E-Learning or electronic learning is the delivery of learning and training through digital resources. The growth of the global E-Learning market is driving due to the rising demand for effective training of employees for better performance and high technology adoption across the world. The demand for higher education fueling owing to its advantages like affordability and easy accessibility. Studying online is more convenient with regards to the place and flexible with regards to time is an added advantage of online education. These include games, one-on-one interaction, assignments, easy share and download of materials, and improving communication and interaction among students and teachers. These new techniques are majorly driving the market as it is attracting more people to choose an affordable and accessible way of education.
E-Learning has made study content more concise and expressive simultaneously with the use of audios, videos, and other graphics. Companies providing e-learning services are engaging in innovative growth strategies to engage people in learning through these online learning platforms. Companies are providing online degree courses and even diploma and certificate courses for the student for validation of completion of certain skill or training courses or programs. Courses range from short term to long terms like a year or more and divided on in short. This, in addition, is driving the market as it makes people more confident in the course offered.
Asynchronous learning holds a significant market share
The market for asynchronous e-learning holds a significant share of the global e-learning service market. Asynchronous learning is more popular as compared to synchronous learning. This is because the former provides flexibility and pacing along with affordability. Asynchronous learning is studying the course by using reading materials, viewing lectures, completing assignments, and exams for evaluation within a flexible time frame. However, the synchronous learning service market is poised to grow at a significant CAGR during the forecast period. This type of e-learning service is offered in real-time and includes video conferencing, teleconferencing, live chatting, and live-streaming lectures. It happens in a specific virtual place, through a specific online medium, and at a specific time.
Corporate sector using e-learning services to train employees
The corporate segment will witness the market growth at a significant CAGR during the forecast period. Companies are increasingly investing in e-learning services for training employees in order to enhance skill-based proficiency for improving their performance. Corporate is trying to opt for courses that help learners in growing their aptitude and better their career prospects. People who are employed can study online after working hours and can get quality education from leading professionals and highly qualified professors from renowned universities without even attending B-schools. Corporate is implementing e-learning for employees for talent enhancement and employee retention, thus bolstering the market growth of e-learning service across this sector.
The academic segment holds significant market share due to continuously rising tuition fees and ever-increasing expenses of higher education. People are more opting for E-learning as it provides a degree and certification course. Moreover, the emerging popularity of distance education is further fueling the demand for e-learning services across this sector, thus positively impacting the market growth.
According to the U.S. Bureau of Labor Statistics College tuition fees increased from 109.15 in 2007 to 159.22 in 2015. It shows the rise in tuition fees which has increased the cost of education by many folds. Expensive education is thus, driving people towards e-learning services which are more affordable and accessible to all.
North America one of the major regional markets
Regionally, the global e-Learning service market is classified into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific. North America accounted for a significant market share in 2019 owing to the continuous rise in tuition fees in countries like the U.S. and Canada. Moreover, high awareness about the benefits of e-learning services further supports the market growth of e-learning services in the region. The Asia Pacific will witness a decent market growth rate owing to the urbanization and increase in disposable income. People are getting more aware of the advantages and benefits of e-learning and want to learn new skills and improve their aptitude for better job opportunities these will drive the e-learning service market in the Asia Pacific region.
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