It’s no secret that technology has changed the way people teach and learn. Learning is no longer limited to traditional methods, and the majority of learning is now digital. Mobile devices, virtual learning systems, and online courses are just a few of the digital tools available to instructors and learners today.
As per KPMG’s research, 90% of corporations use e-learning methods to impart knowledge to their employees.
eLearning seems to be an increasing trend, and it can be vital for your organization to go along with the trend.
Today, we will tell you some surprising statistics about eLearning that will provide you an overview of the eLearning landscape and its future. In other words, you’ll get to know what are the present e-learning trends, and what are the reasons driving them.
Key e-learning market statistics:
- The eLearning market is now more than 21 years old.
- Since the year 2000, the eLearning market growth rate has been 900%.
- The global eLearning market will reach $325 billion by 2025.
- The global corporate e-learning market size will be worth $50 billion by 2026.
- With an annual growth rate of 15% from 2020 to 2026, the corporate market will be one of the biggest drivers of the e-learning industry.
- 90% of corporations now use e-learning compared to just 4% in 1995.
- In 2017, the global corporate e-learning market was worth $14.23 billion, and it is expected to grow to $49.87 billion by 2026.
- From 2018 to 2026, the global e-learning market is expected to grow at a CAGR of 9.1%, reaching $336.98 billion.
- The Asia Pacific seems to be the fastest-growing market, with eLearning revenues expected to grow at an annual rate of 20%.
- The U.S. and Europe account for over 70% of the global eLearning industry.
- 41.7% of global Fortune 500 Companies already use some form of technology to train their employees.
- 72% of organizations interviewed believe that eLearning helps them increase their competitive edge by keeping up with the changes in their particular market.
So now, you must have got an idea about the importance of e-learning for companies. As a corporate, if you are still not convinced to implement e-learning in your corporate training, then let’s understand the significance of e-learning in detail.
Significance of e-learning in corporate training
9 out of 10 companies implement eLearning to impart training to their employees. That’s huge!
Have you wondered why such a large proportion of companies recognize the importance of e-learning? Because it can benefit both a company and its employees. Let’s understand how.
Employees like to learn while at work
68 % of employees state that they are keen to take part in training provided by companies.
Employees seem eager to learn and improve their skills but traditional methods of learning aren’t necessarily the best approach since modern employees require personalized material with access to content at all times.
58% of employees prefer to learn at their own pace, and 49% of employees prefer to learn at the point of need.
So, a majority of employees seem to prefer eLearning which allows them to learn at the point of need.
E-learning Saves Money
It should come as no surprise that eLearning can save companies money. That’s why many organizations use eLearning for staff training since it is cost-effective. But this statistic may surprise you:
IBM saved approximately $200 million after switching to e-learning.
That’s huge! So, companies can save a lot of expenditures by adopting eLearning techniques instead of traditional ones.
E-learning is Flexible
In addition to saving money, eLearning can save your employees a lot of time. On average, employees only have 24 minutes per week to spend on formal learning. It seems employees are unable to find specific time for formal learning.
This is where eLearning can help!
According to a Brandon-hall study, learning through e-learning typically requires 40% to 60% less employee time than learning the same material in a traditional classroom setting.
E-learning allows your employees access to information at the point of need, regardless of where they are or what they’re doing. As a result, they don’t have to take time off from work to attend learning or training sessions.
E-learning Increases Revenue
E-learning can also result in increased revenue and profit per employee. Have a look at these amazing stats that prove the effectiveness of eLearning in increasing companies revenue:
- Comprehensive training programs lead to a 218% higher revenue per employee.
- 42% of companies say that eLearning has led to an increase in revenue.
- Revenue generated per employee is 26% higher for companies that offer training using technology, including eLearning, given that it enables companies to train more frequently.
E-learning results in better retention
You might be amazed to know that – human attention span is just 8 seconds, only one second lesser than a goldfish! This means we need interactive content that can drive our attention.
Digital learning tools allow one to design and make the content more engaging and interactive for the users. They also ensure more control over the learning process.
Instead of following a structured plan, allowing employees to personalize their learning atmosphere can result in increased engagement and retention.
The Research Institute of America found that eLearning increases retention rates by 25% to 60%, while retention rates of face-to-face training are meager at 8% to 10%.
E-learning Increases Productivity
Employees are often preoccupied, managing different tasks. This is where eLearning comes in to help with the need for brief, concise content.
After implementing an eLearning program in their company, IBM found that participants learned nearly five times more without increasing the time spent in training.
Recent studies also suggest that every dollar invested in online training results in $30 in productivity.
So, with all of these benefits, it is no wonder that e-learning is crucial for companies to incorporate as a primary learning method. And if you’re still not convinced to incorporate e-learning into your organization, I don’t know what will.
Not only to keep up with the trend or the competition, but e-learning is also important to keep your employees motivated and satisfied, to increase their productivity, to increase the company’s revenue.
This list of benefits might not end. E-learning seems like a must for companies.