The global corporate E-Learning, according to a report by Market Research Future (MRFR), is estimated to grow up to a substantial valuation of USD 30 Billion at a moderate 13% CAGR through the forecast period.
Drivers and Restraints
Enterprises of different sizes have commenced considering eLearning as a practical solution to their budget and productivity-related issues, as changing business needs and technology advancements have encouraged the employment of eLearning solutions at the expense of conventional teaching methods. Internet technologies and the introduction of advanced e-learning applications in several organizations have made an essential difference in the way organizations provide training and development content, activities, and experiences to their employees. Corporate eLearning ensures that employees are kept up to date with expanding job requirements and changes in both external and internal organizational and market conditions. This enables employees to understand how their performance positively influences the organization-wide goals. Corporate eLearning will allow organizations to lessen HR costs associated with training, retainment, onboarding, recruitment, and engagement via automated processes, sophisticated reporting, and a decreased need for hiring talent to manage and provide training/continued education. This translates into higher work quality and better worker productivity levels. Advanced productivity levels are experienced in more general terms, not just as a result of fewer errors and better decisions. This is accredited to several sources. The option of taking a course online, chiefly one for which the skills and knowledge could be directly applied to give enhanced work performance, leads employees to take the online training at any time.
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ON the other hand, Higher training costs have been the most crucial issues of the present time for any business organization, and the solutions come in the form of Corporate E-learning. The expansion of the market is also driven by market players investing in research and development activities, which I expected to create growth opportunities in the near future.
The global market for global corporate E-Learning is segmented on the basis of training type, technology, and region. Based on the technology, the market is classified into a learning content management system (LCMS), the web-based learning management system (LMS), podcasts, Mobile E-Learning, virtual classrooms, and others. On the basis of training type, the corporate elearning market is bifurcated into Instructor-led & Text-based and Outsourced.
Regionally, North America holds a significant Global Corporate ELearning Market and is touted to further advance over the forecast period. The corporate sector in developed countries such as the U.S. is the headquarters of well-established technology giants such as Google and Microsoft, which is continually innovating technology in the education sector. With the increasing popularity of personalized, self-paced, and adaptive learning among students and learners in the region, the demand for e-learning courses, content, solutions, and systems has risen considerably. The tech giants in the nation are introducing innovative e-learning platforms and solutions and adding upgrades based on consumer feedback, consequently fueling the demand and growth of the corporate e-learning market in the region.
The corporate e-learning market in Europe is expected to observe gradual growth during the review period. Organizations are increasingly deploying the latest learning approaches, such as collaborative learning, blended learning, and competency-based learning. Growing job opportunities and inclination among employees to improve their skills are key driving factors that will lead to the opening of new avenues for market players in the corporate e-learning market in the Asia Pacific region.
Some of the key market players in the region are Oracle (U.S.), Infor (U.S.), SAP (Germany) Adrenna (U.S.), SkillSoft Corporation (U.S.), 24×7 Learning (India), CERTPOINT Systems (U.S.), GeoMetrix Data Systems Inc. (Canada), Digital Ignite (U.S.), Blatant Media Corporation (Canada), among others.
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