The global lockdown of educational institutions has caused major interruptions in students’ learning and education, disruptions in internal assessments and cancellation of public assessments.
However, the outbreak of COVID-19 has paved opportunities for the growth of e-learning. The lockdown is expected to boost the demand for e-learning platforms, resulting in a spike in the market during the forecast period and the market is said to witness steady growth.
Increased use of mobile apps and social media, growth of blended earning in education technology, increasing AR & VR applications in e-learning, higher internet penetration & internet-enabled devices and growth in global workforce & migration of skilled labour are likely to contribute to the growth of the e-learning market during the forecast period.
Udemy, Coursera, Lynda, Skillshare, Udacity are a few of the e-learning platforms that serve millions of people. The platforms are getting shaped by different user verticals as well. While Skillshare is mostly for creatives such as giving courses on animation, photography, lifestyle, Coursera is mostly academic with giving access to university courses.
Top tier universities are also offering learning by making courses accessible via online. Stanford University and Harvard University has given access to online courses under categories of computer science, engineering, mathematics, business, art, and personal development.
These all show one thing, there’s a huge demand from people to learn online. The reason for this demand and rapid growth of the market with a wide variety of platform options for different groups of people may be the rapid change of the world.
All e-learning platforms have a massive amount of user data which enables them to use algorithms that can enhance the learning patterns of people and can personalize the content for each individual. For example, when a student repeatedly struggles with a concept at the course, and the platform can adjust the e-learning content to provide more detailed information to help the student.
The instantaneous feedback loops inside the platforms which are provided by other online students or the platform improve the learning curve. This also offers shy or more reticent people the opportunity to participate in class discussions more easily than face-to-face class sessions.
Another big advantage is time. People can arrange their schedules according to their convenience and this enables them to scale themselves. This represents a huge opportunity for entrepreneurs to increase their knowledge assets rapidly. While the e-learning platform is growing at a rapid pace, it is now key to stay up to date with the latest developments. Entrepreneurs can dig into mastermind, coaching, and consummation programs to scale themselves rapidly. This is an incredible opportunity for those who wants to go the extra mile.
The cost structure of e-learning is another factor for the rapid growth of the market. Online courses prove a more affordable option than traditional ones and there are no commuting costs, and sometimes required course materials, such as textbooks, are available online at no cost.
It is a fact that e-learning is the future and will undoubtedly replace land-based learning in the future. Mobile platforms have given access to more people to benefit from e-learning, and this has created a huge data, then machine learning has given personalized solutions to the course content with using the big data.
In the future, it will not be surprising to see more elements in the e-learning structure such as VR/AR or more advanced machine learning algorithms to offer learning to more and more people.
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