Online learning market set for major growth

We take a look at new research predicting significant growth for the online learning marketplace, together with some of the driving forces behind this growth.

There have been a number of research reports in recent weeks addressing the e-learning and virtual training market and they are all in broad agreement: it is set for major growth.

Here are just a few of the key takeaways from these reports:

• The global corporate eLearning market is expected to grow by £30.65 billion during 2020-2024 according to the latest market research report by Technavio
• Global Market Insights report that the eLearning market size surpassed £161 billion in 2019 and is anticipated to grow at over 8% compound annual growth rate (CAGR) between 2020 and 2026
• The same report forecasts that virtual classroom technology in the e-learning market is expected to grow at a CAGR of 11% during the same time-span
• Finally, the Global E-learning market 2020-2024 research report claims that the global eLearning market is poised to grow by £75.30 billion during 2020-2024, progressing at a CAGR of 13% during the forecast period

What are the driving forces behind these claims? The Covid 19 outbreak has undoubtedly had an impact as online learning has become more centric in people’s lives. However, the reports cited above were already forecasting significant levels of growth before the pandemic. 

At a corporate level, the virtual and e-learning market is increasingly driven by an emphasis on talent enhancement and retention. Organisations are also focusing on enabling collaboration and knowledge transfer between remote teams, functional skill enhancement and cross-domain knowledge sharing, together with training for entry-level employees and newcomers - all of which is ideally suited for online learning.

And of course, the advent of cloud computing has also been a significant factor. Rapid cloud adoption provides flexibility in content storage, sharing and access to both learners and content providers.

Other emerging technology trends that are accelerating the take-up of online learning include: 

• Mobile learning - as the number of mobile users grows, so L&D courses that are easily accessible through mobile devices are becoming ever-more popular. The fact that 99% of mobile learners claim mobile learning enhances their experience means that businesses are increasingly making mobile learning part of their learning and development strategy 
• Microlearning – this approach focuses on supplying learners with bite-sized content that can be consumed on-the-go to facilitate quick knowledge consumption and better retention. The content can be accessed via any device, including desktop, video and mobile
• Corporate MOOCs (Massive Open Online Courses) provide an affordable and flexible way to learn new skills, offering as they do free online courses. However, low completion rates and lack of accreditation can be problematic for some
• Virtual Reality and Augmented Reality (VR/AR) – these immersive technologies are already making a significant impact in online learning as they cater for learners’ needs through reality technologies. With the cost and lead time required to develop these solutions coming down, their adoption is growing significantly

Online Subcriptions provide a great way to maximise the investment, providing access to multiple training courses and learning resources while keeping the costs down. They can help build knowledge on a specific technology, learn more about a technology provider or grow the skills you need to progress in a role. There are even online subscriptions, like GK Polaris Discovery, that give unlimited access to virtual courses to start or progress in a number of roles. 

Research has found that the use of virtual learning and e-learning is having a positive impact on organisations’ productivity and profitability. Coupled with this, the availability of mobile learning along with the vast array of learning content online has made online learning more accessible than ever. It’s little wonder, therefore, that the projections for market growth are so bullish over the next four to five years.