The global online education market is projected to witness a CAGR of 9.23% during the forecast period to reach a total market size of US$429.44 billion in 2027, increasing from US$198.88 billion in 2020.
With millennials quickly becoming the predominant generational demographic at the workplace, organizations need to prepare for a workforce that is not only tech-savvy but also tech-dependent. There is also a clearly observable shift in terms of the applicability of learning and training. Multi-channel learning allows not only access to anytime-anywhere learning but also faster application of skills learned or upgraded.
Changes in the format and processes of LMS mean that organizations need to pay closer heed to the needs of employees in the context of business needs. When it comes to upgrading learning and development frameworks, Skip Marshall, HCM Technology Executive at DXC Technology believes that it is essential to clearly communicate the immense value of upgrading L&D frameworks and in that, organizations face challenges in three core aspects:
Learning Management Systems (LMS) to Learning Experience Platforms (LXPs) is the shift toward learning curation and engaging content, which has driven the industry to develop solutions and platforms that can provide engaging learning experiences. Learning has evolved to focus on how such experiences can not only make learning more engaging but also drive actionable knowledge that directly ties to the learner/worker and business performance. With this, there has naturally been a significant shift from prescriptive learning to subscription learning, from a top-down approach to learning to an essentially learner-driven model.
An important benefit that LXPs provide is the operational value to the organization with micro-level reporting and the opportunity for deep analytics, creating meaningful impact for both the learner and the organization. Additionally, LXPs provide learners with a collaborative, self-driven journey that is engaging and well-circulated among peers and fellow learners. Skip also rightly mentions that, “Today’s learners want learning that is available on the go, modality agnostic and quick to consume.”
Organizations are thus in the race to provide a more inclusive approach that is personalized, aligns with specific learning styles and incorporates micro-level reporting, deep analytics, quality content curation, peer sharing, and community building. This is where speed and relevancy provide the best value for all stakeholders. Learners, whether millennials or otherwise, are used to a world where all communication is personalized. Learning content needs to speak to them individually as well.
Report : Online Education Market - By Technology (Mobile, Learning Management System (LMS), Virtual Class, Others), By End-User (K-12, Small, and Midsize Business (SMBs), Large Enterprises, Massive Open Online Courses, and Others), By Type (Academic and Corporate), By Vendor (Service Provider and Content Provider) and By Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Industry Analysis, opportunity and Forecast 2020 To 2027