E-Learning Market

E-LEARNING MARKET
GLOBAL OUTLOOK & FORECAST 2019−2024

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
TABLE OF CONTENTS
1 RESEARCH METHODOLOGY............................................................................................. 19
2 RESEARCH OBJECTIVES.................................................................................................. 20
3 RESEARCH PROCESS ........................................................................................................ 21
4 SCOPE & COVERAGE ........................................................................................................ 22

4.1 MARKET DEFINITION .......................................................................................................................................... 22
INCLUSIONS............................................................................................................................................ 22
EXCLUSIONS ........................................................................................................................................... 22
4.2 BASE YEAR ............................................................................................................................................................. 22
4.3 SCOPE OF THE STUDY .......................................................................................................................................... 23

4.4 MARKET SEGMENTS............................................................................................................................................. 24
MARKET SEGMENTATION BY DELIVERY MODE .............................................................................. 24
MARKET SEGMENTATION BY LEARNING MODE.............................................................................. 24

MARKET SEGMENTATION BY FUNCTION .......................................................................................... 24
MARKET SEGMENTATION BY END-USERS ........................................................................................ 24
MARKET SEGMENTATION BY GEOGRAPHY ...................................................................................... 25
5 REPORT ASSUMPTIONS & CAVEATS................................................................................ 26

5.1 KEY CAVEATS ......................................................................................................................................................... 26
5.2 CURRENCY CONVERSION .................................................................................................................................... 27
5.3 MARKET DERIVATION .........................................................................................................................................28
6 MARKET AT A GLANCE .................................................................................................... 30
7 INTRODUCTION ............................................................................................................... 40
7.1 OVERVIEW ............................................................................................................................................................ 40
8 MARKET DYNAMICS ........................................................................................................ 45

8.1 MARKET GROWTH ENABLERS ........................................................................................................................... 45
HIGH PENETRATION OF INTERNET & INTERNET-ENABLED DEVICES........................................ 45

GLOBAL WORKFORCE & MIGRATION OF SKILLED LABOR.............................................................48
DIGITIZATION INITIATIVES IN LEARNING & TRAINING ................................................................50
PERENNIAL PRIVATE INVESTMENTS IN DIGITAL LANGUAGE LEARNING ................................. 53
8.2 MARKET GROWTH RESTRAINTS ........................................................................................................................ 57
NEED FOR CONTINUOUS PRODUCT INNOVATION .......................................................................... 57
VARIABILITY IN HARDWARE AND SOFTWARE................................................................................ 60
LIMITED ACCESS TO CLOSED MARKETS & PLATFORMS ................................................................. 63
INADEQUATE INTERNET BANDWIDTH IN DEVELOPING COUNTRIES ........................................ 65
LACK OF VIABLE REVENUE & MONETIZATION MODELS................................................................ 69
8.3 MARKET OPPORTUNITIES & TRENDS ............................................................................................................... 72
INCREASE IN GOING MOBILE & GOING SOCIAL TREND ................................................................. 72
BLENDED LEARNING TO EMERGE AS NORM IN EDUCATION TECHNOLOGY............................. 75

INCREASED APPLICATIONS OF VR & AR IN E-LEARNING .............................................................. 78
Arizton 2019 www.arizton.com 2

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
9 GLOBAL E-LEARNING MARKET ........................................................................................81

9.1 MARKET SIZE & FORECAST ................................................................................................................................. 81
9.2 FIVE FORCES ANALYSIS .......................................................................................................................................84

THREAT OF NEW ENTRANTS ...............................................................................................................84
BARGAINING POWER OF SUPPLIERS .................................................................................................84
BARGAINING POWER OF BUYERS .......................................................................................................84

THREAT OF SUBSTITUTES.................................................................................................................... 85
COMPETITIVE RIVALRY ........................................................................................................................ 85
10 BY DELIVERY MODE ........................................................................................................ 87

10.1 MARKET SNAPSHOT & GROWTH ENGINE ........................................................................................................ 87
10.2 MARKET OVERVIEW............................................................................................................................................ 88
10.3 PACKAGED CONTENT ........................................................................................................................................... 91
MARKET SIZE & FORECAST .................................................................................................................. 91

