As more and more businesses adopt e-learning practices and the general interest in e-Learning rises, the value of global online learning solutions will hit $107bn (£67.47 billion) by 2015. This is according to a recent study conducted by Global Industry Analysis.
The study found that e-learning is increasingly commonplace, due to technological innovations, including broadband, internet, digital images and personal computers. The combination of these technologies has led to e-learning becoming much more saturated and easier to access.
This trend towards e-learning has grown even further due to educational facilities such as colleges and universities discovering brand new growth opportunities through the rise in e-learning. Businesses are also finding applications for these new opportunities in sectors including financial services, retail, marine, IT, telecommunications and healthcare.
The benefits of e-Learning are far reaching and the current market growth in this sector reflects this. E-learning allows for distance learning and for employees to be kept up-to-date with the latest trends and information. This in turn has made online training a particularly viable and attractive alternative and it’s helping firms to cope with the need to boost productivity during a financial slump.
E-Learning brings advantages to students, including those living in remote areas or studying part-time, as it allows them to access educational materials from anywhere in the world and perhaps most importantly, for students at any time of the day.
E-Learning is cheaper
The study suggests that online learning “holds an edge over other computer-based training initiatives.” This is due to lower logistical costs, more centralised content, ongoing storage solutions, and the uniformity with the delivery of content.
Arguably the reason that e-Learning is enjoying so much growth is due to the convenience of distance learning courses and the autonomous and self-directed nature of this new educational model.
The study further claims that the “Corporate e-Learning market is set to witness rapid growth, driven by rising demand from corporate clients.” The report suggests that “improved content and resolution of localisation issues,” are primary factors in this sector’s growth.
E-Learning is growing and there is no real denying that fact. The GIA study mentioned above is only one piece of research on this burgeoning market. Another piece of research, published by Docebo, entitled e-Learning Market Trends and Forecast 2014 – 2016 provides detailed segmentation of key global e-learning markets. The research is supported by key facts and figures, top trends, topics and predictions for each area. The report provides a comprehensive overview of the international e-Learning market.
Fastest and largest HR market growth
E-Learning is the fastest and largest growing market segment in the human resource space. Furthering that, the adoption of the SaaS (Software as a Service) model is currently playing a pivotal role in reshaping the entire industry and has a huge influence on increasing the e-learning market size. Analyst reports convey evidence of SaaS Industry growth and this trend is predicted to continue for the next three years at least.
There are 3 common reasons for seeing this upswing in SaaS:
- 1. Speed of implementation
- 2. Savings on capital
- 3. Savings on operational expenses
With those considered it’s easy to see how e-learning is increasing its proliferation with easier access and control for businesses. The saving in terms of money and time is a huge incentive for any business looking to implement e-learning methods.
E-learning is experiencing a breakthrough but it’s still important to remember that the e-learning model is based on three key tenets:
- 1. Content
- 2. Distribution of content
- 3. E-learning platforms
Content is perhaps the most important consideration, as although the e-learning model is successful, it’s based on the sharing and proliferation of content. Without good applications of e-learning tropes, the industry wouldn’t be experiencing this kind of sustainable growth.
Perhaps the e-learning market is still considered a niche segment within the different HR segments it’s situated. This however is equally positive and negative, but the influence of sales trends relating to smart device saturation shows that the e-learning market potential is only increasing. Couple that with the spread of internet access globally and it becomes more and more important for businesses to adopt good e-learning principles.
Smart device boom
There are other opportunities for businesses to exploit that accompany the smart device boom. Businesses should consider smartphones and tablets as increasingly valuable assets that help improve work productivity, mobile learning, and ultimately BYOD (bring your own device) trends.
The SaaS business model is becoming more common in educational reform, and technology plays an integral role in offering key opportunities for education suppliers globally. These trends are not clearly linked to business opportunities, but instead they provide valuable insight into the context that e-learning is moving us towards. There are some important numbers revealed in the report relating to the education sectors use of e-Learning.
- The worldwide market for autonomous and self-directed e-learning has reached $35.6 billion in 2011.
- The five-year compound annual growth rate is 7.6% and several regions have noticeably higher growth rates.
- Recent regional studies have shown that the highest growth rate is in Asia at 17.3%, followed by Eastern Europe, Africa, and Latin America at 16.9%, 15.2%, and 14.6%, respectively.
The education sector is clearly experiencing huge growth rates in the e-learning market. For businesses, there’s scope for market exploitation in the education sector. The report provides readers with an in-depth analysis into the market, figures and statistics, and commentary on growth categorised by continent.
Heavy investment in education
VCs (venture capitalists) are investing heavily in education, ensuring that the e-learning model remains healthy. Many universities are also entering the e-learning market and bringing their considerable understanding of education practices to this developing and emerging field. The MOOC (Massive Open Online Courses) has exploded and now there is a proliferation of online courses and an expansion of MOOC platform providers and tools.
The e-learning market is set to experience record growth levels. It’s a healthy industry and one that your business would benefit from at least considering. The e-Learning Market Trends and Forecast 2014-2016 report is one that should be examined.
In it businesses can discover:
- The benefit of investing in a Learning Management System
- The reason why e-learning is triggering company growth
- How Cloud Technologies fuel growth in global software
E-learning is an exciting new market and its growth is benefiting both businesses and educational facilities. As a business it’s important to be aware of current trends and how to use them to your advantage. E-learning is a market with huge scope – you and your business should jump aboard.