E-learning is an electronic learning system utilized to upgrade traditional classroom learning. E-learning systems allow interaction through virtual classrooms and easy communication with professors, trainers, and students. Schools using E-learning technologies are way ahead of those which still have the traditional learning approach. Training programs conducted primarily for professionals across the globe by multinational companies (MNCs) are empowered with E-learning. E-learning has proved to be the best means to render knowledge in the corporate world. E-learning enables employees to procure important skills with the advantage of accessing online content at their preferred time and location.
The main factors that boost the growth of the E-learning market are less investment cost, flexibility of access, and animated and interactive learning. Usage of the internet and computers form a major component of E-learning. Thus, the market growth is also fueled by a hike in the number of internet users and growing access to broadband integrated with mobile phones. The introduction of Social, Mobile, Analytics, and Cloud (known as SMAC) technologies has also facilitated the adoption of E-learning solutions. Cloud based learning management systems and SaaS is also one of the driving factors for the E-learning Market. Major advances in Virtual and augmented reality are boosting the E-leaning market. One of the major restraints of E-learning is limited awareness of digital technology in rural areas. Also, implementing good E-learning according to individual needs is difficult.
The E-learning market around the globe is changing rapidly with emerging trends such as social learning, personalized learning, mobile learning, and Massive Open Online Courses (MOOC’s). Personalized learning is one of the most influencing trends as it is away from one-size-fits-all, it has an adaptive model, and students are presented with the learning activities based on what they know. Further, game based learning has also gained significance as students enjoy fun based learning.
The E-learning market can be categorized in terms of application, technology, and service provider. The application based segment comprises SMB’s, large enterprises, and education industry. Based on technology, the E-learning market can be segmented into online e-learning, Learning Management System (LMS), mobile e-learning, rapid e-learning, and virtual classroom. In terms of service provider, the E-learning market can be segmented into McGrawHill, Oracle, Desire2Learn, Apollo Education Group, Adobe Systems, NetDimensions, Cisco Systems, Pearson, HealthStream, SAP, Udacity Inc., Coursera Inc. Skillsoft, Cornerstone, and EdX Inc.
At the global level, the E-learning market is growing gradually due to the availability of sufficient finances to enter into partnerships with online course providers. For instance, Udacity, Inc. and Infosys Limited entered into a partnership to offer Nano-degrees and training to their employees. In the coming years, the South American E-learning market is anticipated to experience growth as countries such as Mexico, Brazil, and Argentina will see heightened demand for E-learning. Melbourne Institute of Technology (MIT) provides various learning courses to Brazilian students with the addition of video content and online course material. The government of various countries such as China, India, and Japan are aiming at upgrading the literacy of the population in rural and semi-rural areas that have limited access to educational infrastructure. Analysis of these trends can also indicate the importance as well as the growth of the E-Learning market. Along with the USA, India, China, and South Korea have made major advances in the field of E-learning. E-learning has become an important sector in these countries.
In January 2017, Udacity Inc. acquired CloudLabs for improvement of the collaborative coding environment. The E-learning industry is seeing a large number of collaborations and tie-ups for software application development. Key players in the E-Learning market are Coursera Inc., edX Inc., BizLibrary, Udemy, Inc. and Khan Academy.
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