Future Market Insights (FMI) in its latest study has forecast the market for remote learning technology spending to rise at 14.7% CAGR between 2020 and 2030. Companies operating in the market are aiming at developing course materials and remote learning platform software solutions.
Remote Learning Technology Spending Market
Remote learning technologies largely find use among corporate enterprises and education organizations for the distribution of training and course content. Future Market Insights (FMI) projects immense scope of spending as virtual classrooms for social and collaborative learning approaches in a highly scalable manner.
The growth of the e-learning industry has promoted the adoption of remote learning technologies, which not only provide learning materials online, but also closely mimic classroom environments, in a structured format, providing higher success rates.
The market has witnessed exponential growth in the past few years, especially on account of advancements in web and mobile based LMS platforms. In addition, the growing application in government agencies is anticipated to support growth.
Remote learning technology spending finds role in businesses in a multitude of end-use sectors. With the coronavirus pandemic closing many conventional avenues of learning, sales of remote learning technologies are set to soar in the near future. Customized training offerings will also generate lucrative opportunities in the coming decade.
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FMI’s report on the market offers a comprehensive overview, covering key market dynamics. Some of the takeaways from the report are as follows:
- The value of the market for remote learning technology spending was US$ 43 Bn in 2019, which is a substantial increase over the previous year
- Exponential growth is projected in the current year (2020) as a result of demand for online education and training at home for students and employees during the ongoing pandemic crisis
- Instructor-led training and learning is projected to account for significant revenue share, on the back of collaborations with domain experts on content development and training
- North America is a leading market. However, East Asia is projected to be very lucrative, and is estimated to surpass North America by 2030, owing to a massive student population and adoption of remote learning during the coronavirus pandemic
“Mobile device-based learning, social learning, and corporate training are major trends supporting the adoption of remote learning technology spending market revenue. Demand from varying sectors, such as healthcare and aviation for employee training is supporting industry demand. The coronavirus crisis has further provided impetus to remote learning solutions among students and corporates bodies,” said a lead analyst at FMI.
COVID-19 Impact on Remote Learning Technology Spending Market
Countries from around the world have been severely impacted by high infection rates of the covid-19 virus. Schools, colleges, universities and enterprises of all sizes have had to close or restrict regular operations.
This transition from official premises has proven beneficial to the adoption of remote learning technologies. While the remote learning sector has been displaying strong growth prior to the pandemic, development of solutions such as online learning software, language apps, video conferencing tools, and virtual tutoring has soared.
A number of online learning platforms are providing free access to their services and materials, while reputed education institutes are providing world-class certification course materials at a fraction of their original costs. Also, corporate enterprises are also spending on remote learning technologies for reskilling and upskilling their employees, which will set a strong foundation for the market even after the pandemic, through the forecast period.