According to a report by Global Market Insights, the North American eLearning market accounts for 40 percent of the total global share, and for good reason: North America is considered to be one of the pioneers of eLearning.
A $171 billion dollar industry in 2019, global corporate eLearning is expected to grow at a CAGR of 10.85 percent through 2025, and the North American market stands to benefit both financially and with a better-trained workforce. In the U.S., the eLearning market is uniquely poised to take the lead in the corporate training space, thanks to the following conditions and characteristics.
More technology means more digital literacy, and Americans have access to an entire spectrum of tech—through the phones they keep in their pockets, their desktop computer, or other interactive devices. Better digital literacy means more organizations can adopt and deploy eLearning for their employees. For example, introducing an eLearning initiative that relies on microlearning lessons delivered via smartphone requires less upfront training because users are already comfortable with the tech. What’s more, the existing technological infrastructures available in North America make it easier for organizations to leverage the tools and network speeds they have on hand to deliver eLearning modules (thanks, 5G!).
The ever-expanding remote workplace means a greater demand for eLearning in the 2020 corporate training landscape. With employees opting to work from home, using flex schedules, and choosing hybrid home-and-office work environments, eLearning allows companies to offer the same training to all employees—no matter their location—through remote conferencing tools, videos, webinars, and self-paced training modules.
While Docebo estimates that the eLearning market will top $240 billion by 2023, individual L&D budgets are bound to be tighter after the strain of 2020. Training and development budgets will need to stretch to meet organizational needs, and eLearning is a cost-conscious way to continue training without the budget-busters of travel, instructor costs, and materials. With eLearning, American companies can make the most of their L&D budgets without missing out on the training their employees need.
Because North American businesses are among the earliest adopters of eLearning, the North American eLearning market is robust and innovative. Partnering with forward-thinking eLearning vendors and keeping up with the trends can help you carve out your own slice of the American (eLearning) dream.