E-Learning Highlights of 2020 (The Stats for 2020)
2020 has been a significant year for e-learning due to the global pandemic. Online courses and E-Learning came to save the day. Many colleges and institutions switched all their physical activities and classes to an online format. The shift in paradigm for the learning methods was unlike any year and people have readily accepted this transition into online learning.
Some of the highlights of statistics for the year 2020 are as mentioned below :
$325 Billion Market by 2025
Forbes has mentioned that according to the current market trend, E-Learning will reach a market share of 325 billion US dollars by 2025 and this effectively means that the market will be doubled since 2014 or within a decade.
The growth in popularity and demand for E-Learning has helped it to become one of the most common methods of learning and till the pandemic has been brought under control, online learning will keep on dominating the field as the first choice for all methods of learning.
98% adoption rate in 2020
Previously all corporations and organisations had an approx 77% rate of adoption but it has risen to 98%. This curve has shown to be non-linear with as little as 4% in 1995 to 98% in 2020. Companies have been quick to acknowledge the benefits of e-learning and embrace it.
E-Learning has been found to greatly increase retention rates
Retention rates of face to face or physical training are very low. In retrospect to that, Online learning has shown on average retention rates of around 50 to 60% and this figure has grown from 25 to around 60% in 2020.
With better course materials and more courses available, learners can choose to learn from a wide variety of topics and which they are interested in. Even if they forget something, they can revisit the material or a particular part anytime and anywhere they want to with options to retake quizzes. This relieves them from a lot of pressure and they can focus on learning more.
Corporate E-Learning improved a staggering 900%
An Educated Employee is highly productive and very efficient in his work which is what the company is looking for. Plenty of business owners have realised it and distance learning also supports this fact.
Hence employees are more motivated and pursued to either take up distance learning or pursue online courses while working to boost their skillset and increase their productivity.
Expansion of income
E-Learning has proven to give almost 42% of all organisations an expansion of income. This is in the form of also providing internal training and also selling their courses either on a per course basis or subscription basis.
This has provided the companies with an opportunity for extra income by e-learning and has proven to be fruitful for many organisations all over the world.
Better Training programs lead to better employees and more revenue for the organisation
A survey which was conducted on 2500 companies concluded that organisations which had a comprehensive training program which was found to be mostly online and also blended learning have reported a 218% higher revenue per employee and a 24% higher profit margin for them.
Thus it can be conclusively said that online training programs have proven to increase the employee worth by more than double and this, in turn, leads to more revenue being generated by the overall company.
Companies have saved a lot by switching to e-learning
Many companies all over the world have switched to online learning and this has saved a lot of their expenses and most notable one might be of IBM who has reported of saving $200 million after they made the switch to e-Learning.
This savings in amount is majorly from the instructor costs and the infrastructure cost. More costs likes travel, equipment and hotel rentals also are saved in this manner. Employees have the freedom to live in different cities, countries and even continents.
Online education can save the world
It might sound weird at first but it does happen and online education has been proven to use 90% less energy and 85% fewer CO2 Emissions per person as compared to offline education or face to face training.
Thus online learning can effectively deal with global warming and help us to keep it under control by reducing our carbon footprint. Universities and organisations are leading the way.
The above-mentioned points and statistics are some of the highlights of online learning for the year 2020 and all only conclude to one thing that online education is the inevitable future and slowly everyone will adapt to it.