According to a report by the global market insights, E-Learning Market size surpassed USD 250 billion in 2020 and is likely to grow at an exponential CAGR of over 21% between 2021 and 2027. AI, VR, and cloud based LMS are some of the driving forces which have culminated towards the exponential growth of the market. The emergence of an AI-enabled e-learning solution will help in the development of smart content, digitized study guides, and real-time questioning.
The online learning market is likely to witness an absolute growth of about 110% by 2026. The global online education market has not only witnessed an exceptional growth but has seen a paradigm shift from content delivery to interactive learning platforms, language training, functional skill development, proficiency testing, and higher education pedagogy, video streaming of classes to corporate training, talent management, and e-governance. The increasing focus on cloud infrastructure adoption will create lucrative opportunities for leading online education companies in the market.
Combination of internet and education to provide students and working professionals with the opportunity to gain more skills has paved the way for ELearning. The pandemic has further revolutionised the entire Elearning growth scenario. With the outbreak of the pandemic, the schools, colleges, universities, and companies were left with no more option but to work from home.
Various online platforms had cropped up like Udemy, Coursera, Lynda, Skillshare, Udacity that provide Elearning to millions of people and students. The platforms are getting shaped by different user verticals as well. E learning uses machine learning algorithms that can enhance the learning patterns of people. Machine learning algorithms use pattern recognition which can personalize the content for each individual.
India also emerged as one of the most popular E Learning markets in the world. With the outbreak of Covid 19 , there was a paradigm shift in digital learning as it proved to be a necessary resource for education. The E Learning paved the way and transformed the old chalk and talk teaching model to modern driven technology based model.
India holds an important place in the global education industry. India has one of the largest networks of higher education institutions in the world. However, there is still a lot of potential for further development in the education system. With 26.31% of India’s population in the age group of 0-14 years, India’s education sector provides numerous opportunities for growth.
In India, primary schools used mobile-phone games to help students from rural, low-income households learn English. Aided by local teachers, researchers devised a simple game to develop listening comprehension, word recognition, sentence construction and spelling. Test scores of students using the mobile-phone games improved by nearly 60%
According to a Report in IBEF, India is the second largest market for E-learning after the US. The sector is expected to reach US$ 1.96 billion by 2021 with around 9.5 million users. The government is also taking adequate steps to promote Elearning in India. According to the Union Budget 2020-21, government allocated Rs 59,845 crore (US$ 8.56 ) .
Online learning will indeed be the next gen learning. On account of emerging mobile platforms. Huge data has been created machine learning has given personalized solutions to the course content with using the big data. In the future the sector is bound to witness emergence of technological revolutions like VR/AR or more advanced machine learning algorithms to democratize the learning more appropriate.