The rise of global online education has become the trending segment nowadays. Online education has been a mainstay in the global education market for many years. From the time of widespread digitalization in global education, it has gained significant traction, especially during the pandemic. The sheer demand for the effective teaching software has propelled this technology to the forefront.
According to Research and Markets, if the current pace of online education stays as is, then it could rise up to $350 billion by 2025. Further, this prospect may grow even more steeply given the long-term impact of COVID-19. In light of this fact, online education platforms have become a funnel for investment all around the world for private investors and government bodies alike.
How is eLearning Growing During the Global Pandemic?
The COVID-19 epidemic has prompted online education platforms to amp up their business verticals like never before. While Udemy, Coursera, Edx and others have been around for quite some time, they have never been able to deliver such an abundance of internet-based learning opportunities.
This includes an assortment of media like live lectures, walkthrough tutorials and eBooks. Add to that the digital infrastructure needed to conduct examinations for 1.2 billion students worldwide and it is easy to see why this is the fastest growing industry in the education sector.
Similarly, the education market has been also provided an avenue for business to continue operations. About 44% of the UK workforce, which amounts up to approximately 5 million people and this marks an increase of as much as 19% from last year. This indicates that there is a growing cohesion in the workplace regarding off-site working and this may continue, particularly in light of the COVID-19 situation.
What Benefits Does Online Education Offer?
E-Learning offers a lot of advantages to students thanks to the medium it offers. The comfort of one’s own home, a convenient time of choosing, online record keeping of attendance to the topics covered, ample revision opportunity is only a few among the many benefits it offers.
This also results in more time-efficient, consistent and verifiable education. Further, with COVID-19 or similar medical concerns of the local environment, the online method is a better option because it minimizes risk.
Global Online Education
Additionally, statistics have shown that eLearning also offers some significant advantages over conventional educational models. Studies have also shown students retaining 25-60% of what they learnt as compared to 8-10% of classroom learning. E-learning is also 40-60% time consuming to learn than in a traditional classroom setting. Since all the data is available to students with internet access, they can refresh lectures and topics at will.
The same processes apply to corporate environments where managers can leverage this online material to orient and develop in-house talent while also reporting to higher-ups. The same applies to executive board members who can use these online platforms for shareholders conventions and industry seminars. This optimizes many related processes and minimizes expenditures on them.
What is the Expert Opinion on the Online Education Industry’s Future?
According to Darren Shimkus, president of udemy, online education platforms are working hard to bring impactful skills which are emerging in the market. This was considerable move ahead of the market merely 3 to 4 years ago when the online education industry was catching up.
Similarly, SMCR Compliance, a financial e-learning platform gave a statement through their spokesperson on the online education industry’s momentum. “We believe that eLearning has a lot to offer to the world, particularly during this unprecedented time of crisis. That is why we are leveraging our strongest UK and US assets and meeting compliance criteria for our clients globally.
Our dedicated courses for senior managers and staff are wired towards delivering adaptive, efficient and convenient educational opportunities. We plan to take this eLearning industry momentum further in 2021 and reflect the needs of our clients in our implemented strategies.”
What Does the Future Hold for the Global Education Market?
The online education industry is growing by leaps and bounds in light of the COVID-19. Even without the pandemic, it was pitching some formidable educational resources to the global market. Now, it is poised to grow rapidly and with an ever-increasing demand. So, this is a prime time for investment in the market and this upward trend is certain to climb further as newer technologies like AR/VR enter the market.
Further, platform personalization, course specialization, customized learning and all over modification options will add new dimensions to the education process and make it far more efficient. That is why, the future of this industry is looking very promising.