eLearning has been the champion of education since the COVID-19 pandemic spread like wildfire and brought everyday life indoors.
As dependence on remote learning heavily grew throughout 2020, online education is set to continue its growth in a post-pandemic world, skyrocketing the eLearning market into new heights.
According to a new report by Valuates Reports, the global eLearning market size is projected to grow $370 Billion by 2026, from $226 Billion in 2020, at a CAGR of 8.56 percent during 2021-2026.
The eLearning Industry is Segmented by Type (On-Premises eLearning, Cloud-Based eLearning), by Application (Academy, Corporate, Government). The report covers global opportunity analysis and industry forecasts from 2021 to 2026.
The report highlighted that there are a plethora of major factors driving the growth of e-Learning market size; among them are the rapid growth in internet connectivity in emerging economies, driven by the rising federal budgets, is likely to have a positive impact on market growth.
“With the rise in digitization, public and private sectors are undertaking ambitious plans pertaining to online tutoring, digital content delivery, thereby boosting the e-learning market size,” the report authors noted.
In parallel, the advent of cloud infrastructure, peer-to-peer problem solving, open content creation, and rapid expansion of the target audience.
eLearning market trends
Based on e-learning market statistics the adoption of e-learning for employee skill development is expected to drive the growth of the e-learning market. “Many major multinational corporations have discovered that using online learning tools is the most effective way to ensure that all of their workers are trained to the same level,” the report said.
Online learning will assist in ensuring a consistent induction process for all global workers that is on-brand and managed centrally. It can be delivered in a single standard business language or, if necessary, translated for local teams.
Technological advancement due to large-scale investments is expected to drive the growth of the e-learning market. “E-learning can naturally be much more cost-effective than classroom-based learning, as it does not require learners to travel to be in the same place or invest in special equipment and learning resources for each module of their course,” the authors stressed.
The increasing e-learning industry trend for gamification and incorporation of augmented reality (AR) and virtual reality (VR) are expected to increase the growth of the e-learning market, according to the report.
“As gamification for learning offers a more engaging and immersive learning experience, this would translate to higher completion rates. Furthermore, the incorporation of AR and VR can provide an immersive learning experience to shape the future of gamification in the eLearning landscape,” it highlighted.
With e-learning, students can take lessons online at their leisure while being trained from any country, in any place, including remote areas or rural areas where education facilities are lacking. Furthermore, if students do not grasp the definition the first time around, the instructions given online, on audio-video courses, can be saved and rewound again and again.
These advantages are expected to drive the growth of the eLearning market size.