Selbyville, Delaware, May 17, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the E-Learning market which estimates the market valuation for E-Learning will cross US$ 1 trillion by 2027. Steadily growing uptake of e-learning solutions in the government sector, enabling a flexible, fully customizable, and user-friendly LMS platform is likely to boost the industry demand.
The rapid e-learning technology segment will witness a rapid growth rate over the forecast period. The technology delivers courses rapidly within timelines with the correct instructional design. Compared to conventional e-learning, rapid e-learning helps in delivering faster online courses by leveraging authoring tools. The technology helps in quickly distributing information based on systematically designed and developed instructional products.
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Content providers are offering a wide range of courses on various subjects that tend to be cheaper and allow users to learn more in less time. For instance, Udemy Inc. offers a 60% discount on selected subjects and several free courses to attract a large number of enrollment. Similarly, Coursera Inc. offers courses from top universities that can be completed in a day. The flexibility of learning at pace encourages students to adopt online courses to enhance their skills.
The government application segment is anticipated to register a profound growth over the forecast period. Extensive government investments in research-related activities and the growing importance of upgrading technical skills of federal agencies are driving the adoption of e-learning in the government sector. An increasing focus on embracing digital technologies and better delivery of public administrative services through digitalized channels are also providing an impetus to e-learning initiatives in the public sector.
E-learning to emerge as pillar of strength for the education world amid COVID-19 onslaught
The novel coronavirus outbreak, which was officially declared a pandemic by the WHO in March 2020, has rapidly become one of the deadliest contemporary threats to humanity. The onslaught of this disease quickly forced mass shutdowns of activities across the industrial spectrum, including in the educational sector. As the world steeled itself to face the outbreak and put myriad social distancing protocols into effect, UNESCO estimates suggest that more than 1.2 billion children were forced out of their classrooms by April 2020.
Fortunately, however, this rapid closure of activities did not bring education to a complete halt, but rather brought about a considerable change in which it is delivered, a trend which has proved to be quite beneficial for the e-learning market. While digital instruction methods have been in existence since long before the pandemic struck, the current situation has certainly accelerated the transition drastically. In May 2020, it was reported that nearly 90% of the wealthiest nations across the globe made the swift shift from in-person to virtual schooling.
E-learning industry players are quick to jump on the trend, with many developing extensive portfolios of digital learning solutions and e-learning courses. A notable example of this is Singapore-based collaboration suite Lark, which was initially created as an internal tool by ByteDance to accommodate its growth.
The platform’s functionality was adapted by the company to deliver students and teachers various technological tools to make digital learning easier, including auto-translation capabilities, unlimited videoconferencing, smart calendar scheduling, and co-editing of project work in real-time, among others. While the exact impact of the COVID-19 pandemic on the e-learning business landscape is yet unknown, it is still estimated to be one of the few industries where investment potential remains strong. In September 2020, for instance, Indian e-learning startup Unacademy announced the closure of a $150 million funding round, which brought its post-money valuation to $1.45 billion.
Europe eLearning market is set to witness a lucrative growth through 2027 due to the increased adoption of modern learning techniques by leading corporations. Several companies including Volkswagen AG, Royal Dutch Shell, and Vitol Group in Europe focus on improving their employees’ skills and train them to adapt the emerging market technologies. For instance, in June 2020, BMW AG trained over 46,000 employees to operate electrified cars due to the rising shift from Internal Combustion Engines (ICEs) to electric motors. The e-learning technology helps companies to easily provide training to a large number of employees in less time and cost-effectively.
Some major findings of the e-learning market report include:
- The innovations in AI-enabled e-learning has dramatically improved the users’ learning experience by creating solutions to human-related problems such as decision-making, Natural Language Processing (NLP), and speech recognition.
- Corporate enterprises are increasingly shifting toward e-learning due to work-from-home policies amid the COVID-19 pandemic. In April 2020, the UK Office for National Statistics (ONS) stated that around 46.6% of the workforce in the country worked remotely.
- LMS technology is expected to witness high adoption in the e-learning market due to its benefits of enabling learners to access courses from a variety of mobile devices along with real-time reporting. The cloud-based LMS technology allows users to learn on any device, thus increasing its adoption for different use-cases.
- Some of the leading market players are Adobe Systems Inc., Allen Interactions Inc., Apollo Education Group, Aptara, Inc., Articulate Global, Inc., CERTPOINT Systems Inc., Cisco Systems, Inc., Citrix Education Inc., City & Guilds Group, Cornerstone OnDemand, Inc., D2L Corporation, Intuition Publishing, Kallidus Ltd., Learning Pool, Microsoft Corporation, Oracle Corporation, Saba Software, SAP SE, and Skills2Learn Ltd.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.