The Growing Relevance of Online Learning
In the modern world, which is performance-oriented and where credibility is recognized more than just credentials, the classic notion of education is slowly becoming obsolete. On one side, companies are looking to increase the skill of their existing workforce. Big companies like Apple and Tesla have declared that a college degree is not mandatory for them to employ someone.
On the other end of the spectrum, there are parents who would like their children to get some extra coaching, especially on subjects that they are weak in. Some parents are a little too ambitious in getting their children ready for exams even before the school completes the syllabus.
Garnishing all of this is the COVID-19 crisis, which has literally revamped the education ecosystem as we know it. Schools and colleges have been shut for months together with no hopes of opening again in the near future.
The Growth… In Numbers:
All these factors have culminated in the system of education and learning moving into the online space. This transition was expected to happen, but the coronavirus crisis and the shift of focus for companies towards skills rather than degrees have been a catalyst for this fillip of growth. It is expected that the e-learning market size will be globally worth more than $375 billion by 2026, and it is predicted to grow at a CAGR of 8% between 2020 and 2026.
It is interesting to note that 77% of the companies in the United States used e-learning in the year 2017. They have found it as a dependable channel to speed up employee training. They can considerably cut down on the training time and hiring of training resources. A lot of companies have made it a point to incorporate e-learning into the modern workflow.
The Benefits of E-Learning
It has also been found that even the employees are quite likely to remember and apply what they learned through the e-learning experience. These programs have been found out to increase the revenue per employee by a staggering 218%. It has also given rise to a new dimension of learning called microlearning.
Another major advantage of e-learning is the fact that it is self-paced. Learners can upgrade their skills at their own convenience. It makes them less susceptible to constraints like regular training hours, availability of trainers, and a lot of other factors. Although there might be a small lapse when it comes to aspects like live questions and answers, the resultant lies in the positive quadrant of advantages.
Quite a lot of e-learning applications have started to resurrect their presence after the COVID-19 crisis set in. One of the best examples is Preply, which was founded in 2013. The seven-year-old venture announced its Series A funding of $10 million. It has been, until recently, backed by a formidable portfolio of angel investors, including Arthur Kosten of booking.com. Gary Swart of Upwork, David Helgason of Unity Technologies, and Daniel Hoffer of Couchsurfing.
A similar surge can be observed for almost all e-learning apps like Udemy and Coursera. Although the history of e-learning can be traced back to the days of Khan Academy, the growth of e-learning as a business can only be attributed to the growing Internet penetration, the increase in the quality of tutors, and the number of companies recognizing the validity of online certifications.
The Transformation of E-Learning
In the recent past, that has been a drastic transformation of the landscape of e-learning. E-learning has incorporated a lot of new technologies like machine learning and artificial intelligence, helping the pairing of tutors and learners in an efficient manner. This is a direct consequence of the shift of focus that most e-learning companies have undergone recently. Instead of being the classic marketplaces, they have transformed themselves to be intelligent matching engines between the demand for tutelage and the supply of tutoring talents.
Today, it might not be an exaggeration to say that the e-learning ecosystem depends on tutoring apps like Uber. Just like how Uber connects drivers and passengers, an Uber for tutors is expected to connect them with learners or students.
The movement of school classrooms to the digital space is expected to be the much-needed jet booster for the e-learning industry. It will have parents, teachers, universities, offices, and almost everyone rethink the concept of schools, education, skill development, and qualifications. This will also give rise to a lot of e-learning solutions segmented by niches. Some of them might cater to specific subjects, and some of them might even take specialized courses in a specific language. In all of this, it cannot be denied that the e-learning segment is going to steadily grow in the near future, and it will not be surprising if the revenue numbers breach all expert predictions.
The Market – Is It Saturated?
The market is still wide and open for new players to establish a presence and make a big profit. If you are one of those aspiring entrepreneurs who would like to script your story of success through e-learning apps, all you need to do is invest in on-demand tutor app development.
It might, however, be quite a cumbersome task to build the entire app from scratch. It costs quite a lot of time and money if you were to hire your own team of developers or partner with an app development company.
Alternatively, you can consider using white label clones of existing on-demand tutor apps. Since these apps are available off-the-shelf, they do not cost a lot. All that is required for these apps is a little customization, so the app bears your brand language in every possible avenue. Since it is a finished product, you can be assured that the app does not contain any glitches that might interfere with the basic functions.
You can get in touch with an on-demand tutor app development company specializing in white label clone customization. They will take care to understand your requirement and present you with the on-demand e-learning app in the shortest possible time, so you can launch your business at the earliest.