LOS ANGELES, May 20, 2021 (GLOBE NEWSWIRE) -- The global e-learning market is expected to grow at a CAGR of around 15.9% from 2020 to 2027 and reach the market value of over US$ 660.8 Bn by 2027.
The e-learning platforms allow people to learn new skills or earn degrees without attending physical academic settings or universities. This platform also allows the flexibility of timings (24*7) for the learning classes, which a major factor in giving a boost to the demand in the market across the globe. With the exponential increase in virtual classrooms due to nationwide lockdowns and social distancing norms, the eLearning market has experienced a major boost in the year 2020. As the developing economies, especially of the Asia Pacific region, have adopted eLearning in the education system on an urgent basis is propelling the market value.
The global e-learning market is segmented on the basis of technology, deployment mode, provider, and geography. Based on the provider, the market is studied across online e-learning, learning management systems (LMS), mobile e-learning, rapid e-learning, virtual classroom, and others. Based on deployment mode, the market is bifurcated across cloud and on-premise. On the basis of provider, the market is bifurcated into services and content.
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On the basis of technology, the mobile e-learning segment is anticipated to experience the fastest growth during the estimated period from 2020 to 2027. The technology allows easy content delivery and access to students compared to the hard copy of books and course materials are primarily supporting the segmental market growth.
North America is leading the e-learning market with maximum revenue share in 2019 and the region is also projected to maintain its dominance throughout the forecast timeframe from 2020 to 2027. The major economies of the region including the US and Canada are the major revenue contributors. The early adoption of technology due to its origin and fast internet connection along with the easy access to suitable electronic devices is contributing to the dominance of the region. The presence of major players in the region, as well as awareness among the students about the e-learning platform from an early age, is additionally contributing to the regional market value. In 2021, the American Numismatic Association (ANA) has disclosed the plans of turning its National Money Show into an educational opportunity that will be available instead through the ANA’s eLearning Academy.
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Furthermore, Asia Pacific is projected to exhibit the fastest growth with a major CAGR (%) during the forecast period from 2020 to 2027. The rapid development in the emerging economies of the region in terms of internet connections, usage and demand of mobile devices, affordable data packs, and raising awareness about the e-learning platforms are some of the factors driving the contributing to the fastest regional market growth. Additionally, the region is also gaining growth due to the increasing number of startups associated with the e-learning platforms for the students working professionals, house makers, as well as for those who are seeking a platform to learn certain skills. In 2021, two Indian firms including Jio Platforms and e-learning startup Byju's have secured their position in Time Magazine's first-ever list of 100 most influential companies.
Some of the leading competitors are Adobe Systems, Inc., Allen Interactions, Inc., Apollo Education Group, Aptara, Inc., CERTPOINT Systems, Inc., Cisco Systems, Inc., Citrix Education, Cornerstone, Learning Pool, Meridian Knowledge Solutions, Microsoft Corporation, NetDimensions, Oracle Corporation, and SAP SE among others. The major players are involved in the expansion of their reach across the globe with aggressive marketing plans and strategic developments like mergers and acquisitions, partnerships and collaborations, and new product developments.
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Some of the key observations regarding the e-learning industry include:
- In 2021, Ed-tech pioneer, Byju's is all set to raise about US$150 million funding from the multinational Swiss bank, UBS Group AG. The strategic move can scale the company's value to US$16.5 billion. This recent investment from UBS is likely to sum up the investment of about US$300 million in the Byju’s from the company.
- LEAD School, a B2B startup has raised US$30 million in its Series D round of funding led by US-based edtech investor GSV Ventures. LEAD is likely to use this for the expansion of its portfolio.
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