The traditional system of education in through colleges and universities has always been the standard norm. However, with the popularity of electronic media and widespread availability of the internet, education is slowly shifting towards a new dimension.
The popularity of the MOOC, mobile learning, IP TV and other similar platforms has fuelled this growing trend in the United Kingdom, making the concept of eLearning a popular choice for many.
According a report released online, North America generates the most revenues from eLearning with US $ 28.3 billion estimated in 2013, while Africa generated the least at US $ 332.9 million. Although North American markets are predicted to remain dominant, Asia with its annual growth rate of 17.3% is seen as a rapidly expanding market where revenues are expected to reach US $ 11.5 billion by 2016. This trend indicates that highly developed regions of North America, Western Europe and Middle East possess declined markets with the only exception being Western Europe where growth rate remains high at around 16.9%.
Figure 1: eLearning industry worldwide (Source: Docebo.com, 2015)
E-learning brings several opportunities:
Strive towards reducing global education expenses
- With estimated 1.4billion students worldwide, the expenditure for global education stands at around US $ 4,500 billion, a figure estimated to rise by 30% in the next decade.
Changing the traditional system of education
- The present system of education based on the industrial ‘factory model’ is losing momentum, as the need to study in a convenient and inexpensive way rises.
Lowering government educational budgets
- Weakened economies and deficit budgets are already putting stress on governments worldwide. The growth and promotion of eLearning will help governments reduce expenditure for education.
Development of modern communication and information technologies
- The growth of eLearning prioritises the development of new forms of communication and information technologies, to facilitate better learning.
The growing trend of eLearning across the World is being fuelled by:
- Lowering levels of public support
- Increased priority to study along with the work
- Rise of the middle class.
- Rising consciousness for eco-friendly solutions
- The Rise of tuition fees in traditional educational institutions as seen in figure 2.
Figure 2: Global tuition fees trend (Source: icef.com, 2016)