London (UK), May 2018 - The eLearning market size is set to exceed USD 200 billion by 2024, according to a research report by Global Market Insights. A major factor contributing to the steep growth of the eLearning market is the rising shift towards flexible education solutions in the corporate and the academic sector. These solutions allow students and employees operating in a range of verticals such as healthcare, BFSI, information, and telecommunication to have access to quality training but are dispersed over a large geographical area.
The rapid scale of globalization has necessitated the need for language and sensitivity learning.
MNCs are moving their employee base to foreign locations, leading to the increase in demand for these services. Furthermore, the governments of various countries such as India, China, and Japan are aiming at improving the literacy of the general population, primarily in rural and semi-rural locations that have very limited access to schooling and educational infrastructure.
eLearning apps can be operated from a range of devices and are not restricted to a single system. Additionally, these solutions are highly customized to cater to the varying learning capabilities of the user. The high penetration of the internet on a global scale has increased the availability of authoring and design tools, making it easier and inexpensive to develop the apps and is a major factor promoting the growth of the eLearning market. Adobe Presenter 11, for instance, is an eLearning development tool that enables users to turn Power Point presentations into materials that can be visually presentable and accessed by the organization's online learner community.
The large enterprise segment of the eLearning market is anticipated to grow, as firms have substantial financial resources to enter into partnerships with the online-course providers to train their employee base on a range of parameters such as technical, management, and language skills. For instance, in August 2017, Infosys entered into a partnership with Udacity for the provision of nanodegrees and training to their employees.
The rising trend of BYOD among corporate bodies is aiding in the growth of the eLearning market, as it allows users to access training on their devices without time restrictions. Online eLearning is projected to experience high growth, as the online platforms collect data on a real-time basis and are readily available at very low subscription costs. They also reduce the need for commuting to other locations.
The Latin America eLearning market is anticipated to experience growth in the coming years with rising demand in countries including Brazil, Mexico, and Argentina. This is mainly attributed to the great emphasis placed by the governments on providing education in technical and English courses via eLearning. Distance learning is gaining traction in the Brazilian market, as it permits students in the region to participate in courses from renowned institutions. For instance, MIT offers distance learning courses to the Brazilian student base, with the provision of online course material and video content.
Players operating in the global eLearning market include Edmodo, Skillsoft, Saba Software, NetDimensions, Oracle, Udacity Inc, Coursera, and Aptara. The industry is characterized by a large number of tie-ups and mergers and acquisitions for the development of the software applications. For instance, Skillsoft acquired MindLeaders to expand their target customer base and sustain growth in the eLearning market.
An eLearning market research report includes in-depth coverage of the industry with estimates and forecasts in terms of revenue in USD from 2013 to 2024 for the following segments:
- eLearning market by application
Ø corporate - smb, large enterprises
- eLearning market by product
Ø online Learning
Ø learning management systems (LMSs)
Ø mobile Learning
Ø rapid eLearning
Ø virtual classrooms
- eLearning market by provider
- Regions included
Ø North America - U.S., Canada
Ø Europe - UK, Germany, France, Italy, Spain, Russia
Ø Asia Pacific - China, India, Japan, Australia
Ø Latin America - Brazil, Mexico
Ø Middle East and Africa - GCC, South Africa