With rapidly growing interconnectivity solutions both in top and emerging economies incepted the e-learning trend. This was accompanied by the growth of digitization. And it contributed immensely to the expansion of this sector. As the cherry on top, cloud infrastructure, P2P solutions, and open content development came along. In 2021, this is one of the fastest growing and dynamically evolving market. It is necessary to stay way ahead of the curve if you are operating in this paradigm and that is precisely what we are discussing here today. Let us understand some numbers.
- Valuates has evaluated that the market had a value of $226 Billion in 2020.
- Between 2020 and 2026, the market will experience a CAGR of 8.56%.
- By 2026, the market will have reached a $370 Billion
And that is just the market. The above numbers simply portray the trajectory of the raw market growth. The trends and the accompanied expansion of target markets are yet to be addressed. This blog covers the various features of such software that represents the sine-qua-non of integrations. We will also touch upon the emerging trends that can give a competitive edge for the businesses adopting them. First, let us look at the 3 major trends.
TOP 3 E-LEARNING DEVELOPMENT TRENDS
Microlearning refers to presenting snackable modules of content to share information. It is cost efficient, purposeful, comprehensible, and personalized for the learners. The global microlearning market was valued at $1.5 Billion in 2019. And it will reach $2.7 Billion by 2024 after exhibiting a CAGR of 13.2% during the forecast period.
- Artificial Intelligence
AI is an aspect that transcends offerings and industries. AI based solutions includes virtual teaching assistants, chatbots, NLP, real-time query feedback, and personalized learning experiences. The AI based education market is expected to reach a value of $3.68 Billion by 2023 after experiencing a CAGR of 47% from 2018 to 2023.
- Mobile Learning
The mobile-first approach is taking the development landscape by storm. It is all the rage across solutions. And it is no different in this educational paradigm. Mobile learning lubricates learning activities through formal training, instant educational aids, informal training, collaborative and social learning as well as self-teaching. The market also shows great promise. In 2019, this particular market was valued at $27.32 Billion. After exhibiting a CAGR of 36.45% from 2020 to 2027, the market will reach the $280.08 Billion mark by 2027.
These trends are the fastest emerging ones in 2021. Other notable trends include gamification, deployment of big data, blended learning, self-education, and video-based learning. Another notable trend is immersive e-learning. This market is expected to reach a value of $13,098.2 Million by 2026. The CAGR expected to be exhibited is 42.9% from 2018 to 2026.
With these trends in mind, now it is imperative that we look at the necessity of considering this segment crucial. What are the tangible benefits that are driving this immense growth?
SOME SIGNIFICANT STATS
- Since the dot com boom of early 2000, the industry has grown by 900%. And the growth still sustains at a staggering pace as technological advancements pervades the landscape.
- The advantages for students are also evident. These courses can be completed 60% faster than in-person courses.
- Self-study forms an inseparable aspect of e-learning. Software development considers this too and adds extra modules and functionalities to lubricate self-study. The self-paced components market will be valued at $33 Billion by Q4 2021.
- 77% of all companies have used online/digital learning for training purposes since 2017.
- When it comes to Fortune 500 companies, close to 77% have employed similar activities.
- Over 93% of all brands worldwide are on the brink of adopting online learning.
- Companies that invest in this for training purposes experience a 25% increase in productivity.
- Employee engagement also shot up by 18% through these endeavors.
These numbers are enough to get anyone convinced in the promise projected by this industry. However, in order to leverage all these advantages in the most significant and meaningful fashion, you need a professional software developer at your disposal. And we are concluding on that note.
E-learning software development has multiple nuances and aspects to be taken care of. Apart from following the latest trends, the rudimentary design and core tech has to be strong, secure, and scalable. This is where Orion eSolutions can help you. If you are looking to partner with a professional coterie of web development doyens, partner with us today. Visit www.orionesolutions.com to learn more about our significant contributions to the web development spectrum.