E-Learning Industry Growth
The eLearning industry has expanded substantially in recent years and continues to grow across the world. Professionals from a number of areas are beginning to enter this industry, and current market data indicates that this is a viable business opportunity.
According to a survey, the global E-learning Market was estimated at USD 144 Billion in 2019 and is expected to reach USD 374.3 Billion by 2026. The global E-learning Market is expected to grow at a compound annual growth rate (CAGR) of USD 14.6% from 2019 to 2026.
The growing use of technology in education, as well as the services it provides, are significant contributors to the eLearning market’s growth. AR and VR technologies, AI platforms, Big Data, machine learning, and mobile learning are just a few of the emerging technologies in the business. These innovative technologies enable professionals to create content or modify the existing content into a more user-friendly format. Various eLearning platforms allow learners and students to access online materials/resources and participate in virtual classrooms.
Cloud computing is yet another flame in the fire that is responsible for the stupendous growth in the eLearning market. Cloud-based e-learning systems such as Moodle and other LMSs deliver massive reductions in operating costs, allowing users to access content over the Internet. The use of LMS allows companies to reduce the cost of training their employees.
Besides, it also helps companies manage, record, and monitor the performance of their employees. Just at the time when COVID-19 stuck up, the LMS technology served as a lifesaver where these eLearning platforms act as online classrooms managing all the teaching content, student enrollment, and other records safely. The rise in the need for training employees drives up demand for learning content providers and subsequently increases market growth.
Corporate entities are enthusiastically investing in these modern-day technologies to convert the seminars and conferences that used to be held earlier for employee training into more effective, cost-suitable, and interactive eLearning mediums. Reduction in cost and time saving are yet another factor contributing to the growth of the eLearning market.
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