As we all know by now, E-Learning is experiencing its moment in the sun. Even before the Covid-19 crisis began gripping the globe, online learning experiences had been evolving and growing rapidly, but the pandemic has massively accelerated the trend. Lectures and classes are no longer confined to physical spaces, and new technologies such as virtual learning systems and interactive digital textbooks are providing students and teachers with new ways to connect, learn, and test knowledge. Specifically, online learning platforms can collect data to identify student strengths and weaknesses, customizing the learning process for each individual’s skillset.
This unique moment makes now the perfect item look at 10 eLearning Statistics You need to know for 2020.
1. The Massive Open Online Course (MOOC) market could reach $25.33B by 2025
Massive Open Online Courses are free online platforms open to any students with access to an internet connection, offering coursework, discussion forums, access to experts, and testing for students around the globe. The many low- or no-cost options make them an incredible resource for students in the developing world. Some of the most popular MOOC platforms today include Coursera, edX, and Udemy. Crucially, Globe-News Wire reports that the currently $5.16B market is projected to grow by over 32% annually over the next 5 years.
2. The Self-Paced eLearning Market Will Decline To $33.5 Billion By 2021
Unlike the greater eLearning industry, self-paced eLearning is in decline, with revenues expected to fall by 6%+ until 2021. This decline is related to industry-wide shift: self-paced eLearning solutions were first conceived by MOOC platforms as a way to provide customer flexibility, but data gathered from the courses shows that most aren’t completed by students. Newer, more engaging methods are progressively replacing these options.
3. Comprehensive Training Programs Lead To 218% Higher Revenue Per Employee
Top consulting firm and professional services and research company Deloitte has stated that employees, on average, need to dedicate ~1% of their weekly work hours to training in order for companies to maintain their competitive advantages. That’s not a lot of time, and organizing five minute daily meetings just won’t work, and so the eLearning industry has adapted through the concept of “microlearning” – for example, 5-minute mental exercises on a smartphone that meet industry-specific needs.
4. The corporate eLearning market could increase by $38.09 billion between 2020 and 2024.
Corporate online Learning involves virtual training sessions provided by employers to both new recruits and longstanding employees. Possible areas include sales, product training, workshops, conferences and other technical training. In this context, eLearning has provided businesses with the ability to move away from expensive in-person classroom sessions, as well as the opportunity to provide a unified educational experience to employees spread out across multiple cities, countries, or even continents. For these reasons, the corporate eLearning market is set to grow at a CAGR of 11% between now and 2024.
5. eLearning has prompted income expansion for 42% of US organizations.
In a recent survey, over 40% of American corporations have reported that eLearning has improved their bottom lines in 2019. This will almost certainly create a bandwagon effect as more companies seek to benefit from a low cost approach to employee training.
6. Some of the fastest growing eLearning markets include Thailand, The Phillipines, India and China, all with 30%+ annual growth rates.
This statistic holds several important insights for the future of the eLearning market. First, it means Western-based companies aren’t destined to hold onto competitive advantages long-term, as local companies in the aforementioned countries provide custom services adapted to local needs. Second, it potentially means less focus on English-language eLearning, as students in these countries seek instruction in their native languages. On the other hand, there may be more opportunity for eLearning focused on the English language itself, as customers seek to improve their English skillsets ahead of seeking international roles.
7. 65% of U.S. millennials chose their jobs because of development opportunities.
This should both encourage and worry employers. They should be encouraged that millennials are digital natives invested in their continual growth and education. That’s a huge opportunity for companies to stand out by providing continual training via eLearning. However, this should worry companies complacent about continual learning opportunities, as this may decrease their value in the eyes of top performers.
8. Corporate eLearning takes 40%-60% less time than traditional learning.
Given that only ~1% of an employee’s work-week is dedicated to training and development, it’s extremely important to maximize this window. eLearning provides fun, engaging and rapid ways to increase an employee’s skillset, and most importantly, employees have the luxury of selecting their own preferred time and pace of learning. This is much more time efficient than group-scheduled classes and/or seminars.
9. Studies suggest that eLearning cuts energy consumption by 90% and C02 by 85% compared to traditional learning methods.
This should be self-evident: the additional power used to run a software program on a PC, tablet or phone is negligeable compared to transporting instructors or trainers to new locations and offices.
10. Companies can save 50-70% of their training budgets by replacing instructors with eLearning platforms.
Time is money, and an instructor’s time is billable by the hour, session or even day. As such, companies seeking to lower costs are finding eLearning platforms to be an attractive option for training workers, as they are inherently scalable and cost-sensitive options.