The corporate e-learning market is projected to witness a CAGR of 16.47% during the forecast period to reach the total market size of US$108.098 billion by 2026, increasing from US$37.181 billion in 2019.
With the unemployment rate as high as 6,47% in 2020, according to the World Bank, there is an urgent need for training and learning equipped with a practical approach. The role of corporate training is to ensure an employee has the knowledge and skills to undertake a specific operation to enable an organization to continue to operate. These training sessions can be imparted through e-learning platforms. They can be translated to lower costs to deliver training in a shorter period, especially when employees are spread worldwide.
Corporate e-learning is one of the fastest-growing and promising markets in the education industry. While the market is currently evolving, it is poised to expand in the coming years. Corporations require an all-inclusive approach to meet their training needs, leading to convergence within the e-training industry. Value-added services in particular like assessment and custom curriculum design, online mentoring and performance support, reporting and tracking, and hosting – will fuel market growth in the next years to come. However, the main barriers to e-learning, such as lack of interactivity, content availability, technology standards, and bandwidth, are currently being addressed.
By technology, virtual classrooms and learning management systems are expected to hold a significant share because of growing internet access worldwide. By training type, soft-skills and compliance skills are more prevalent and thereby hold a major share in the market. Geographically, the largest share in the market will be dominated by North America while the Asia Pacific is likely to grow with the fastest CAGR owing to the rising use of mobile devices in emerging economies such as China, India, Malaysia & South Korea, and the growing internet penetration in this region.
The increasing penetration of smartphones and tablets, and the rising adoption of cloud computing will offer growing opportunities to the market. Similarly, the increasing adoption of video instructor-led training methods and the recent technological advancement such as augmented & virtual reality provides a new approach to training. These are some of the factors that can provide lucrative opportunities for the market to grow. The growing advances in technological infrastructure and the rise in investment from major organizations around the world are also believed to push the growth of the market over the forecast period.
An advantage of e-Learning methods over traditional methods is that it reduces many of the recurring expenses and requires minimal to no upkeep. e-Learning methods also offer faster delivery cycles as compared to conventional learning. This can help companies cut down on numerous costs and also improve productivity and profitability. Some of the advantages include needless hiring of on-site trainers, cut expenses on material costs, and minimize loss of productivity. These pros have shifted the training through online platforms which are fueling the market growth.
As corporate e-learning continues to grow widely, there has been a certain challenge that may restrict its growth. The inherent liberty provided by these platforms in due course of time may lessen the self-discipline of the employees vis-à-vis affecting their productivity and work skills. This may act as a contracting factor of the market.
Due to the global pandemic, there have been several restrictions in the form of lockdowns and quarantines. These measures have led to work-from-home and remote working practices for employees of various businesses/ corporations. This has increased the demand for as e-learning, online training, and virtual communication. The enterprises which have not used e-learning before the pandemic are now initiating various online training programs for the employees. Those companies which have already operated eLearning and training are now developing and experimenting with various methods and courses, to prompt new online strategies such as providing self-directed learning content, activating digital learning systems, and opening massive open online course platforms. Thus, it is safe to conclude that the pandemic has boosted the market growth of corporate e-learning platforms.
The market leaders for the Corporate e-Learning market are Hurix Digital, Shezartech, Instancy Inc., Designing Digitally Inc., Sparkademy AG, ELEARNINGFORCE International, InfoPro Learning Inc., Cornerstone OnDemand, Blackboard, John Wiley and Sons Inc., edX Inc., SweetRush Inc., Allen Communication Learning Services, Infopro Learning, and CoreAxis LLC. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,
|Market size value in 2019||US$37.181 billion|
|Market size value in 2026||US$108.098 billion|
|Growth Rate||CAGR of 16.47% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Training Type, Size, Technology, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Hurix Digital, Shezartech, Instancy Inc., Designing Digitally Inc., Sparkademy AG, ELEARNINGFORCE International, InfoPro Learning Inc., Cornerstone OnDemand, Blackboard, John Wiley and Sons Inc., edX Inc.,|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global corporate e-learning market?
A1. Corporate E-Learning Market was valued at US$37.181 billion in the year 2019.
Q2. What will be the corporate e-learning market size by 2026?
A2. The corporate e-learning market is projected to reach a market size of US$108.098 billion by 2026.
Q3. What are the growth prospects for the corporate e-learning market?
A3. The global corporate e-learning market is projected to witness a CAGR of 16.47% over the forecast period.
Q4. What factors are anticipated to drive the corporate e-learning market growth?
A4. The increasing penetration of smartphones and tablets, and the rising adoption of cloud computing will offer growing opportunities to the corporate e-learning market.
Q5. Which region holds the maximum market share of the corporate e-learning market?
A5. North America holds the largest share of the global corporate e-learning market.