Online learning has grown significantly over the past decade as the internet and education combine to provide people with the opportunity to learn new skills. Since the COVID-19 outbreak, online learning has become more central to people’s lives. The pandemic has forced schools, universities and businesses to work remotely, which is exploding the use of e-learning. Even before the pandemic, Research and Markets had predicted the online education market to grow to $350 billion by 2025, so the numbers could be updated after analyzing the rising impacts. growth of COVID-19 in the e-learning market.
About the market
There are many e-learning platforms on the market like Udemy, Coursera, Lynda, Skillshare, Udacity serving millions of people. Platforms are also shaped by different vertical users. While Skillshare is primarily intended for advertising such as teaching animation, photography, and lifestyle courses, Coursera is primarily academic and provides access to university courses.
Top universities are also democratizing learning by offering online courses. Stanford University and Harvard University provide access to online courses in computer science, engineering, math, business, art, and personal development categories. All of this shows one thing, people’s demand for online learning is huge. The reason for this need and the rapid growth of the market with a wide choice of platforms for different groups of people could be that the world is changing rapidly.
During Udemy’s recent $50 million spin, President Darren Shimkus said, “The biggest challenge for learners is figuring out what skills are emerging, what they can do to become the best. on the global marketplace. We are in a world that is changing so rapidly that skills that were valued only three or four years ago are no longer relevant. People are confused and don’t know what to study. Right now, e-learning is becoming a huge catalyst for people and businesses to help embrace this rapidly changing world.
Advantages of online learning
All of these e-learning companies have large amounts of user data allowing these platforms to use machine learning algorithms that can improve people’s learning models. Machine learning algorithms that use pattern recognition can personalize content to each individual. For example, when a student repeatedly struggles with a concept throughout the course, the platform can tailor the e-learning content to provide more detailed information to help the student.
Instant feedback loops in platforms provided by other online students or learning curve improvement platforms. It also offers shy or reluctant people the opportunity to participate in class discussions more easily than in face-to-face meetings. Another great advantage is time. People can arrange their schedule according to their convenience, allowing them to adapt. This represents a huge opportunity for entrepreneurs to rapidly increase their intellectual capital.
