eLearning Market size worth over $375bn by 2026
Published Date: May 11, 2020 Authors: Preeti Wadhwani, Saloni Gankar
eLearning Market size is set to exceed USD 375 billion by 2026, according to a new research report by Global Market Insights, Inc.
The growing demand for technology-enabled teaching and training is driving the market growth. Rapid adoption of advanced cloud technology by market players is supporting the technology proliferation. The content availability related to course materials for educating and training students or employees has surged over the past years. eLearning market players are partnering with content providers to offer training and education to employees and students. The flexibility of learning from remote places is propelling the market demand.
The ongoing coronavirus (COVID-19) pandemic has led to temporary closure of businesses and educational institutions, limiting public gatherings and maintaining social distancing to contain the spread of the virus. This has positively impacted the market with increasing number of organizations switching to virtual learning experience.
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Rise in sale of smartphones is propelling the mobile eLearning market
With smartphones and mobiles getting more affordable and internet connectivity getting faster, developers are working on enhancing solutions for on-the-go learners. Technologies, such as HTML5, support the increasing market demand for mobile compatible e-learning data. Portable devices provide learners with access to training resources from remote locations. In response to the surge in market demand for efficient eLearning solutions, companies, such as G-Cube, offer custom content and mobile-based learning options with advanced technologies.
The eLearning service provider segment will witness growth with increasing demand for customized and enhanced learning services
The e-learning services segment is witnessing high demand for curriculum design & development, training delivery and analytics services for the seamless functioning of digital learning systems. Companies are focusing on providing custom eLearning services that help organizations to create strategy, identify specific requirements, and develop content with subject experts. Growing competition among players to offer user-centric and efficient learning solutions will drive the market growth.
Browse key industry insights spread across 270 pages with 370 market data tables and 29 figures & charts from the report, “eLearning 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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Digitalization in the academic sector will surge the demand for advanced solutions
The growing literacy rate globally has encouraged several organizations to provide on demand, flexible, and distinctive courses suited for individual demands. The trend to undertake modularized and short courses for upgrading knowledge base among students undergoing higher education is driving the eLearning market.
Online platforms, such as edX and Coursera, are offering certified and university-affiliated courses that offer lucrative opportunities to aspiring students. The ongoing COVID-19 pandemic has further encouraged institutions to adopt digital means. According to the World Economic Forum, in March 2020, approximately 73,000 or 81% of K-12 students attended lectures through the Tencent K-12 Online School.
Advancements in mobile technology and growing internet penetration are driving the Latin American market
The Latin American eLearning market is projected to grow at a CAGR of 10% during the forecast period due to increasing government focus on development of the education sector in the region. According to the UNESCO, around 12 million adults in 20 Latin American countries participated in some form of digital education as of May 2019. Large scale adoption of mobile technology and internet is a key factor fueling the industry growth.
Strategic alliances with corporate firms and institutions to boost industry growth
Key companies in the market include Adobe Systems, Inc., SAP SE, Citrix Education, Cisco Systems, Inc., Cornerstone, Oracle Corporation, Meridian Knowledge Solutions, Learning Pool, Aptara, Inc., NetDimensions., Microsoft Corporation, Apollo Education Group, and Allen Interactions, Inc.
Market players are focusing on strategic alliances with prominent educational institutions to incorporate their syllabus in online platforms to offer certifications and affiliated degrees. For instance, in July 2018, Docebo Inc. partnered with Knowzies Technology Solutions. The partnership helped Knowzies Technology Solutions to expand its portfolio and offer e-learning solutions across the globe.