Changing Business Needs & Technologies Influence Corporate E-Learning Adoption
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Corporate E-learning Market Research Report, by technology, by training type - Forecast till 2030”, will reach a valuation of USD 117.57 Billion by 2030, growing at a 15.60% CAGR during the forecast period (2020-2030).
Corporate E-learning Market Overview
The upskilling of workforces is seen as a strategic growth driver for enterprises of all sizes. Corporate e-learning can bring a positive experience for employees. Companies of all sizes are increasingly realizing the advantages of moving their corporate training online. Resultantly, corporate training solutions that can produce eLearning products on demand and to specification are witnessing significant market demand.
eLearning has become the most preferred training method among corporations. However, the hefty cost associated with the implementation of online training infrastructure is a major issue preventing many organizations from adopting eLearning. These training methods can bring significant advantages to businesses by cutting down almost 50% of expenses and instruction time by up to 60%.
Leading players in the corporate e-learning market are,
SkillSoft Corporation (US)
24x7 Learning (India)
CERTPOINT Systems (US)
Digital Ignite (US)
GeoMetrix Data Systems Inc. (Canada)
and Blatant Media Corporation (Canada)
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Also, eLearning provides employees with the opportunity to access information as and when they need it. Online training is delivered quickly and conveniently so as to enable employees to gain knowledge and acquire new information/skill sets immediately. On the other hand, assessing the return on investment (ROI) of their training programs is one of the biggest challenges that eLearning professionals face.
They demonstrate the ROI of their training programs in order to attract sponsors and investors. Training solutions developers strive to improve the user experience and offer more diversified options to corporations. These players drive competitive advantage and virtually disrupt the eLearning industry through collaborative strategic partnerships. They develop eLearning modules with advanced features that drastically increase the speed to the market.
Also, there is a vast demand for AI-instructed courses that can offer collaborative, interactive features. Significant investments are poured into accelerating the evolution of next-generation learning. Other notable benefits of eLearning include improved knowledge retention, immediate access to informative resources, and quick & convenient training updates. Corporate eLearning modules offer the opportunity for employees to learn at their own pace & eliminate the need for on-site instructors, boost employee productivity, and reduce employee turnover rates.
Corporate E-learning Market Report Scope:
Market Size by 2030
USD 117.57 billion
CAGR during 2022-2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
Technological improvements have motivated the large-scale adoption of e-learning solutions across enterprises of all sizes at the expense of traditional learning methods.
Key Market Drivers
The corporate e-learning market size is experiencing growth since the imposition of the lockdown and the promotion of the work from home culture. \r\n
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Corporate E-learning Market Competitive Analysis
The highly competitive corporate e-learning market appears fragmented due to the presence of several well-established players. To gain a competitive advantage, industry players adopt strategic approaches such as collaborations, mergers & acquisitions, expansions, and product/ technology launches. They focus on new product development processes, which alongside the high growth prospect demonstrated by the market, attract several new entrants.
For instance, on Sep 15, 2022, Edtech firm Upgrad announced the acquisition of Centum Learning, a corporate training platform, in a share swap deal. The transaction aligns with Upgrad’s strategic goals to make some nonlinear movements to reinvent B2B learning in India and create a strongly integrated learning ecosystem for its stakeholders.
Upgrad recently raised US$210 MN in a fresh round of funding from marquee investors. A large portion of these funds will be employed in the acquisitions of more education companies. Centum currently offers impact-based training to corporates as well as vocational and educational training to schools & college learners.
Corporate e-learning is a growing trend, and its market is increasingly gaining momentum. E-learning platforms have been transforming the way organizations deliver their product and services. As a result, increasing numbers of enterprises of different sizes have started embracing eLearning solutions to drive organizational growth. Corporate e-learning platforms are gaining huge popularity as a viable solution to increase their revenues.
Additionally, growing training budgets of corporations and the emergence of many mobile applications, analytics, and cloud technologies influence the adoption of eLearning solutions. Rapid technology upgrades and advances in learning management systems, assessment module course management systems, AR/VR studio & video conferencing, and other similar platforms influence the market growth.
Growing awareness of the benefits of corporate e-learning, online training tools, and devices, such as interactive displays, fosters market revenues. Moreover, increasing numbers of learning-based mobile applications and professional expertise, alongside advances in digital learning technologies, substantiate the market shares. Conversely, the competitive nature of the market is a major headwind to the growth of the market.
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Corporate E-learning Market Segments
The corporate e-learning market is segmented into training types, technologies, and regions. The training type segment is sub-segmented into instructor-led & text-based and outsourced. The technology segment is sub-segmented into web-based learning management systems (LMS), learning content management systems, podcasts, virtual classrooms, mobile e-learning, and others. The region segment is bifurcated into the Americas, MEA, Europe, APAC, and the Rest-of-the-World.
Corporate E-learning Market Regional Analysis
North America leads the global corporate e-learning market, headed by the increasing demand for training sessions employees can attend from anywhere, anytime, and on any device. Besides, advances in AR/VR technologies and learning management, video conferencing, assessment module course management systems, and other similar platforms.
Europe is another promising market for corporate e-learning, witnessing vast market growth. E-learning modules are hugely popular in corporate environments, which alongside the growing demand for self-paced and competency-based e-learning among employees in this region, substantiates the market size. Additionally, rising budgets for corporate training by major organizations and substantial investments by e-learning platform developers in launching innovative digital training solutions & systems boost the market size.
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The corporate e-learning market is brisk in APAC, holding a sizable share globally. Rising numbers of organizations opening their corporate offices/business centers in emerging economies propel the corporate e-learning market growth. Furthermore, the rapid economic growth and penetration of connectivity & connected devices substantiate the region’s market share.
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