The “E-Learning Market – Global Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
E-learning is a method of teaching students using electronic media such as videos, audio, e-books, etc. e-learning refers to training, teaching, and testing services conducted or shared through the internet. Comprehensive training requirements for students and professionals, fueled by trends such as globalization, talent migration, and consistent advancements in corporate skills and individual talent grooming, have expanded the scope of e-learning.
Key Highlights
- North America’s e-learning market revenue crossed USD 94 billion in 2021. Similarly, APAC leading in the second position, generated a revenue of more than USD 69.47 billion in 2021. The lowest revenue was produced by the Middle East and Africa
- However, the highest growth is expected from the majorly populated APAC region. It is expected to showcase a growth rate of about 17.70% during the forecasted period. The high growth rate can be attributed to many middle-income groups in developing countries like India, a preferred market for vendors.
- The Middle East also proves to be a significant market as the middle east countries usually have gender disparities, thus creating scope for e-learning platforms in the region, especially for women as they typically show a keen interest in developments and upgrades.
- An increase in internet and smartphone penetration is the fundamental driver of e-learning market growth. This has revolutionized content delivery mode and evolved the method by continuously improving bandwidths and reducing data prices.
The following factors will drive the global e-learning market growth during the forecast period:
- Demand for Internet-Enabled Services
- Growing Need for Strong Workforce Skills
- Digital Transformation in Learning & Training
- Continuous Investment in Digital Learning
- Introduction of 5G Technology
- Enhancement In Connectivity Infrastructure and Smartphone Penetration
Impact of COVID-19
The education of over 1.2 billion children worldwide got adversely affected by the pandemic, and hence there was a sudden shift in the way education was delivered after that.
Even before COVID-19, education technology was seeing rapid expansion and adoption, with worldwide edtech investments crossing USD 18 billion in 2019 and the online education market crossing over USD 350 billion by 2025. After witnessing the abrupt shift from the classroom in many parts of the world, there are high chances of online learning popularity to continue post-pandemic. Such a shift is expected to affect the global education industry.
Opportunities & Challenge Analysis
Increasing Use of VR & AR Applications
Over the past few years, virtual reality (VR) and augmented reality (AR) has substantially improved toward becoming popular consumer technologies. A decrease in cost is one of the most important factors concerning the adoption of VR and AR for education. Technology will become more accessible for consumers and businesses as the cost of software and hardware decreases. Developers are leveraging existing technologies such as smartphones to provide widespread and more affordable options for using VR and AR.
VR and AR are increasingly being adopted to deliver training. Virtual reality technology enables deep understanding by reducing risk and immerses learners in a new environment. Augmented reality provides just-in-time education by offering training to learners at their fingertips. AR and VR applications are increasingly being adopted in the remote learning space as they provide solutions to practical needs. Virtual reality is being used for performing intricate procedures and handling high-risk tasks. VR and AR solutions enable learners to connect with the content. They address one’s needs and help learners develop a highly immersive learning experience.
Inadequate Internet Bandwidth in Developing Countries
E-learning is tried to be simplified as much as possible; there are a few essential prerequisites that are must-haves, such as a decent internet connection and at least a smartphone to use as a medium to access online content, which is not so easy for the people belonging to specific sections of the society especially those belonging to developing countries such as India and underdeveloped countries like Africa. In Sri Lanka, the government initiated providing common lectures on Math, Science, and other subjects through the TV for those who did not have access to smartphones or the internet.
Competitive Landscape
Academic and business end-users have different expectations and learning requirements, and each has various marginal utilities for services supplied. Furthermore, both academic and business end-users have distinct purchasers and end-users. While academic courseware should include highly configurable platforms that allow instructors to change content dynamically, corporate courseware often consists of courseware and content structures regularly distributed online to a bigger audience. Distinct forms of education need different marketing and operational resources.
Thus medium-sized providers should concentrate on only a few. Over the previous seven years, the Latin American e-learning market has seen significant mergers and acquisitions. Several companies focusing on one or two segments, such as K12 or secondary education, have expanded their offerings and portfolios by acquiring smaller start-ups in distance learning, on-campus post-secondary education, and corporate or government workforce skill training.
Key Questions Answered
1. What Will Be the Size of the Global E-Learning Market in 2027?
2. What is the Global E-Learning Market Growth Rate?
3. Which Region Will Account for the Largest Share in the E-Learning Market by 2027?
4. Who Are the Key Players in the Global E-Learning Market?
5. What Are the Factors Driving the Growth of the E-Learning Market Globally?
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