The E-learning market is forecasted to grow at a high rate owing to the accelerating demand from emerging economies.
The global e-learning market was valued at US$ 153.90 Bn in 2020 is expected to reach US$ 396.40 Bn by 2027, with a growing CAGR of 14.5% during the forecast period (2021-2027).
The major factors driving the e-learning market growth are affordability, which saves time, ensures flexibility, and produces measurable results. The academic students are interested in e-learning as it accommodates various learning styles and students also have the advantage of learning at their own pace. E-learning provides students the ability to choose the learning material that meets their knowledge level and interests. With the evolving lifestyle and technologies the changes across the education ecosystem brings in enormous opportunities for the e-learning market growth.
In addition to this, various institutions and organizations are adopting e-learning as it provides as effective training as the traditional ways at a lower cost. The cost of developing e-learning material for is costly compared to classroom training but the delivery cost is considerably lower due to elimination of travel cost, costs incurred for classroom facilities, instructor time and job time lost to attend classroom sessions among others. In 2020, approximately 67% of the organizations worldwide offer mobile e-learning solutions; whereas, 72% of the businesses believe that e-learning provides them a competitive edge. In addition to this, the rising technological advancement in infrastructure along with the growing investments from the key market vendors is anticipated to fuel the e-learning market growth.
However, the slow growth rate of e-learning solutions across the emerging economies is anticipated to hamper the industry growth. The developing countries lack the infrastructure required for smooth functioning of e-learning industry, and the people in these countries are not aware about the merits and demerits of e-learning. This hampers their decision making ability when it comes to e-learning market analysis. Furthermore, designing e-learning content for various generations is a challenging task for the content providers. Each generation has its unique needs and traits, and ability to adapt to the new changes especially technological changes. The technology keeps updating and can be challenging for the Generation X and Baby Boomers to stay updated with them, thereby hindering the market forecast.
In terms of geography, the Asia Pacific is the fastest growing region for e-learning market solutions. The region is witnessing huge internet penetration, growing adoption of smartphones, rising consumer income levels, excellent and rising technology adoption. The government across the Asia Pacific region is making significant investments to improve the education system while also introducing digitization in the education sector. For instance, in February 2020, the Government of India opened up markets for completely online degrees thereby reshaping the education delivery across the country. The decision was made to widen the access to higher education and raise the profile of Indian institutions worldwide.
The Global E-learning Industry Segmentation:
-Small & Medium Enterprise
Company Profiles and Competitive Intelligence
The key players operating in the market are: