The entry of technology-driven learning that provides organizations the capacity to train their people is propelling the growth of the global eLearning market. eLearning courses offer non-stop learning at minimal cost and provide tailor fit solutions that provide what the end users specifically require. The advancements in cloud infrastructure, collaborating on solving problems and the development of open content will push the growth of business opportunities for companies in the eLeaning industry.
Service providers are also leaning towards offering course content at lower prices to take part in the competition in the global eLearning market. The rapid increase in the number of smartphone users and advancements in internet connectivity across different markets is keeping the eLearning market alive. The addition of cloud-based learning and augmented reality / virtual reality is bound to revolutionize the elearning market from 2017 to 2023.
Big eLearning companies are showcasing technology-enabled tools that can increase user engagement, learner motivation and social learning, therefore growing the market share and pulling in new consumers to the market. The eLeaning market is foreseen to generate $65.4B in revenue by 2023, increasing at a compound annual growth rate of 7.07 within the forecast period of 2017 to 2023.
How the eLearning Market Works
The ever-growing number of smartphone users and the increased consumer attention towards social media learning are changing the growth of the global eLearning market. Content developers are paying more attention to making bite-sized learning and delivering learning modules in sprints to cater to the fast-paced lifestyle of an average mobile user.
Service providers are gearing towards developing new e-learning content by means of newsfeeds, social challenges, flashcards and content collaboration to pull in new customers and showcase fresh training modules. The increase in social media use is fueling new learning frameworks such as blended and online learning. These new ways of instruction offer great learner engagement levels and provide learners the ability to consume learning anytime and anywhere. The creation of new modules and content will contribute to the growth of the eLearning market.
Sections in the eLearning Market
By Mode of Delivery
Packaged content is bound to hold the largest piece of the pie in the eLeaning market over Saas/LMS (software as a service/ learning management system). It currently occupies over 29% in overall market share. E-books, videos and simulated content combined together make up most package content. These online courses are being offered on different digital platforms that are developed in compliance with government regulations and standards. The entry of tests and component questions for customized learning content is making the clamor for packaged learning in the global eLeaning market. IMS Question and Test interoperability are the requirements given to set the standard in packaging and deploying the content in the eLearning market.
By Learning Model
Self-paced training is bound to lead the eLearning market from 2017 to 2023. The learning modes in eLearning are categorized into self-paced and instructor-led training. Self-paced training won the biggest market share at over 77% of the overall market share in 2017. It is forecast to grow as big as over $43 billion from 2017 to 2023. North America contributed to 50% of the overall self-paced learning market share in 2017. The increasing attention toward continuous learning and the ability to access content on the go are both forces that push the growth of the eLearning market. The ever-increasing demand for self-paced courses from the corporate sector will make new opportunities for service providers in the eLearning market.
The training portion in the eLearning market hold the biggest market share. The eLearning market is grouped into training and testing segments. The training segment occupied about 39% of the overall market share in 2017 and is forecast to reach revenue of $55B within 2017 to 2023. The training portion involves the activities that users have within the courseware or LMS systems. This type of training module incorporates a wide range of audio and video content that can be watched online and downloaded into a local drive depending on how the user wants to access it. The increase in demand for LMS systems from occupational, government-related and education sectors is driving the growth of training portion in the global eLearning market.
The end-user portion of the eLearning market is divided into K-12, higher education, corporate, government and vocational. Among these, the corporate segment displayed the most growth in the end-user portion contributing $12B in revenue in 207 and is forecast to be growing at the CAGR of 9.76%. The movement toward cloud-based training solutions that is cheap, efficient and time-conserving will fuel the growth of the corporate sector in the eLearning market. Compliance and IT- related training, as well as industry- related courses are growing the market for eLearning in the corporate sector.
The geographical portion in the eLearning market is labelled as North America, Asia Pacific and China (APAC), Europe, Middle East and Africa (MEA) and Latin America. The United States and Canada are the biggest contributors in the eLearning market in North America. The growth in the availability of internet infrastructure and the increasing smartphone and mobile device use in North America are fueling the growth of the eLearning Market in the region. New learning solutions and training solutions are considered advantages that increase the demand for eLearning in the North American market. Vendors are offering more of high-engagement training modules that can be customized in varying levels in order to sell more modules in North America.
The eLeaning market is being fueled by leading vendors that hold most of the market share. Service providers are keen to offer tailor-fit learning solutions that suit the needs of consumers, therefore growing their share in the global market. New modules of LMS, packaged content, and enhanced courses help huge players pull in a variety of customer base from end-user segments. Free subscriptions with compelling short-term subscription prices and growing investor support in course development is creating new opportunities for new players in the global eLearning market. -