Online education also known as e-learning is here to stay. This new teaching and learning phenomenon has gradually become mainstream in both brick and mortar colleges and online institutions due to its wide reach or the demographics it opens up for teaching institutes.
On the learning or student’s side, online education has made it possible to receive an education irrespective of one’s location. And with a working Internet, students from Africa, Asia as well as incarcerated individuals can learn at the feet of educators from reputable colleges without ever setting foot at the door steps of any educational institute. This ease of dispersing and receiving educational information has seen the online learning phenomenon catch-on in today’s information age.
To thoroughly understand the benefits, advantages and reach of e-learning, here are some facts about online education which cut across colleges, corporate entities and its long reach across continents.
- Online education is a motivational tool. Online education gives people of all ethnicity a chance to start all-over again and the anonymity associated with its learning process eliminates the feelings of inadequacy or shame associated with age, gender or accumulative capacity.
Statistics show that 37% of online students were the first individuals to attend college in their respective families. This percentage is largely made up of students who did not have the opportunity or funds to pursue a college degree in their younger years.
37% of students who register for an online educational course state that accelerated courses fast track one to getting a degree was a motivational factor.
- Segmentation of students participating in online education. Online education gives everyone a chance to participate regardless of age and Gender. 37% of students, anticipating in online education fall in the 18 to 29 age bracket while the older generation of between the ages of 30-59 make up 49% of online students.
Here is an even more surprising start, 70% of students participating in online education are female while males make up the final 30%. Which means online education has definitely served as a means of empowerment for women.
- Online education produces professionals. Statistics show that employed professionals make up the bulk of students participating in online education. The facts here are: 60% of online students are employed full time in diverse industry verticals.
21% of the virtual students taking advantage of e-learning handle the responsibility of paying learning fees using personal funds and they do not secure loans to fund their education.
Lastly, 33% of professionals taking part in online education are participants in one business related course or the other. These courses usually consist of sales, marketing and leadership.
- The online education industry is quite. E-learning has continued to grow through the years due to its formal adoption by recognized educational institutions and the corporate world. Recent studies put the total number of online students at 4.6 million.
The yearly growth rate of registrants for online education courses stands at 17% and this far outpaces the 1.2% growth rate of the overall enrollments in higher education for physical colleges in the United States.
As for brick and mortar higher education institutes, the University of Phoenix leads the way with the largest number of enrolled online students with 15% of the total number of enrolled students in the United States.
- Online education market is huge. The astronomical growth of online education can also be measured financially and the figures are staggering. At the tail end of 2016, online education is set to hit the $107 billion mark with estimated revenues of $49 billion.
Breaking these figures into the major online education segments consisting of Learning Management Systems (LMS), Rapid Learning Tools and mobile learning LMS is projected to account for $7 billion while mobile learning will produce $ 12.2 billion of online education overall revenue in 2016.
- Online education rates are growing. The United States is generally known for having the largest market share in terms of online education. In 2010, the US owned 57% while 2015 saw this reduced to 51% which is still the largest percent owned by any country.
In terms of growth rate, the top five countries currently taking every advantage of the revenue online education has to offer in 2015 are:
- India experienced 55% growth
- China with 52%
- Malaysia with 41%
- Romania with 38% and
- Poland with 28%.
- Online education introduces new Learning Management Systems on the regular basis. These systems are basically web software applications used to document, track, report and deliver electronic educational technology. LMS plays a huge role and has carved a sizable part of the online education market.
The LMS market was worth $2.5 billion in 2013 and by 2015, it was worth $4.5 billion dollars which represents an annual growth percentage of 25.2%.
Using these figures as estimation yardsticks, the LMS market is set to hit $11.5 billion by 2017.
- Online education uses mobile learning. Mobile technology such as MOOC apps have been part of the online education revolution and the development of smarter mobile devices creates an enable environment for growth.
In 2012 mobile learning produced a revenue of $5.2 billion and 2015 saw it produce $8.2 billion which represents a compound annual growth of 18.2%. At this rate, predictive analysis point to a 12.2 billion dollar revenue by the tail end of 2016.
- Online education and corporate learning. As stated earlier, the corporate world accounts for a substantial share of the revenue online education produces. In the US, approximately 77% of companies make use of e-learning procedures to train office personnel and the corporate e-learning market is predicted to grow at a 13% rate annually.
Large companies are the biggest purchasers of online education materials, tutorials and applications. The numbers show that corporations account for 30% of total spending on online education.
- The demand for online education tools is rising. The 2014 Training Industry report sheds light on the demand for e-learning services and applications in the corporate world. The research which was conducted in the United States showed that:
- 44% of US companies plan to make use of online education systems by 2016
- 31% of US companies intend to make use of authoring tools
- 27% of companies plan to purchase presentation design and courseware tools or sign up with available open source courseware platforms
- 18% of companies intend to purchase audio and web conferencing tools to pass information across as well as educate office personnel.
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