How Online Training’s Mind-Blowing Growth Affects You!

How Online Training’s Mind-Blowing Growth Affects You!

The face of learning is changing with the rise of elearning and blended learning. How fast is it moving? Will you still be able to thrive in this changing market? In order to answer those questions, you’ll need a better grasp of how the market is changing. From there, you’ll need to know the next important steps you need to take in order to stay ahead.

What’s Changing?

The research institute Bersin summarized the state of the training industry in a blog post about their 2013 Corporate learning factbook. They state:

US training organizations grew their spending by 12% in 2012 with similar growth rates expected in 2013. This is the highest growth rate in the last 8 years. Businesses spend more than $62 billion on training in the US alone, and more than 50% of all dollars go into technology, tools, coaching, and other “non-instructor led” solutions. (Globally we estimate the market at around $135 billion.)

 

Why Is It Changing?

There are a number of factors that are driving this change. Looking back to the blog post from Bersin they offer these thoughts:

Today employees want their training to include video, games, and a whole next generation experience. Much of our research shows that modern best-practice research focuses heavily on the “learner experience,” and is highly tailored to the working environment of the employee. Training for sales people, for example, is integrated with the CRM system. Training for new hires is often delivered on mobile devices or integrated into social networks.

In short, people are more comfortable learning in a medium which they’re familiar with. As the current generation of students who were raised in a connected world go through their share of online learning throughout school, they’ll enter the workforce with expectations on how they want to learn. Their expectations will include courses and training that speak to experience. Textbooks and manuals (now online) will move to a more supplementary role in order to augment the training that will be taken on mobile devices in order to facilitate the needs of the learner.

The global elearning market will be $255 billion by 2017

Edtech Digest published a chart last year that summarize the data from GSV Advisors. The information was startling. They estimate that the global elearning market will be $255 billion by 2017 with a compound annual growth rate of 23%. While dwarfed by the global education expenditure of $6.3 trillion, the global education expenditure’s CAGR is only 7%.

 

How To Take Advantage

If elearning isn’t on your radar then it needs to be. If you want to create great elearning courses right away, there’s a few different paths that you can take. You could:

  • Self Build

    Online course development is a viable option if your budget is a key consideration. Multimedia authoring tools are more user-friendly than ever and can give you a head start of the development allowing you to import a variety of formats including Word, Powerpoint, movie and audio files.

  • Custom Build

    For courses that require more interaction and a more immersive experience, then it may be useful for you to contact an expert for your custom elearning development. Interactive e-learning developers can bring a wealth of experience to help you create a course that really knocks it out of the park.

Whichever road you decide to take, you need to be informed of all the advantages of both. Download our free ebook What You Need To Know Before You Build eLearning for more information.

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