The status of the elearning market globally continues to change, grow, and evolve. This is illustrated by;
- Increasing budget allocations for elearning programs
- The growing prevalence of elearning in various geographic markets around the world,
- New trends in emerging technologies,
- Increase of tools that support elearning,
- The swelling role of social learning as top learning and development priorities.
Factors such as the possibility of allocating a lower budget for elearning purposes compared to traditional education methods together with increased flexibility in learning is expected to drive industry growth.
Global elearning market projections
The global elearning market is projected to see compound annual growth (CAGR) of 10.26% each year. Continued growth is the result of, at least in part, strong demand for flexible learning technology solutions in the corporate and academic sectors, as well as the advancements in the field of artificial intelligence-driven platforms, which are expected to further buoy the industry’s growth. Increased adoption of learning technology solutions in the corporate landscape, regardless of industry, is a driving factor for e-learning market growth.
Key factor for growth
The key factor motivating the growth in global elearning market is employees increased satisfaction. It’s evident that employees who start their jobs without proper training are prone to stress and anxiety. Therefore, appropriate training needs should be provided to new hires. The initial training plays a vital part in an employee’s job. The corporate elearning market is also expected to grow at a CAGR of 11.41% in the coming years. In addition, regular learning sessions are equally important as knowledge tends to recede over time. Providing training to employees increases an employee’s satisfaction at work and their know-how.
Global elearning market segmentation
1. Delivery Mode
By delivery mode, the global elearning market is grouped as mainly based on packaged content or Learning management system(LMS). The delivery mode content dominates the elearning market occupying over 29% of the total elearning market share. The packaged content segment consists of mainly the e-books and videos. These courses are available on various digital platforms that are prepared in accordance with regulations and standards.
2. Learning Mode
By learning mode is classified as either self-paced or instructor-led learning. The self-paced learning mode was the largest segment in the e-learning market accounting for over 77% of the total market share in 2017 and is expected to increase during the forecast period.
By type is segmented into training and testing segments. The training segment dominated the global e-learning market occupying close to 39% of the total market share in 2017 and it’s anticipated that it will definitely increase. These type of training segments functions through the interaction of the user with the courseware or LMS systems. In this type of learning module, it includes a broad variety of audio and video content which can be streamed or stored according to the learner’s requirements.
The end-user segment in the elearning market is classified into K-12, higher education, corporate, government, and vocational. This corporate segment was the fastest growing end-user segment of all, in the global e-learning market, generating revenue of $12.85 billion in 2017 and it is projected to grow at a CAGR of 9.76% during the predicted period. The swing toward cloud-based eLearning that is cost-effective, efficient, and time-saving will enhance the growth of the corporate sector in the e-learning market.