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Why is the eLearning Industry Booming in 2021?

Why is the eLearning Industry Booming in 2021?

According to analysts, the eLearning market will exceed $370 billion by 2026. However, such success did not come out of nowhere. This is the result of particular circumstances and traits inherent in online learning. Today we will look at eight main reasons why the eLearning industry is booming during 2021. Without further ado, let’s get started.

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Member of the Board, Raccoon Gang

Sergiy has 18 years of experience in eLearning and management. Creating educational programs, career paths, online and offline courses he is making the educational world better as a co-founder of RG.

Why is the eLearning Industry Booming in 2021?

Main Reasons Why eLearning Industry Is so Popular

Many of the reasons are associated with the benefits of this form of learning. Such a skyrocket rise is influenced by the situation around Covid-19, which spurs the standard format of training into the online format. We will analyze the most crucial reasons to have a complete picture of raising eLearning popularity.

eLearning Market Size

eLearning market size

LMS*- Learning Management System

Reason #1. Covid-19 Pandemic

Even though almost two years have passed since the beginning of the pandemic, we are still trying to get used to the new way of life. While many countries are trying to organize strict lockdowns, many people are forced to stay home. However, no one canceled the study, and the global education system had to get out of the situation.

Demand for online education increased significantly during the lockdowns, and many adopted the new way of learning. Such a strong demand is one of the main reasons why the eLearning industry has reached unprecedented heights.

What's even more exciting is that the trend will not subside even after all the lockdowns are over. The world education system has learned all the conveniences and advantages of such a training format. Now, according to assurances of 63% of university leaders, they predicted that prestigious universities would have complete university courses transferred online by 2030.

Universities opt for online education

Reason #2. With eLearning Students Learn More

This may seem like a strange statement to some since, at first glance, all the difference between online training and the traditional one is that all training takes place on a computer or mobile device. However, according to recent IBM research, students enrolled in online courses learn five times more material than old-fashioned classroom learning.

The eLearning industry has one indisputable advantage - students can determine at what pace it is comfortable for them to consume educational material. This freedom stimulates faster progress on topics in which students feel confident and choose long pauses between topics that require in-depth study and a focused approach.

Reason #3. eLearning Is Less Time Consuming

It is no longer a secret for anyone that the standard form of education is several times more time-consuming than online. To be more precise, formal education is 40-60% more time-consuming. 

This point is closely related to the previous one since freedom of choice affects how long it takes to assimilate the material. Teachers do not need to wait for others to master the material to continue moving forward through the educational material. Learners are free to devote time to learning when there is a desire, strength, and inspiration to learn. 

Also, do not forget that the eLearning Industry completely frees you from moving around the city to get to an educational institution and attend classes. Students just need to open a laptop, connect to the Internet, and learn new material.

Reason #4. Over-The-Top Retention

Online learning stands out because it is much easier to retain students in this format than the standard one. The Institute of America conducted a study that showed that the eLearning industry has a retention rate of 25% to 60%, while regular training has 8-10%. 

eLearning has higher retention rates

This phenomenon is because online learning helps avoid situations when students face many classes in one day, which is very tiring. Online students study when they are ready for this without accumulated fatigue and the thought that there are still 5-6 lessons ahead on various topics.

Reason #5. Accessibility

One of the most widely praised features of the eLearning industry is its portability. Many online learning platforms try to keep up with modern trends and allow learning through different browsers and various mobile devices right on the go.

In addition, training is not tied to one place. You just need to connect to the Internet, go to the website or mobile application of the learning platform, and you are ready to gain new knowledge. All these factors make online learning incredibly flexible and accessible from anywhere globally where there is Internet access.

Reason #6. Online Learning Cans Solve Teacher Shortage

Lack of teachers is a problem that is especially acute in the educational field. For example, in 2019, economists at the Economic Policy Institute stated that the shortage of experienced teachers is "real, great, growing, and worse than we thought."

Even though the teacher shortage can’t be resolved with a snap of the fingers, online learning is doing its best to tackle the problem gradually. For clarity, it is worth giving an example. In standard universities, there are approximately 16.5 students per teacher. Meanwhile, an online curriculum written by one qualified professional can reach thousands of students every day.

In a nutshell, the eLearning industry is not aimed at expanding the teaching staff but providing educational material to a broader range of users.

Reason #7. No Need for Textbooks and Related Expenses

The standard form of education can’t do without books since most educational material is based on specific textbooks. Research shows that a student in the United States spends an average of $1,200 a year on textbooks. Many students spend money on learning material from their student loans, which can be very expensive and stressful.

Online training completely frees students from such expenses since all related materials are in the public domain online. In addition, online materials are easily updated and constantly remain relevant, unlike books that require re-release, quickly become outdated, and new editions require re-purchase from students.

Reason #8. Environmental-Friendly Approach

In recent years, the eco-friendly movement has been growing, contributing to online learning’s popularity. The eLearning industry has already established itself as the most sustainable way of learning, as online courses use 90% less energy and emit 85% less CO2 than traditional classroom lessons.

In addition, do not forget that the online education business does not require textbooks, which reduces the demand for the production of paper books, cutting down trees, and the construction of paper-cellulose factories, which are infamous for their emissions into the atmosphere.

Wrapping Up

In this article, we've compiled eight main reasons why the eLearning industry is experiencing an unprecedented rise. And as you can see, the reasons vary and relate to different aspects, from productivity and the economic field to the environment and world situation. However, the development of online learning does not stop at the successes achieved, and who knows what other additional benefits the eLearning industry can bring in the next 5-10 years.

And if you want to join the number 1 learning format, a professional eLearning services provider will help you with this task. Raccoon Gang is a leading eLearning solutions provider that develops custom solutions in online learning for the needs of various businesses and enterprises. Share your idea with us, and our managers will consult on further development perspectives.

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