eLearning Market size worth over $1 trillion by 2027
Published Date: May 17, 2021 Authors: Preeti Wadhwani, Saloni Gankar
eLearning Market size is set to exceed USD 1 trillion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing demand for technology-enabled e-learning solutions globally is driving the industry growth. The rapid adoption of cloud-based learning and incorporation of gamification & AR/VR in these solutions have significantly enhanced the learning experience quality. The incorporation of gamification into e-learning platforms has also helped in developing courses that improve engagement and learner outcomes. Gamification designed with a self-directed approach ensures that learners can navigate the digital environment and enables them to explore and face challenges for achievement & recognition.
With the ongoing coronavirus (COVID-19) pandemic and shut down of schools globally, the demand for online learning is increasing in the industry. Schools and universities are adopting interactive classroom training, video conferencing tools, and e-learning solutions to improve the learning experience of students. Video conferencing applications, such as Cisco Webex, Microsoft Teams, Google Meet, and Zoom, are witnessing high adoption among schools and corporates. For instance, the adoption of Google Meet grew considerably with 100 million users a day accessing the platform in 2020.
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Rising smartphone penetration and growing flexibility of learning at pace will drive eLearning market demand
The mobile learning technology segment is anticipated to witness a high growth rate until 2027 led by increasing smartphone and internet penetration in developing markets. It is estimated that the number of smartphone users in India will reach 820 million by 2022. With rapidly growing smartphone penetration, educators are using the platform to provide learners the utmost convenience in collaborating from diverse locations and exchanging information. These solutions integrate the knowledge & techniques of classrooms with the scalability and flexibility of advanced mobile technologies to create a skillful, unique & efficient learning experience.
Increasing collaboration strategies among content providers to remain competitive in the market
Content providers segment in the eLearning market is likely to expand at a substantial growth rate up to 2027. The rising adoption of e-learning technology among schools and businesses is encouraging content providers to focus on increasing collaboration & partnership and provide interactive course materials to learners. For instance, in June 2020, Coursera Inc. partnered with Telangana Academy for Skill and Knowledge (TASK) to upskill 50,000 unemployed youth during the COVID-19 pandemic. The move was a part of the company’s global workforce recovery initiative with free access to 3,800 online courses. Similarly, in June 2020, Udemy Inc. partnered with Eightfold AI, a talent intelligence platform, to provide over 700 courses to a talent exchange platform powered by Eightfold AI.
Browse key industry insights spread across 300 pages with 370 market data tables and 34 figures & charts from the report, “E-Learning Market Size By Technology (Online E-Learning, Learning Management System (LMS), Mobile E-Learning, Rapid E-Learning, Virtual Classroom), By Provider (Service, Content), By Application (Academic [K-12, Higher Education, Vocational Training], Corporate [SMBs, Large Enterprises], Government), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Focus on building a strong Learning & Development (L&D) program for employees to surge eLearning market revenue
E-learning has emerged as an effective technology for improving L&D practices with immersive and engaging in-person video experiences. Several leading corporations including Google LLC, Microsoft Corporation, Amazon.com, Inc., and Uber Technologies, Inc., have adopted online learning to train their employees cost-effectively and innovatively. For instance, around 80% of Google’s employee learning is conducted through Googler-to-Googler (g2g) tracked program, where over 6,000 employees across the company become volunteer educators. The training allows sharing of skills and knowledge that help employees to learn and grow with the business.
Government initiatives promoting the adoption of digital education in Asia Pacific
Asia Pacific e-learning market is expected to achieve more than 26% CAGR through 2027 on account of government investments and initiatives that aim to enhance the education sector across the region.
The ongoing COVID-19 pandemic is also playing a major factor in driving the adoption of e-learning technology in APAC market. Countries including Japan, India, and South Korea have imposed stringent lockdown that caused the shutdown of schools, universities, and businesses across the countries. The emergence of a second wave has forced the governments in these countries to extend the lockdown period. This has encouraged businesses and educational institutes to adopt e-learning solutions to continue their operations remotely.
Focus on integrating advanced features by industry players to remain competitive in the market
Key companies in the eLearning market include Oracle Corporation, Intuition Publishing, CERTPOINT Systems Inc., Allen Interactions Inc., Adobe Systems Inc., Cornerstone OnDemand, Inc., Kallidus Ltd., Microsoft Corporation, City & Guilds Group, Saba Software, Apollo Education Group, Skills2Learn Ltd., Articulate Global, Inc., Cisco Systems, Inc., SAP SE, Learning Pool, Citrix Education Inc., Aptara, Inc. and D2L Corporation.
The e-learning industry is witnessing intense competition with the emergence of a large number of players providing innovative solutions. This has encouraged players to adopt several strategies inducing partnerships with other prominent players to elevate their product capabilities.