MARKET SIZE & FORECAST BY GEOGRAPHY .................................................................................... 92
10.4 LMS .......................................................................................................................................................................... 93
10.5 OTHERS .................................................................................................................................................................. 96

11 BY LEARNING MODE ....................................................................................................... 98

11.1 MARKET SNAPSHOT & GROWTH ENGINE ........................................................................................................98
11.2 MARKET OVERVIEW............................................................................................................................................. 99
11.3 SELF-PACED ......................................................................................................................................................... 101
MARKET SIZE & FORECAST ................................................................................................................ 101
MARKET SIZE & FORECAST BY GEOGRAPHY .................................................................................. 102

11.4 INSTRUCTOR-LED............................................................................................................................................... 103
12 BY FUNCTION ................................................................................................................. 105

12.1 MARKET SNAPSHOT & GROWTH ENGINE ...................................................................................................... 105
12.2 MARKET OVERVIEW........................................................................................................................................... 106
12.3 TRAINING ............................................................................................................................................................. 108

12.4 TESTING ............................................................................................................................................................... 110

MARKET SIZE & FORECAST BY GEOGRAPHY ................................................................................... 111
13 BY END-USERS................................................................................................................ 112
13.1 MARKET SNAPSHOT & GROWTH ENGINE .......................................................................................................112

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
13.2 MARKET OVERVIEW............................................................................................................................................113

13.3 CORPORATE ..........................................................................................................................................................116
MARKET SIZE & FORECAST .................................................................................................................116

MARKET SIZE & FORECAST BY GEOGRAPHY ...................................................................................119
13.4 HIGHER EDUCATION ......................................................................................................................................... 120

MARKET SIZE & FORECAST BY GEOGRAPHY ...................................................................................121
13.5 K-12 ........................................................................................................................................................................ 122

13.6 GOVERNMENT ..................................................................................................................................................... 124

13.7 VOCATIONAL ....................................................................................................................................................... 126
14 BY GEOGRAPHY .............................................................................................................. 129

14.1 MARKET SNAPSHOT & GROWTH ENGINE ...................................................................................................... 129
14.2 OVERVIEW ........................................................................................................................................................... 130
15 NORTH AMERICA............................................................................................................ 133

15.1 MARKET SIZE & FORECAST ............................................................................................................................... 133
STUDENT EDUCATION & ENROLLMENT ......................................................................................... 136
15.2 SEGMENTATION BY DELIVERY MODE ............................................................................................................ 137
MARKET BY DELIVERY MODE ........................................................................................................... 137
15.3 SEGMENTATION BY LEARNING MODE ........................................................................................................... 137
MARKET BY LEARNING MODE .......................................................................................................... 137

15.4 SEGMENTATION BY TYPE .................................................................................................................................. 138
MARKET BY TYPE ................................................................................................................................. 138
15.5 SEGMENTATION BY END-USERS ...................................................................................................................... 138

MARKET BY END-USERS ..................................................................................................................... 138
15.6 KEY COUNTRIES .................................................................................................................................................. 139
US: MARKET SIZE & FORECAST ......................................................................................................... 140

CANADA: MARKET SIZE & FORECAST............................................................................................... 143
16 APAC ............................................................................................................................... 145

16.2 SEGMENTATION BY DELIVERY MODE ............................................................................................................. 151

MARKET BY DELIVERY MODE ............................................................................................................ 151
16.3 SEGMENTATION BY LEARNING MODE ............................................................................................................ 151
MARKET BY LEARNING MODE ........................................................................................................... 151


GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
MARKET BY TYPE ................................................................................................................................. 152


16.6 KEY COUNTRIES .................................................................................................................................................. 153
CHINA: MARKET SIZE & FORECAST .................................................................................................. 154
SOUTH KOREA: MARKET SIZE & FORECAST ................................................................................... 157

