The Corporate eLearning Business and Revenue Opportunity
Corporate training refers to the programs and activities a company offers to its employees to enhance their contributions to the organization and support their professional development. As the global business climate increases in demands and complexity, the corporate training market has become a $330 billion market with CAGR growth expectations of nearly 10% between 2021 and 2025.
However, many businesses are challenged with finding the time and resources to build their own corporate training programs. Given this, many companies look to third-party technology and training organizations for timely and cost-effective development and deployment of corporate training programs.
The Emergence of Corporate eLearning
In the past, the primary option for a company looking to build a corporate training program was in classroom-based, in-person training. But in recent years, the evolution of SaaS-based technologies combined with an increase in remote workforces has made electronic learning, or “eLearning” a preferred approach to corporate training.
Corporate eLearning offers a number of advantages over in-person training, including:
Corporate eLearning eliminates many of the costs associated with in-person training (such as travel, lodging, and catering) while minimizing the need for employees to step away from their work duties to meet for training.
While in-person, classroom-based training can require significant lead time for the development and planning of training sessions, corporate eLearning often has a quick turnaround. This is particularly beneficial for the deliver of urgent and time-sensitive training materials.
For employees, a challenge of in-person training is in keeping up with the pace set by the instructor. Corporate eLearning eliminates this by allowing employees to train at their own pace. They can even revisit important and difficult training materials before moving on to the next section.
Unlike in-person training, corporate eLearning allows employees to conduct their training activities at any time and from any place that is convenient for them. All that is required is an Internet connection.
For corporate Learning and Development (L&D) teams, a challenge of in-person training is in devising a plan for employee training performance and progress. Corporate eLearning makes this easier by allowing for the capture and reporting of training data.
The Industry Demand for Corporate eLearning
While corporate eLearning can benefit companies of all sizes, regardless of industry, there are several industries that have the greatest need and demand.
Given the critical nature of their work, healthcare employees have a greater need for effective and ongoing training than most any other industry. Healthcare workers not only benefit from corporate eLearning programs that help improve patient care, but they must also perform their work duties within a set of strict compliance rules (e.g. HIPAA).
Like healthcare, financial services workers must operate within strict compliance regulations (e.g. SOX, GDPR). At the same time, these workers must be kept up-to-date on industry and product development while providing a high-level of customer service.
Hospitality workers are responsible for providing the best possible guest experience. This is true for hotel, restaurant, and any other customer-facing industry employee. Introductory and ongoing corporate eLearning programs can help ensure that your employees understand the expectations of them as it pertains to the guest experience and elevate your brand above the competition.
Technology employees work in a dynamic industry where new technologies are introduced with regularity. Training programs for these workers tend to focus on industry trends and technology evolution, along with sales and customer service aspects.
Learning Management Systems for Corporate eLearning
The core technology that supports all types of eLearning programs, including corporate eLearning, is a Learning Management System (LMS). An LMS provides the infrastructure to build, deliver, manage, and track corporate eLearning programs and activities.
As the demand for corporate eLearning has grown, so too has the market for learning management systems. The global LMS market, a $26 billion market in 2019, is expected to grow at a CAGR of 20.31%, from 2020-2024. This growth presents a unique and powerful opportunity for vendors and resellers that can offer effective LMS technology to support corporate eLearning initiatives.
LMS Portals: A Corporate eLearning Business and Revenue Opportunity
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant LMS that allows an administrator to launch and manage a dedicated training environment for each of your unique audiences. Each portal you launch includes a powerful course development engine, along with robust tools for user onboarding, learning path creation, group management, live remote training, certificate awarding, analytics, and more.
The LMS Portals platform can create a unique business revenue opportunity for our partners who want to provide powerful LMS features and capacity to their clients.
In addition, we offer more than 140 ready-made courses covering most every aspect of corporate training and employee development. Each of these courses can be branded and customized to support the unique training needs of the client.
Contact us today to get started or visit our Partner Program pages