“The size of the eLearning market was estimated to be over USD 165 Billion in 2015 and is likely to grow by 5% between 2016 and 2023, exceeding USD 240 Billion.”
This is what Docebo, a cloud-based Learning Management System (LMS) provider, cited from Ambient Insight Research in their report eLearning Market Trends and Forecast, 2017-2023.
They further calculated the U.S. portion of the global eLearning market in 2016 to be only $27 billion USD (about 16% of the global market). The rest of the opportunity — about 84% — will be found internationally. Plus, the fastest growth will also be found overseas: the top 12 countries for growth in eLearning between 2016 to 2021 will be found in Asia and Africa.
While the U.S. will remain the top nation in funding for EdTech startups, “outside of the US, India ranks second, with China in third position and the UK coming in fourth.”
The trends driving new innovations are, on the production side, LMS systems and authoring tools, which allow for faster development cycles and increasingly rich and rewarding learning experiences. On the consumer-side, the market is embracing both personalized and collaborative learning platforms, as well as game-based learning, mobile and social-enabled learning. And all of these will need to be customized for a global, multilingual audience.