JAPAN: MARKET SIZE & FORECAST .................................................................................................. 159
AUSTRALIA: MARKET SIZE & FORECAST ..........................................................................................161
INDIA: MARKET SIZE & FORECAST ................................................................................................... 163
17 EUROPE .......................................................................................................................... 166

EDUCATION AND TRAINING 2020 PROGRAM (ET2020) ............................................................... 168
ERASMUS PROGRAM ........................................................................................................................... 169

BOLOGNA PROCESS ............................................................................................................................. 169
17.2 SEGMENTATION BY DELIVERY MODE ............................................................................................................. 171
MARKET BY DELIVERY MODE ............................................................................................................ 171
17.3 SEGMENTATION BY LEARNING MODE ............................................................................................................ 171
MARKET BY LEARNING MODE ........................................................................................................... 171

MARKET BY TYPE ................................................................................................................................. 172
17.6 KEY COUNTRIES .................................................................................................................................................. 173
UK: MARKET SIZE & FORECAST......................................................................................................... 174
GERMANY: MARKET SIZE & FORECAST ........................................................................................... 176
FRANCE: MARKET SIZE & FORECAST ............................................................................................... 178
NORDICS: MARKET SIZE & FORECAST ............................................................................................. 180
SPAIN: MARKET SIZE & FORECAST ................................................................................................... 182
18 LATIN AMERICA .............................................................................................................184

18.2 SEGMENTATION BY DELIVERY MODE ............................................................................................................ 187

18.3 SEGMENTATION BY LEARNING MODE ........................................................................................................... 187

MARKET BY TYPE ................................................................................................................................. 188

18.6 KEY COUNTRIES .................................................................................................................................................. 189
BRAZIL: MARKET SIZE & FORECAST................................................................................................. 190

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
MEXICO: MARKET SIZE & FORECAST ............................................................................................... 194

ARGENTINA: MARKET SIZE & FORECAST ........................................................................................ 196
CHILE: MARKET SIZE & FORECAST .................................................................................................. 198
19 MIDDLE-EAST AND AFRICA ........................................................................................... 200

19.1 MARKET SIZE & FORECAST .............................................................................................................................. 200
E-LEARNING IN THE MIDDLE EAST: OVERVIEW .......................................................................... 200
E-LEARNING IN AFRICA: OVERVIEW .............................................................................................. 204

19.2 SEGMENTATION BY DELIVERY MODE ........................................................................................................... 206
MARKET BY DELIVERY MODE .......................................................................................................... 206
19.3 SEGMENTATION BY LEARNING MODE .......................................................................................................... 206

MARKET BY LEARNING MODE ......................................................................................................... 206
19.4 SEGMENTATION BY TYPE ..................................................................................................................................207
MARKET BY TYPE .................................................................................................................................207

19.5 SEGMENTATION BY END-USERS ......................................................................................................................207
MARKET BY END-USERS .....................................................................................................................207
19.6 KEY COUNTRIES ................................................................................................................................................. 208
GCC: MARKET SIZE & FORECAST...................................................................................................... 209
SOUTH AFRICA: MARKET SIZE & FORECAST .................................................................................. 212
20 COMPETITIVE LANDSCAPE ............................................................................................ 214

20.1 COMPETITION OVERVIEW ................................................................................................................................ 214
20.2 STRATEGIC RECOMMENDATIONS ................................................................................................................... 217
21 KEY COMPANY PROFILES............................................................................................... 219

21.1 APOLLO EDUCATION GROUP ............................................................................................................................ 219
BUSINESS OVERVIEW ......................................................................................................................... 219
MAJOR PRODUCT OFFERINGS ......................................................................................................... 220
KEY STRENGTHS ................................................................................................................................. 220
KEY STRATEGIES.................................................................................................................................. 221

KEY OPPORTUNITIES ..........................................................................................................................222
21.2 BLACKBOARD LEARN ......................................................................................................................................... 223

MAJOR PRODUCT OFFERINGS .......................................................................................................... 223
KEY STRENGTHS ..................................................................................................................................224
KEY STRATEGIES.................................................................................................................................. 225

