E learning market to be worth $430 billion by 2028: Report
A standard learning system based on online tools is known as e-learning. The main component of E-learning is the use of computers and the Internet, as teaching can be based in or out of the classrooms. E-learning has become a powerful tool in the corporate sector as many companies conduct training programs for professionals around the world.
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Employees are able to acquire important skills when sitting in a boardroom or attending workshops that are held under one roof for employees of the same or different organizations. Schools that use e-learning tools are a step ahead of those that still have the conventional learning approach.
The major players of the global e-learning market are Apollo Education Group Inc., BlackBoard Learn, Oracle, Pearson PLC, The British Council, McGraw-Hill eLearning Group, Cengage Learning, Macmillan Education, Cornerstone OnDemand Inc., Desire2Learn, Educomp, Instructure, English Attack, Coursera, Latitude CG, etc.
The rise in technology-enabled teaching & training is driving the growth of the eLearning industry. AI technology, AR & VR devices, machine learning, Big Data, and wearable devices are some of the major technologies used in the e-learning system. Such technologies allow multiple businesses as well as organizations to share and distribute new and interactive methods based on educational content. For example, QuoDecK is a SaaS-based e-learning platform provider that offers corporate training and learning service with the help of gamification. The platform is embedded with interactive games that engage learners and provide required job training.
The report also throws light on various aspects of the global e-learning industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the e-learning industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
Based on the end-users, the global e-learning market is bifurcated into K-12, higher education, corporate, government, and others. The corporate segment is expected to be the fastest-growing segment in the global market over the forecast period 2020 -2028.
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North America is the highest shareholder in the global e-learning market. The ability to speed up the training of workers is the major reason behind the higher adoption of e-learning systems by US companies. It is reported that in 2019, e-learning could reduce training time for employees by as much as 50 to 60%. Cutting training time means employees can spend more time doing their primary role. It's also noted that e-learning can be a perfect way for companies to simplify their training. E-learning will improve the retention of knowledge by an impressive 40-60%. E-learning has become a must-have for both US companies and businesses around the world.
The global E-Learning market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in E-Learning applications, owing to an outsized presence of organizations with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the E-Learning market in North America. However, the Asia Pacific region is anticipated to grow at a staggering CAGR over the forecast period.
The introduction of freemium offerings with competitive short-term subscription prices and the rising investment in product development offers new opportunities for new start-ups in the market. In addition, setting the right price to efficiently gage and capture the future consumer's marginal utility will be a major strategic challenge for vendors in the coming years on the global e-learning market.
Segment Overview of Global E-Learning Market
Type Overview, 2018-2028 (USD Billion)
Learning Modee Overview, 2018-2028 (USD Billion)
End-User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
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