How the E-Learning Market Is Growing

Recent data reveals massive increases in the global e-learning market, which is expected to continue growing in the coming years. According to a report by Global Market Insights, the global e-learning market grew from about 144 billion to 200 billion U.S. dollars in 2019. It is expected to grow at a compound annual growth rate (CAGR) of about 14.6% between 2019 and 2026, bringing the market size to an estimated 374.3 billion U.S. dollars by the year 2026. These increases reflect significant changes in the education and training industry and are likely being fueled by rapid technological advancement, increasing digitalization, and an increased demand for reskilling and upskilling.

 

As technological innovations continue to rise, e-learning market trends follow. According to a Statista report, the number of active global internet users reached 4.66 billion in January 2021. This makes up about 59.5% of the global population. Given these numbers, it is no surprise that our world is becoming increasingly digitized each day. The use of e-learning platforms allows for wide accessibility to a large number of users, while also providing cost effectiveness. E-learning can significantly cut companies’ training costs by reducing training time and eliminating the costs of instructors’ salaries, facility maintenance, transportation and accommodation, and printing. Additionally, the use of multimedia within e-learning content has contributed to the increased engagement of learners. The videos, images, and interactive training exercises offered by e-learning content allow learners to become more invested in their training and work at their own pace. For these reasons, e-learning has become an increasingly reliable and effective option for companies’ training and education needs.

 

The digital revolution serves as the main driver of demand in the e-learning market. While the transition to virtual workspaces and learning environments has been occurring for many years, it saw a rapid push within the past year due to global mandates requiring social distancing. The digitalization movement continues one year after the introduction of these policies and shows no sign of slowing down, as clearly indicated by current market data. Many organizations have discovered significant value within these new virtual work structures and new jobs are being created every day as a result. The newly emerging need for reskilling and upskilling has only furthered the growth of the e-learning market. Online platforms allow easier accessibility for large numbers of employees who need to learn new skills. As such, the creation of new technology-driven jobs and the growth of the e-learning market go hand-in-hand.

 

Apart from corporate training, e-learning platforms have also been widely adopted by schools and government organizations in the past year. According to a report by the World Economic Forum, about 1.2 billion students around the world have been unable to attend traditional classroom courses within the past year. Schools have become heavily reliant on online learning systems and virtual conference platforms to continue delivering the necessary curricula to their students. Many government organizations strongly encourage the use of this technology as a way to prevent the spread of COVID-19. Virtual conference technology is predicted to increase at a CAGR of 11% within the next five years, parallel to the growth of the e-learning market as a whole.

 

Although the growth of the e-learning market has been expedited within the past year, its effects have proven to be revolutionary to institutions across the globe. With the increased efficiency of training, cost saving benefits, and improved engagement of learners, the movement towards digital learning is clearly not slowing any time soon.