KEY OPPORTUNITIES .......................................................................................................................... 225
21.3 BRITISH COUNCIL...............................................................................................................................................226
BUSINESS OVERVIEW .........................................................................................................................226

MAJOR PRODUCT OFFERINGS ..........................................................................................................226
KEY STRENGTHS .................................................................................................................................. 227
KEY STRATEGIES.................................................................................................................................. 227


GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
21.4 ORACLE.................................................................................................................................................................229
MAJOR PRODUCT OFFERINGS ..........................................................................................................229

KEY STRENGTHS ................................................................................................................................. 230
KEY STRATEGIES................................................................................................................................. 230
KEY OPPORTUNITIES .......................................................................................................................... 231

21.5 PEARSON .............................................................................................................................................................. 232
MAJOR PRODUCT OFFERINGS .......................................................................................................... 232

KEY STRENGTHS ..................................................................................................................................234
KEY STRATEGIES..................................................................................................................................234
22 OTHER PROMINENT VENDORS ..................................................................................... 235

22.1 DOCEBO ................................................................................................................................................................ 235
PRODUCT OFFERINGS.........................................................................................................................236
22.2 MCGRAW-HILL E-LEARNING GROUP ..............................................................................................................236
22.3 APTARA ................................................................................................................................................................. 237
PRODUCT OFFERINGS......................................................................................................................... 237
22.4 DESIRE2LEARN ................................................................................................................................................... 237
22.5 EDMODO...............................................................................................................................................................238
22.6 SKILLSOFT............................................................................................................................................................239
PRODUCT OFFERINGS........................................................................................................................ 240

22.7 CENGAGE LEARNING ........................................................................................................................................ 240
BUSINESS OVERVIEW ........................................................................................................................ 240

22.8 MACMILLAN......................................................................................................................................................... 241

22.9 CORNERSTONE ONDEMAND ............................................................................................................................242
22.10 EDUCOMP .............................................................................................................................................................243

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET

22.11 KROTON................................................................................................................................................................244
22.12 TELEFONICA ........................................................................................................................................................246

22.13 INSTRUCTURE ..................................................................................................................................................... 247

22.14 EDX ....................................................................................................................................................................... 248

22.15 ENGLISH ATTACK ...............................................................................................................................................249
22.16 ESTACIO ................................................................................................................................................................249
22.17 COURSERA ...........................................................................................................................................................250
22.18 LATITUDE CG ....................................................................................................................................................... 251
22.19 LITMOS ................................................................................................................................................................. 251

22.20 OPEN ENGLISH.................................................................................................................................................... 252

22.21 VEDUCA ................................................................................................................................................................ 253

22.22 LINKEDIN (MICROSOFT) ................................................................................................................................... 254

22.23 SIMPLILEARN ...................................................................................................................................................... 254


GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
22.24 THINK AND LEARN (BYJU’S) ............................................................................................................................. 255


22.25 SWEETRUSH ........................................................................................................................................................ 256

22.26 UPGRAD ................................................................................................................................................................ 256

22.27 LEQUEST............................................................................................................................................................... 257

22.28 FUTURELEARN .................................................................................................................................................... 257
22.29 LEARN2PLAY........................................................................................................................................................258
22.30 CHEGG .................................................................................................................................................................. 259
22.31 BRIGHT LITTLE LABS ........................................................................................................................................ 260
22.32 AULA EDUCATION ............................................................................................................................................. 260

22.33 WHITEHAT SECURITY ........................................................................................................................................ 261

22.34 BLINKIST .............................................................................................................................................................. 261
22.35 AVETI LEARNING ................................................................................................................................................262
22.36 AGE OF LEARNING..............................................................................................................................................263
22.37 LEARNETIC ..........................................................................................................................................................263

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
22.38 ELEARN AUSTRALIA ...........................................................................................................................................264

22.39 360LEARNING...................................................................................................................................................... 265

23 REPORT SUMMARY ....................................................................................................... 266

23.1 KEY TAKEAWAYS.................................................................................................................................................266
24 QUANTITATIVE SUMMARY ............................................................................................ 269

