Online learning has seen fast and significant growth throughout the world over the last decade with technological barriers reducing and priorities shifting away from traditional classroom training. Countless studies have shown that the online learning industry isn’t showing any signs of slowing down despite an economic downturn. In fact, an increasing number of individuals, corporations, and institutions are turning to eLearning as they recognize its effectiveness and convenience. Lets quickly go over some numbers to demonstrate the online learning growth story.
• The worldwide market for online is growing exponentially from $35.6 billion in 2011 to an estimated $107 billion in 2016. (Source Forbes report )
• Closer home, the eLearning industry in India was valued at $3.06 billion in 2010-2011. (Source Docebo report, 2014). Increasing Internet penetration, low-cost existing coverage and rising demand are expected to help develop this market in the near future.
• While the US and Europe dominate the online learning consumption landscape currently (at 70%), it is Asia-Pacific which is the fastest growing market with revenues expected to grow at an annual rate of 20%.
• The Indian market is likely to grow at a CAGR of 17.4% for the period 2013-18 as it transforms itself into a knowledge economy.
• The Corporate-training market, among the most cyclical within the education industry, is a $200 billion a year industry. Of this, one fourth or $56.2 billion is currently attributed to online training’s.
• General L&D budget constraints appear to be the main drivers of the shift towards using eLearning. However, online learning is not merely an attractive proposition during an economic downturn. It is also an efficient and cost-effective solution when employees—especially those in organizations with a geographically dispersed workforce—need to be brought up-to-speed quickly on relevant knowledge and skills. When used right, eLearning can used to drive competitive advantage, increase revenues and capitalize on new market opportunities.
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