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There seems to be universal agreement that the worldwide e-Learning market will show fast and significant growth over the next three years (2016–2018). The worldwide market for Self-Paced E-Learning had reached $35.6 billion in 2011. The five-year compound annual growth rate (CAGR) has been estimated at around 7.6% which gives an indication that the revenue would reach $51.5 billion by 2016. Details are as follows;
Self-Paced Learning, as the name suggests, is the process in which a person undertakes learning at their own pace, without any specific start time or periodically scheduled progress-checks, for all the kinds of sub-courses undertaken in the Learning Management Systems (LMS). In many cases, a general completion time/date is set for the courses all together.
Even though the global aggregate growth rate is 7.6%, several world regions appear to have significantly higher in their growth rates. According to recent regional studies, the highest growth rate is estimated for Asia at 17.3%, followed by Eastern Europe, Africa, and Latin America at 16.9%, 15.2%, and 14.6%, respectively.
The E-Learning business sector is growing year-on-year, despite the fact that it’s hard to think about business sector information originating from various sources. For example, the potential of integrating Gaming and Gamification frameworks inside the e-learning market makes the performance of the field go way high than expected.
Utilizing a “work of art” comprehension of e-Learning uncovers no less than three overwhelming sub-divisions: Content, Authoring devices, and Learning Platforms. The recent advancement in the technology to innovate Learning platforms has resulted into two business models, namely: Hosted and Installed stages. By late investigation from Ambient Insight, these sub-divisions are relied upon to develop at various rates.
Why Self — Paced Learning in Corporates??
One approach to focus on the quickly changing business sector is to actualize business technique that augments collaborations between deep rooted learning and workforce profitability. Without proper innovative support from such technologies, preparing programs with all such educational features of will be less successful. Researchers had revealed that e-Learning turns out to be a fabulous approach to accomplish quality results in a short time allotment. Online-delivered learning, within a context of continuous education, is considered strategic because:
- It keeps workforce assessed of their employment capacities, creating necessities, empowering them to have a beneficial outcome inside of their Organization
- It helps progression arranging, helping employees to gain the learning and abilities to help them progress inside of their Organization.
- It allows Organizations to keep training budgets under tighter control, develop and retain existing employees, and reduce costs related to external human resources recruitment, selection and on-boarding.
Market Trends in Various World Zones
Each of the world’s zones has its own characteristics as far as the variables that drive this business sector. In Asia, for instance, Government-supported undertakings are noteworthy driver to the presentation of e-Learning.
In the Middle East, administrative intercessions assume responsibility in the scattering of E-Learning material as instructive systems. This system is not only implemented in under-graduation (starting from school levels) and post graduates (like Ph.D.) in some parts of the region, but also used for training employees in corporate companies and government sectors.
In African countries, private colleges have realized the outcome upon investing on the LMS. These Institutions are willing to do heavy investments on their education systems, keeping in mind the end-outcome on the performance of learning process, to help them support their professions. In African countries, in general, the introduction of mobile technologies and the use of social networks are major drivers to change. Nonetheless, the most important change agent remains Governments’ direct interventions. Facebook and Twitter are used predominantly to support distance learning while VOIP solutions, such as Skype and Google Talk, are becoming popular as well in African countries.
The U.S. and Western Europe markets are mostly matured, with the biggest instances of e-Learning adoption ranging from K-12 solutions to business-related training.