLearning industry expansion. In 2016, Infosys Ltd., a renowned IT firm announced its collaboration with most recognized e-learning firms Coursera Inc. and edX Inc, to train their personnel regarding artificial intelligence-powered technologies.
The advancements in e-learning market has not only disrupted the corporate sector, but has also impacted the government sector to a vivid extent. On account of growing benefits of implementing eLearning tools, governments of various emerging economies such as India and Brazil, have undertaken several initiatives to widen the scope of such technologies to penetrate in the untapped areas. Reportedly, the Indian Department of Electronics and Information Technology is embracing eLearning centered research and development activities in renowned educational institutes such as IIT and C-DAC across the country.
Speaking of the developed economies, the extensive proliferation of digital technologies in these regions have garnered phenomenal proceeds for eLearning market trends. With U.S. at the forefront, North America is expected to hold a major chunk of the global eLearning industry share. The region is witnessing extensive adoption of m-learning and e-learning tools, owing to rising corporate training programs, high application of advanced technologies, video content, and gamification.
However, taking into consideration the future scope, Latin America is claimed to be the upcoming hotspot for eLearning industry stakeholders. A major factor that is proliferating the growth of eLearning technology in the region is the growing initiatives taken by the regional government with regards to providing educational & linguistic courses and training programs via e-learning tools. Moreover, the fact that distance learning is witnessing growing traction in Brazil with the country permitting the local students to avail courses & education from renowned institutions, is also providing a massive boost to the regional e-learning market trends.
The global eLearning industry is characterized by high degree of fragmentation and involves greater participation of key as well as the niche market players. The rapid growth of interactive tools and meteoric shift toward technology-centric learning have created huge opportunities as well as challenges for the global leaders to develop more innovative techniques and solutions. Prominent industry players participating in the competitive hierarchy of eLearning market include Apollo Education Group, McGrawHill, Oracle Corp, Desire2Learn, HealthStream, Coursera Inc., SAP, Adobe systems, Cisco Systems, and Pearson. Further analyzing the future market scope, industry analysts project eLearning industry to record a y-o-y growth of 5% over 2017-2024.