Increasing Spending on Education Sector to Create Growth Opportunities for E-learning Market Players during Forecast Period
According to our latest market study on "E-learning Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Delivery Mode, Learning Mode, and End User," the e-learning market is expected to grow from US$ 274.10 billion in 2022 to US$ 465.47 billion by 2028; it is expected to grow at a CAGR of 9.2% from 2022 to 2028.
Governments of countries in Asia Pacific are contributing a significant part of their resources to two critical sectors, i.e., healthcare and education. According to Education 2030 Sustainable Development Goal, spending on the education sector in this region accounts for ~4% of GDP and 15% of national expenditure on public services. Countries in Asia Pacific have different parameters for composing their education budget, including foreign aid, community funds, and private sector contributions. Educational institutes are collaborating with e-learning platform providers to create digital solutions that provide a great learning experience for students and help monitor and store the academic records of students. Moreover, there is a growing adoption of tools such as Chromebooks and Google Workspace for Education, transforming the way of teaching and learning. Thus, increased spending on the education sector across several countries in the region is anticipated to boost the e-learning market growth in the coming years.
E-learning Market – by Region, 2021 and 2028 (%)
E-learning Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Delivery Mode (Online, LMS, Mobile, and Others), Learning Mode (Self-Paced and Instructor-Led), and End User [Academic (K-12 and Higher Institution) and Corporate]
E-learning Market Share, Size and Growth | Forecast - 2028
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Source: The Insight Partners Analysis
In North America and Europe, the e-learning market is growing due to the presence of a large number of market players such as iSpring Solutions, Coursera, Skillsoft, eLearning Brothers, Epignosis, Adobe, and Blackboard. The adoption of e-learning is increasing with the rising requirement for advanced education systems and growing education spending. Moreover, with the rising trend of enhancing the general performance of students, streamlining students’ tasks, improving communication, and managing timetables, the education sector is witnessing a rise in the adoption of advanced automatic systems. Hence, the demand for e-learning solutions is increasing across these regions.
An efficient learning system, personalized distance education, automated data processing, mental health monitoring, and personalized collaborative education are a few of the highlights of e-learning that is influencing the adoption of e-learning platforms in Asia Pacific. The growing higher education sector and a rising number of corporates indulging in employee training programs are supporting the growth of the e-learning market in the region. Online education benefits students by aiding flexibility, easy accessibility, and personalization. E-learning has gradually emerged as a common method of providing online education, especially during the COVID-19 pandemic.
The e-learning market is segmented on the basis of delivery mode, learning mode, end user, and geography. Based on delivery mode, the market is segmented into online, LMS, mobile, and others. Based on learning mode, the market is bifurcated into self-paced and instructor-led. Based on end user, the e-learning market is divided into academic and corporate. The academic segment is further bifurcated into K-12 and higher institutions. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2021, North America accounted for a significant market share.
Impact of COVID-19 Pandemic on E-learning Market
The COVID-19 outbreak has dramatically impacted the global information & communication technology industry, causing major revenue loss. However, the global e-learning market, in particular, experienced minimum impact owing to the imposition of measures such as social distancing and work from home model. The COVID-19 pandemic led to a change in the education system due to the rise of e-learning on digital platforms. The emergence of the COVID-19 pandemic led to a sudden shift in the functioning of various classrooms and institutions; it also increased the adoption of online learning platforms and tools such as teaching apps, virtual tutoring, video conferencing tools, and online learning software.
In 2020, the COVID-19 pandemic positively impacted the e-learning market growth due to an increase in the adoption of e-learning solutions across several countries across the world. For instance, according to the World Economic Forum report of April 2020, more than 1.2 billion students in 186 countries were affected by the shutdown of schools due to the pandemic. Tencent's classroom has been used extensively since mid-February 2020 after the Chinese government instructed a quarter of a billion full-time students to resume their studies through online platforms. This resulted in the most significant transformation in the education system, with approximately 730,000 (or 81%) of K-12 students attending classes through the Tencent K-12 Online School in Wuhan, China. Thus, schools and universities have increasingly adopted the e-learning system after the onset of the COVID-19 outbreak.
The key players operating in the e-learning market include Cornerstone OnDemand Inc., Kydon Holdings Pte Ltd., Gnowbe Pte Ltd., Adobe Inc., Cisco Systems Inc., D2L Inc., Oracle Corp., Marshall Cavendish Education Pte. Ltd., Citrix Systems Inc., and SAP SE.
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