The e-learning market is expected to generate revenue of $65.41 billion by 2023, growing at a CAGR of 7.07% during the forecast period.
Major vendors are introducing technology-enabled tools that can facilitate the user engagement, motivate learners, and help in collaborations, thereby increasing the market share and attracting new consumers to the market. The growing popularity of blended learning that enhances the efficiency of learners will drive the growth of the e-learning market.
Vendors are also focusing on offering choices on the course content at competitive prices to gain the share in the global e-learning market. The exponential growth in the number of smartphone users and internet connectivity across emerging markets is driving the e-learning market in these regions. The introduction of cloud-based learning and AR/VR mobile-based learning is likely to revolutionize the e-learning market during the forecast period.
The increasing number of mobile users and the growing trend of social media learning are augmenting the growth of the global e-learning market. E-learning content developers are focusing on developing bit-sized lessons and deploying learning modules in sprints to match the daily routine of mobile users. Services providers are focusing on developing new e-learning content through continuous news feeds, peer-to-peer challenges, flashcards, and content collaboration to attract many consumers and introduce learning modules.
The growth of the social media is paving the way for the emergence of new education paradigms such as hybrid and online learning. These new learning methods ensure the maximum amount of engagement levels and offer flexibility to end-users. The development of new modules will attribute to the growth of the e-learning market.