E-Learning Market to Surge to $605.22 Billion by 2031, Fueled by AI and Machine Learning

According to our latest market study on " The E-Learning market size is projected to reach US$ 605.22 billion by 2031 from US$ 299.32 billion in 2023. The market is expected to register a CAGR of 9.2% during 2023-2031. The surging use of AI and machine learning in e-learning is likely to remain a key trend in the market.

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Technological advancements in computers, mobiles, and other IT devices have revolutionized the education sector across the globe. The education system has shifted from using hardbound books and pencils to E-learning solutions. Moreover, private and public higher education institutions, educational and testing firms, education ministries, and quality assertion and authorization agencies are a few of the major stakeholders contributing to the e-learning market growth. E-learning allows educational institutes to reduce learning costs incurred by equipment required for a classroom setup, rent paid for online training sites, and printing of books and other study materials. Also, the enhanced flexibility associated with e-learning services offers new opportunities to service providers.

In June 2021, Huawei conducted the Asia-Pacific Higher Education Innovation Forum through live streaming. The theme of the forum was "Embracing the New Era of Intelligent Education." It focused on topics such as smart campuses, online education, and smart classroom. The forum also discussed the development trend of education ICT and the challenges and opportunities associated with the adoption of e-learning platforms. Moreover, the education sector across the globe is developing due to the adoption of several digital technologies such as AR, personalized hybrid learning, gamification, AI, and IoT. As a result, mobile learning, micro-learning, social learning, and corporate massive open online course (MOOC) are a few types of e-learning that are propelling the e-learning market growth.

Key Findings of Study:
The e-learning market is segmented on the basis of delivery mode, learning mode, end user, and geography. Based on delivery mode, the e-learning market is segmented into online, LMS, mobile, and others. Based on learning mode, the e-learning market is bifurcated into self-paced and instructor-led. Based on end user, the e-learning market is divided into academic and corporate. The academic segment is further bifurcated into K-12 and higher institutions. Based on geography, the e-learning market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2021, North America accounted for a significant share in e-learning market.

In April 2022, a survey conducted by Class Technologies (Times Higher Education), which integrates the Class software for teachers on the Zoom Meetings platform, revealed that 67% of higher education students preferred a hybrid learning environment in their institutions. Moreover, with digital platforms such as Zoom, schools use data-driven insights to improve class delivery and provide more immersive and engaging experiences to learners. An AI-based e-learning platform maintains an ability to create solutions to human-related problems; as a result, education technology platforms are leveraging AI technology to improve the personalization of the learning and teaching experience for learners across their education lifecycle. Furthermore, AI-integrated e-learning platforms allow the creation of a custom-tailored learning path, personalization of online courses, provision of relevant materials to appropriate learners, analysis of content for improving the learners' engagement, and automation of the learning process and grading, which improve their efficiency. As a result, the transformation and enrichment of the education experience via the integration of AI technology with e-learning platforms are expected to create lucrative growth opportunities for the e-learning market players in the coming years.

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Mobile e-learning technology is gaining high momentum in Asia Pacific with the rising adoption of portable gadgets such as tablets, mobile phones, and laptops. Corporate employees also prefer mobile learning to access short modularized courses through their smartphones or tablets during a commute, etc. This helps them save time on attending employee training during work hours. Moreover, the corporate sector continues to conduct chats, discussion forums, and blogs via e-learning platforms to encourage the completion of collaborative tasks such as project work and assignments.

Several e-learning platforms have been used in various countries across the globe in the past few years. In terms of technological advancements, minimal progress has been made in e-learning platforms; however, the adoption of e-learning is undeniably massive, considering the convenience, affordability, and quality of learning. In June 2022, Udemy, a popular online learning and teaching platform, announced the expansion of Udemy Business in Asia Pacific. Udemy Business developed 8,000 foreign courses in 13 different local languages and attained the attention of several enterprise customers from various regions. It has collaborated with several businesses in the APAC region, including the Commonwealth Bank of Australia, Western Union Services India Private Limited, Hyundai Mobis (India), and NCSOFT (South Korea). In addition, owing to growing sales of smartphones and increasing use of wireless communication technologies, the self-paced e-learning mode is anticipated to dominate the e-learning market. This mode is convenient, cost-effective, and has notable applications in training, education, and healthcare.

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