24.1 GLOBAL MARKET SIZE BY GEOGRAPHY (REVENUE)....................................................................................269
24.2 NORTH AMERICA MARKET ...............................................................................................................................269
MARKET BY DELIVERY MODE ...........................................................................................................269
MARKET BY LEARNING MODE ..........................................................................................................270
MARKET BY TYPE .................................................................................................................................270
MARKET BY END-USERS .....................................................................................................................270
24.3 APAC MARKET ..................................................................................................................................................... 271
MARKET BY TYPE ................................................................................................................................. 271
24.4 EUROPE MARKET................................................................................................................................................ 273
MARKET BY TYPE ................................................................................................................................. 273

24.5 LATIN AMERICA MARKET ................................................................................................................................. 275

MARKET BY TYPE ................................................................................................................................. 275
24.6 MEA MARKET ...................................................................................................................................................... 277

MARKET BY TYPE ................................................................................................................................. 277

24.7 MARKET BY DELIVERY MODE .......................................................................................................................... 279
GLOBAL MARKET BY DELIVERY MODE............................................................................................ 279

PACKAGED CONTENT MARKET BY GEOGRAPHY ........................................................................... 279
LMS MARKET BY GEOGRAPHY ......................................................................................................... 280

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
OTHER DELIVERY MODES MARKET BY GEOGRAPHY .................................................................. 280

24.8 MARKET BY LEARNING MODE ......................................................................................................................... 281
GLOBAL MARKET BY LEARNING MODE ........................................................................................... 281

SELF-PACED E-LEARNING MARKET BY GEOGRAPHY ................................................................... 281
INSTRUCTOR-LED E-LEARNING MARKET BY GEOGRAPHY .........................................................282
24.9 MARKET BY FUNCTION ......................................................................................................................................283

GLOBAL MARKET BY FUNCTION .......................................................................................................283
TRAINING MARKET BY GEOGRAPHY................................................................................................283
TESTING MARKET BY GEOGRAPHY ................................................................................................. 284

24.10 MARKET BY END-USERS ....................................................................................................................................285
GLOBAL MARKET BY END-USERS .....................................................................................................285
K-12 E-LEARNING MARKET BY GEOGRAPHY ..................................................................................285

HIGHER EDUCATION E-LEARNING MARKET BY GEOGRAPHY................................................... 286
CORPORATE E-LEARNING MARKET BY GEOGRAPHY .................................................................. 286
GOVERNMENT E-LEARNING MARKET BY GEOGRAPHY ............................................................... 287
VOCATIONAL E-LEARNING MARKET BY GEOGRAPHY .................................................................. 287
25 APPENDIX ...................................................................................................................... 288

25.1 ABBREVIATIONS ................................................................................................................................................ 288

