LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global corporate e-learning content development market to grow at a CAGR of close to 12% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global corporate e-learning content development market for 2017-2021. The report also lists instructor-led training, m-learning, and game-based learning as the three major product segments, of which the instructor-led training segment, accounted for close to 50% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global corporate e-learning content development market:
- Improved traction of BYOD
- Need for modernization of e-learning
- Increased emphasis on online content development due to blended learning
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Improved traction of BYOD
Corporates across the world are increasingly promoting the bring your own device (BYOD) policy in the workplace, leading to the extensive use of tablets and smartphones in workstations. However, the BYOD policy has its own repercussions, the major one being the privacy and the confidentiality of the content and company secret. Keeping this in mind, as an extension of this policy, organizations are paving the way for corporate-owned, personally enabled (COPE) as a replacement of BYOD. This is because COPE helped them overcome the challenge of managing a wide range of devices while delivering information.
Hence, the use of mobile devices in the corporate sector should continue giving vendors an opportunity to offer more mobile-compliant content with additional features. This arrangement is being extended to the Learn & Development (L&D) functionality as well, which will allow corporate training vendors to cater to a wider learner base. This feature is further enhanced by the integration of LMS facility with the employee’s computing device. Also, organizations that have implemented next-gen LMS can also enable aspects like social learning, without device compatibility issues.
Need for modernization of e-learning
One of the major factors driving the global corporate-learning content development market is the need for modernization in e-learning. Employees have become more tech savvy and are completely aware of the recent development in technologies. The use of innovative technologies and innovative platforms, such as the LMS and the next-gen LMS, play a vital role in designing the future of e-learning.
According to Jhansi Mary, a lead analyst at Technavio for education technology research, “The current generation of employees demands higher graphics and better content when it comes to the development of training content. Technologies such as Augmented Reality and Virtual Reality have increased the opportunity for content developing vendors in the current situation.”
The increased adoption rate of mobile devices has further fueled the growth of the e-learning industry. The advent of support systems, such as LMS, Student Information System (SIS), and other solutions like gamification of content and game-based learning, is expected to be one of the major factors that will lead to the growth of the market. Hence, vendors can provide differentiated offerings at various price levels, which helps them to sustain in the market in the long term.
Increased emphasis on online content development due to blended learning
As there is rapid penetration of the Internet in emerging economies, there is a huge demand for online training in the corporate sector. The availability of online courses in different subjects and areas of learning has facilitated the adoption of the blended e-learning system. In such a scenario, studying under an instructor/mentor affiliated with the online course is encouraging employees to enroll in such courses and has resulted in the evolution of the market in almost all industries. This development is evident primarily in the technical and vocational training segment.
It is difficult for employees to enhance their learning and qualifications due to professional commitments. However, blended e-learning enables them to pursue a specific topic regardless of the level of complexity, as teachers and trainers are mentoring these sessions. Consequently, the demand for content development has increased to satisfy the evolving needs of customers.
“Content development vendors, together with industry experts, have begun to develop course content that can be delivered and communicated to end-users online. The online content development allows the creation of relevant course content for a wide range of industries,” says Jhansi.
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