According to a report by Global Market Insights, the eLearning market size exceeded USD 200 billion in 2019 and is expected to grow at a CAGR of over 8% from 2020 to 2026. The COVID-19 pandemic has further accelerated the growth of eLearning as schools, universities, and organizations had to rapidly adopt online learning solutions.
Here are some additional statistics regarding the growth of eLearning:
The worldwide self-paced eLearning market was worth $46.6 billion in 2019 and is expected to reach $67.8 billion by 2023. (Statista)
In 2020, the global eLearning market size reached $200 billion, which is a 21% increase from the previous year. (eLearning Industry)
The global corporate eLearning market size is expected to grow from $14.2 billion in 2021 to $21.2 billion in 2026, at a CAGR of 8.3%. (MarketsandMarkets)
In 2021, the eLearning market in North America was worth $91.7 billion and is projected to reach $145.3 billion by 2026. (ResearchAndMarkets)
In 2021, the eLearning market in Asia-Pacific was worth $57.5 billion and is projected to reach $114.5 billion by 2026. (ResearchAndMarkets)
What are the Business Opportunities in eLearning?
The growth of eLearning has opened up several business opportunities for entrepreneurs and organizations. Here are some potential business opportunities in eLearning:
Online Course Creation
Entrepreneurs can create and sell their own online courses in various subjects, including programming, design, marketing, and more.
Online Tutoring and Coaching
Online tutoring and coaching services can be provided for a wide range of subjects, such as math, science, music, fitness, and more.
Learning Management System (LMS) Development
Developers can create custom LMS software for schools, universities, and corporations.
Freelancers or agencies can create educational content, including videos, articles, and infographics, for companies and individuals.
E-learning Platform Development
Businesses can develop custom e-learning platforms that offer online courses, assessments, and other educational resources.
Educational Software Development
Entrepreneurs can develop educational software for children, such as educational games and apps.
Online language learning platforms and services are in high demand, offering personalized lessons to learners.
Certification and Testing
Businesses can provide certification and testing services for professional development, such as online certification programs for various industries.
What is an eLearning Partnership?
An eLearning partnership is a collaborative effort between two or more organizations that share resources and expertise to develop, deliver, or market eLearning solutions. The partnership can involve a variety of business arrangements, such as joint ventures, strategic alliances, and licensing agreements.
Here are some examples of eLearning partnerships:
University-industry partnerships: Universities and corporations can partner to develop online courses and training programs that align with industry needs and trends.
Content partnerships: Organizations can partner to share or license educational content, such as videos, articles, or textbooks, to enhance their eLearning offerings.
Platform partnerships: Companies can partner to integrate their eLearning platforms, software, or technologies to offer a more comprehensive and seamless learning experience for learners.
Regional partnerships: Organizations in different regions or countries can partner to offer localized eLearning solutions, such as language courses or cultural training.
Marketing partnerships: Companies can partner to promote and market their eLearning solutions, such as joint advertising campaigns or referral programs.
How to Create a Business Opportunity through an eLearning Partnership
Creating a business opportunity through an eLearning partnership requires careful planning, collaboration, and a clear understanding of the potential benefits and challenges of the partnership.
Here are some steps to create a business opportunity through an eLearning partnership:
Identify Potential Partners
Research and identify potential partners who share your vision and goals for eLearning solutions. Look for organizations with complementary strengths, expertise, and resources.
Define the Scope and Goals of the Partnership
Clearly define the scope and goals of the partnership, such as the type of eLearning solutions to be developed, the target audience, the timeline, and the roles and responsibilities of each partner.
Develop a Business Plan
Develop a business plan that outlines the financial, operational, and marketing aspects of the partnership. Include details such as the investment required, revenue sharing arrangements, and the distribution channels for the eLearning solutions.
Build the eLearning Solutions
Work collaboratively with your partner(s) to build the eLearning solutions, such as online courses, training programs, or eLearning platforms. Leverage the strengths and expertise of each partner to create high-quality and engaging eLearning content and experiences.
Market and Sell the eLearning Solutions
Develop a marketing and sales strategy to promote and sell the eLearning solutions. Consider leveraging the networks and resources of each partner to reach a wider audience and build brand awareness.
Measure and Evaluate the Success of the Partnership
Regularly measure and evaluate the success of the partnership based on predefined metrics such as revenue, user engagement, and customer satisfaction. Use this feedback to refine and improve the eLearning solutions and the partnership.
About LMS Portals
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.
Our platform is ideal for our eLearning partners as it allows you to launch a private, customized training portal for each of your corporate audiences.
The system includes built-in, SCORM-compliant course authoring software that enables most anyone to build engaging courses quickly and easily.
We also offer a complete library of ready-made courses, covering most every aspect of corporate training and employee development.
If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program. The system also supports Virtual Instructor-Led Training (VILT) and provides tools for social learning.
Together, these features make the LMS Portals platform the ideal solution for our eLearning partners.