In less than two decades eLearning has revolutionised how we receive knowledge and improve skills: these needs are combining to produce an industry that within a decade will become a $250 billion market.
Forbes have estimated that the 2015 global eLearning market is worth $107 billion. Others have predicted that the industry will grow at 10% per annum, to be worth a whopping $243.8 billion by 2022. A simple Google search will unveil a plethora of reports and predictions, all estimating a marketplace growing in the billions.
The power of eLearning has tripled in just four years. In 2015 this booming industry is tipped to expand to $107 billion in revenue, up from $35.6 billion in 2011.
Why is this happening? Here we outline five reasons as to why the eLearning industry is booming:
1. Cloud formation The key catalyst for the eLearning boom has been the development of the Cloud. The Cloud has enabled the creation of multiple service-as-a-software (SaaS) business models that are perfect for the supply of eLearning courses.