eLearning is Growing: Here’s What Businesses Need to Know
JAN 16, 2017 17:09 PM
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eLearning is Growing: Here’s What Businesses Need to Know

By Larry Alton

Fifteen years ago, eLearning was a very rudimentary practice that yielded minimal benefits for businesses. However, even in the early days, large organizations realized that the potential for success existed. Now, as we prepare to enter 2017, it appears the eLearning is ready to explode onto the scene.

The Rise of eLearning

According to research conducted by Global Market Insights, the e-learning market size was valued at $165 billion in 2015 and is expected to grow five percent annually between 2016 and 2023, ultimately exceeding $240 billion. In the U.S. alone, the market is currently estimated to be north of $27 billion.

When you study the numbers, it appears that there are two root causes for the rise of eLearning. The first has to do with a shifting mindset and the second has to do with technology.

The first reason for the swift growth in the eLearning field is that more students graduating from college and entering the workforce are familiar with eLearning in some form or fashion. In fact, in a 2015 study of students, 23 percent said they would definitely/probably not pursue a degree with a particular program if class offerings were not available at least partially online.

In other words, eLearning has become an expectation for college students – an expectation that translates over when they enter the workforce. As more millennials enter the workforce, there becomes a higher level of expectation for online learning in these organizations.

The second reason for the growth of eLearning has to do with improvements in technology. What was once cumbersome has now become rather effortless. Many eLearning solutions even offer mobile capabilities that allow students to seamlessly move between smartphones, tablets, and computers for remote learning. This convenience factor has totally changed the way organizations and employees view it.

Three Reasons Why eLearning is Such a Good Choice

For businesses that still aren’t totally comfortable with the idea of pursuing eLearning, what are the major benefits?

1.     Lower Cost

With eLearning, it’s much more cost-effective to train large groups of people. This is especially true if you frequently train large groups on the same topic. Once the curriculum is set, you no longer have to hire a teacher or spend time printing off materials. Everything you need is contained within the online platform and can be replicated and revised as needed.

2.     Convenience

But perhaps the biggest advantage of all is the convenience factor. eLearning is much more flexible than traditional classroom-based learning. Students can learn at the office, in their homes, on the train ride to work, or even in the airport halfway around the world. This means fewer excuses and more time to invest in the subject matter at hand.

3.     More Conducive to Learning

Quite simply, eLearning is more conducive to knowledge retention and progress than the traditional learning style that many have become so accustomed to.

“We often hear that learners feel they have less fear of failure from eLearning, than classroom training,” expert Ryan King says. “They don’t worry about getting something wrong first time as this is done in private. Tests and examinations, where you wait days or weeks to know your result, often add stress and anxiety to learners.”

Will You Give it a Shot?

Traditional learning feels comfortable, but eLearning is the way of the future. If you’ve been hesitant to adopt an eLearning solution in your organization for fear of change, now’s the time to give it a try. Thanks to shifting mindsets and evolving technology, it’s never been easier to get started.

 

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