The corporate landscape is changing and to remain competitive, employees need to improve their skills constantly. Businesses are increasingly spending money on e-learning of employees. E-Learning, a modern approach to education, delivers instructions and information via all electronic media. Modern e-learning benefits corporations in many ways when used in the right context. Corporate e-learning can help accelerate employee orientation, align the workforce with strategic goals, add value to workforce performance and ultimately lead to faster, smarter and better business benefits. Corporate eLearning helps employees to keep up with the developing job requirements and changing external and internal organization/ market conditions and acquire necessary knowledge and skills essential to their job. Corporate eLearning also helps to reduce HR costs such as onboarding, recruitment, training, retainment and engagement processes considerably. Corporate e-learning has been on the rise and has shown consistent growth over the years. A new research report published by Market Research Future (MRFR), reveals that the global corporate E-Learning market is set to capture a CAGR of 13% and reach USD 30 Billion by 2022.
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The corporate e-learning market is driven by the rise and adoption of advanced technologies that are used to impart training. Technological improvements, changing business needs and growing self-training attitude among people, have accelerated the adoption of e-learning solutions. Additionally, social, mobile, analytics, and cloud has also led to a rise in adoption of e-Learning. The evolution of knowledge-based economy, rise in corporate training budgets, increasing corporate profits resulting in increased spending on employee development program, adoption of e-Learning in developing countries, continuous penetration of e-learning in corporations, emergence of online training solutions, wide acceptance of e-learning and general budget constraints of traditional learning are other vital factors boosting the market. Corporate e-learning is a practical solution for organizations that are geographically distributed. However, corporate e-learning, like anything else is not devoid of limitations; technologies and best practices within any industry are subject to change and are outdated within few months with newer skills continually emerging. This requires recurring retraining of workforce and is one primary constraint to the corporate e-learning market. Technical difficulties experienced with e-learning, resistance from employees, poor e-learning products, lack of support in learning a new system, lack of accessories, and poor internet connectivity are some prime factors restraining the market.
Corporate ELearning Market has been segmented based on technology, training type, and region. By technology, the market has been segmented into web-based, learning management system (LMS), learning content management system (LCMS), podcasts, virtual classrooms, mobile e-learning and others. By training type, the market has been segmented into instructor-led and outsourced. By region, the market has been segmented into North America, Europe, and Asia-Pacific.
North America is at the forefront of the global corporate E-Learning market and is expected to maintain the same momentum during the forecast period. This growth can be attributed to the technological advancements, growing investment from significant organizations and presence of key players in the region. The Europe market for corporate e-learning is estimated to get a boost by the popularity of self-training. Asia-Pacific region is projected to be the fastest growing market which will be fuelled by growth in some e-learning businesses in the emerging economies of the region.
Some of the key players include Infor (U.S.), Oracle (U.S.), SkillSoft Corporation (U.S.), Blatant Media Corporation (Canada), 24×7 Learning (India), SAP (Germany),GeoMetrix Data Systems Inc. (Canada),GeoMetrix Data Systems Inc. (Canada), CERTPOINT Systems (U.S.), Adrenna (U.S.), Digital Ignite (U.S.), SkillSoft Corporation (U.S.) among others.
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