E-Learning Market – Overview
The global e-learning market is estimated to grow at a favorable rate from 2021 to 2031 (forecast period). Over the last three to five years, the education and corporate sectors have witnessed an exponential increase in the use of e-learning platforms. As per EdSurge Inc., investments in the education technology sector in the United States totaled USD 1.6 billion in 2019. Schools and organizations are adopting online learning tools to improve employees' and students' engagement and learning experience. Service providers are capitalizing on this opportunity by broadening their EdTech products and services.
Moreover, the widespread use of remote learning during the COVID-19 outbreak is expected to propel the global e-learning market. As per UNESCO, school closures caused by the pandemic affected over 1.2 billion children in 186 countries in March 2020. Countries hardest afflicted by the coronavirus outbreak have seen a phenomenal rise in distant learning enrollments. For example, in April 2020, about 5.4 million children in South Korea began attending live-streamed sessions using platforms such as Zoom and Google Classroom. Furthermore, the increasing usage of AI and machine learning in e-learning systems is projected to provide growth prospects in the e-learning market.
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E-Learning Market – Competitive Landscape
Key players active in the global e-learning market include Articulate Global, LLC, Adobe, Microsoft Corporation, Aptara Inc., Citrix Systems, Inc., Cisco Systems, Inc., D2L Corporation, Oracle Corporation, CERTPOINT, and SAP SE.
The global e-learning market is highly competitive. Key players are working on developing novel services in order to enhance their position and increase market share. For example, in April 2020, OpenLearning Limited teamed with Alibaba, China's top e-commerce behemoth, to develop its online learning services. The collaboration seeks to ensure that students in China have access to online courses.
E-Learning Market – Trends and Opportunities
The usage of machine learning and AI in e-learning platforms has increased since it allows for customized information based on each student's prior knowledge rather than a one-size-fits-all approach. Moreover, by employing machine learning and AI, it is feasible to swiftly analyze massive volumes of data and uncover patterns and trends in order to continuously optimize and enhance learning experiences. This makes the course creation process easier, quicker, and more adaptable without compromising quality. For example, the automatic translation and localization tool has accelerated and improved the e-learning development process. Moreover, multi-language content can now be developed for global firms that face the issue of providing important information for branches in different countries. Such developments are expected to benefit the global e-learning market during the forecast period.
In recent years, the e-learning market has expanded significantly. The market experienced a surge in 2020 due to the advent of the COVID-19 pandemic. During the COVID-19 outbreak, governments in a number of nations declared complete lockdowns as a precautionary step to contain the pandemic. As a result, many educational institutions moved to e-learning alternatives to complete the curriculum. Likewise, many companies are shifting to virtual learning solutions in order to maintain social distancing. For example, the World Health Organization (WHO) offers online training classes to train and educate healthcare providers about the dangers associated with treating COVID-19 patients.
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E-Learning Market – Regional Landscape
North America is expected to experience significant growth in the e-learning market due to the presence of prestigious universities and the availability of cutting-edge internet infrastructure. Furthermore, the availability of high-speed internet and the launch of the 5G network in the United States are expected to create profitable prospects for market participants in the e-learning market.
The Asia Pacific e-learning market is projected to grow over the forecast period, owing to increased demand from China and India due to rising literacy rates, a large youth population, and government initiatives to bridge the digital gap.
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