According to a recent UF canvas study, the E-Learning market is one of the fastest growing markets in the world — projected to reach $325 billion by 2025. The industry hit the expert-projected mark of $107 billion set for 2015 and it is still building up steam and momentum. Where did all of this massive growth come from? The e-learning market, as we know it, it relatively new on a global level. Most people believe that LinkedIn Learning (formally Lynda.com), considered by most experts to be the 800-pound gorilla in e-learning, ignited the e-learning movement.
In 2013, the e-learning giant acquired $103 million in venture capital and just two years later the firm was acquired by LinkedIn for a whopping $1.3 billion. Looking at the LinkedIn acquisition and positioning in the market, it is easy to see that a great deal of the momentum is tied to the manner in which companies recruit, hire, and train their assets (employees). This is all a part of a global revolution. People are using the expansive reach and capacity of the internet to not only find employment and business opportunities, but they are also using this space to become better equipped to take on these opportunities.
Online courses produced in excess of $46 billion in revenue in 2017 and a large portion of that revenue was generated by institutions of higher learning. One of the largest users of the Canvas LMS the University of Florida) has become a constant in online searches when students look for online courses. What is interesting is the fact that a large portion of the independent institutions that show in searches all point back to the Lynda.com site. Lynda.com (now LinkedIn Learning) is recognized in the industry for its simplified and practical approach to teaching. Another important element that is serving as a catalyst in the rapid expansion of the industry is the fact that these e-learning platforms can be accessed from anywhere.
With unlimited access, regardless of geographic location, e-learning is not only less expensive than on-campus learning but it is also quite liberating and innovative in the manner in which it offers learning experiences to students.
One important thing to take notice of is the fact that while institutions of higher learning make up a massive portion of the current market, the market is becoming increasingly diverse. Many corporations and mid-sized companies are now offering online training for their employees through platforms like LinkedIn Learning. This part of the industry is growing rapidly. Another area that is emerging is the independent student that is looking to increase their knowledge and skill set. People who are looking to increase their value in certain markets are rushing to online courses to achieve their goals. Some experts believe that the evolution of global economics will cause the latter group to become the primary driving force behind the industry’s growth.
Another way that the industry is growing is from the provider side of the equation. While there is no questioning the fact the Canvas LMS model used by LinkedIn Learning is the predominant force in the industry, courses created and offered online is growing force in the industry and many people who possess a certain level of expertise in their industry are now offering online courses to the masses. This part of the industry is expected to grow in the coming years. To get from the industry is currently sitting suggests that there will be a lot of opportunities for those who interested to enter the industry over the next four to five years.
Even public libraries are subscribing to Lynda.com and they allow you to access the service for free when you have an active library card. This is a great benefit for those who cannot afford the services through the regular channels. There are several LMS (learning management systems) that are sitting in great positions at the current moment, and they include Schoology LMS, Absorb LMS, Instructure Canvas LMS, and Moodle LMS for education. Moodle also offers Moodle Workplace for workplace training.
A recent study revealed that an impressive 87 percent of institutions rely on Canvas< Blackboard, D2L Brightspace, or Moodle — with Blackboard reigning as the most popular choice. Some studies suggest that even high schoolers are using online platforms like Quizlet to support their studies. One thing is certain here and that the industry is opening up opportunities on both sides of the spectrum.