The e-learning and EdTech industries are gaining momentum—98% of US businesses plan to adopt EdTech in 2020 which is expected to increase the e-learning software development revenue up to $243 billion in 2022. Mobile learning apps, microlearning, VR and AR—these are the driving force of the e-learning in 2020 that stimulate wide adoption of EdTech in corporate learning, higher education, and the private sector.
E-Learning Software Development Revenue Growth
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2018 – $190 billion
2022 – $243 billion
2025 – $325 Billion
2026 – $398 Billion
Fast Adoption and Diversity of EdTech Solutions
The EdTech development market has a wide range of versatile solutions that match the needs and pockets of many stakeholders. The once-popular CMSs are now losing their popularity to Learning Management Systems that are way more flexible and adjustable. While some educational institutions stick with their LMSs, the others turn to SaaS solutions that allow them to set classrooms, share educational materials, and track student’s success in one place without developing a separate digital system.
Notorious Microlearning is Substituting Educators
Changes are happening in corporate education, too. More and more corporations are trying to reduce the time of unproductive period of work for new employees by introducing microlearning. This is interesting, taking into account how fast the transformation is stealing the places of educators working with employees face-to-face. Microlearning is doing its job extremely fast, as compared to one-on-one tutoring. Here’s why: the principle predicts that the learning material should be divided into small digestible portions and the knowledge acquired should be immediately put in practice.
More Simulation in Higher Education
Flying a jet isn’t the same as flying a virtual one but it prepares the pilots to real-life situations. Baring this idea in mind, the higher institutions adopt the VR and AR technologies during the preparation of the high-risk specialists such as surgeons. When we speak about VR and AR, the first thought that pops up in mind is the price. Luckily, the VR and AR headsets have become more affordable and are becoming widely used in schooling.
Millennials Are Funding Mobile Learning
Unlike Baby Boomers and Gen-Xers, Millennials are more prone to use digital learning materials than hard copy versions. Multiplied by mobility and higher engagement, mobile learning is winning the hearts of 71% of millennials that give preference to learning by using mobile applications.
E-Learning vs Employers
It’s hard to ignore the fact that the higher educational institutions and Massive Online Courses platforms are doing everything possible to win each learner. Yet, it seems that, despite the wide adoption, the traditions offline higher education degrees have an upper hand when it comes to employment.
Balancing between economy and credibility, about 69% of online course enrollees think about:
1. Employers will consider online courses as credible proof of knowledge
2. They’ll get high-quality academic support and instruction
3. The EdTech solutions will be easy to navigate
What we can see now is that despite the fast development of the e-learning and EdTech industries, the world of education is lagging behind. Traditional universities slowly begin the adoption of technologies not even mentioning online learning practices. Moreover, the majority of employers still see e-learning as a minor approach to gaining academic knowledge. The learners, on the other side, are more prone to enroll in online courses due to economic reasons. The corporations, on the other side, see practical value in e-learning adoption. Powered by microlearning applications, they are able to implement the new employees into the working process faster and with reduced risks.