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
EXHIBITS
SEGMENTATION OF GLOBAL E-LEARNING MARKET ......................................................................................... 23
MARKET SIZE CALCULATION APPROACH 2018 ................................................................................................... 28
GLOBAL E-LEARNING MARKET: OVERVIEW........................................................................................................ 40
PERCEIVED BENEFITS AND LIMITATIONS OF E-LEARNING IN HIGHER EDUCATION ................................. 42
IMPACT OF HIGH PENETRATION OF INTERNET & INTERNET-ENABLED DEVICES ...................................... 45
GLOBAL POPULATION AND INTERNET USERS SCENARIO 2019 ....................................................................... 46
IMPACT OF GLOBAL WORKFORCE & MIGRATION OF SKILLED LABOR ........................................................... 48
IMPACT OF DIGITIZATION INITIATIVES IN LEARNING & TRAINING .............................................................. 50
KEY FACTORS DRIVING FEDERAL INTEREST IN DIGITIZATION .......................................................................51
PERCEIVED BENEFITS OF E-LEARNING (NORMALIZED RESULTS) ................................................................. 52
IMPACT OF PERENNIAL PRIVATE INVESTMENTS IN DIGITAL LANGUAGE LEARNING ................................ 53
IMPACT OF NEED FOR CONTINUOUS PRODUCT INNOVATION ........................................................................ 57
KEY INNOVATION AREAS IN E-LEARNING PRODUCTS ...................................................................................... 58
RANKING OF EXPENDITURE HEADS CITED FOR PRODUCT INNOVATION (130 VENDORS) ........................ 59
IMPACT OF VARIABILITY IN HARDWARE AND SOFTWARE............................................................................... 60
VARIABILITY IN SOFTWARE IN HARDWARE ....................................................................................................... 61
IMPACT OF LIMITED ACCESS TO CLOSED MARKETS AND PLATFORMS.......................................................... 63
IMPACT OF INADEQUATE INTERNET BANDWIDTH IN DEVELOPING COUNTRIES ....................................... 65
IMPACT OF LACK OF VIABLE REVENUE & MONETIZATION MODELS .............................................................. 69
IMPACT OF INCREASE IN GOING MOBILE & GOING SOCIAL TREND ............................................................... 72
RISING ADOPTION OF DIGITAL DEVICES AND CONTENT ................................................................................. 73
IMPACT OF BLENDED LEARNING TO EMERGE AS NORM IN EDUCATION TECHNOLOGY ........................... 75
PROMINENT BLENDED LEARNING MODELS ....................................................................................................... 76
IMPACT OF INCREASED APPLICATIONS OF VR & AR IN E-LEARNING ............................................................. 78
GLOBAL E-LEARNING MARKET 2018−2024 ($ BILLION) .................................................................................... 81
GLOBAL E-LEARNING MARKET GEOGRAPHICAL OVERVIEW........................................................................... 82
GLOBAL E-LEARNING MARKET: INCREMENTAL GROWTH BY GEOGRAPHY ................................................. 83
FIVE FORCES ANALYSIS 2018.................................................................................................................................. 86
INCREMENTAL GROWTH BY DELIVER MODE 2018−2024 ................................................................................. 87
GLOBAL MARKET BY DELIVERY MODE: OVERVIEW .......................................................................................... 88
GLOBAL MARKET BY DELIVERY MODE 2018 & 2024 (REVENUE SHARE %) .................................................... 89
GLOBAL PACKAGED CONTENT E-LEARNING MARKET 2018−2024 ($ BILLION) ............................................ 91
GLOBAL LMS MARKET 2018−2024 ($ BILLION) ................................................................................................... 93
KEY REGIONS FOR LMS SWITCH AMONG CONSUMERS .................................................................................... 94
GLOBAL OTHER DELIVERY MODES E-LEARNING MARKET 2018−2024 ($ BILLION) .................................... 96
INCREMENTAL GROWTH BY LEARNING MODE 2018−2024 .............................................................................. 98
GLOBAL MARKET BY LEARNING MODE: OVERVIEW.......................................................................................... 99
GLOBAL MARKET BY LEARNING MODE 2018 & 2024 (REVENUE SHARE %) ................................................. 100
GLOBAL SELF-PACED E-LEARNING MARKET 2018−2024 ($ BILLION) ........................................................... 101
GLOBAL INSTRUCTOR-LED E-LEARNING MARKET 2018−2024 ($ BILLION) ................................................ 103
INCREMENTAL GROWTH BY E-LEARNING FUNCTION 2018−2024 ................................................................ 105

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
GLOBAL MARKET BY E-LEARNING FUNCTION: OVERVIEW............................................................................ 106

GLOBAL MARKET BY E-LEARNING TYPE 2018 & 2024 (REVENUE SHARE %) ............................................... 107
GLOBAL E-LEARNING TRAINING MARKET 2018−2024 ($ BILLION) .............................................................. 108
GLOBAL E-LEARNING TESTING MARKET 2018−2024 ($ BILLION) .................................................................. 110
INCREMENTAL GROWTH BY END-USERS 2018−2024........................................................................................ 112
GLOBAL MARKET BY END-USERS: OVERVIEW ................................................................................................... 113
GLOBAL MARKET BY END-USERS 2018 & 2024 (REVENUE SHARE %) ............................................................ 115
GLOBAL CORPORATE E-LEARNING MARKET 2018−2024 ($ BILLION)............................................................ 116
REQUISITES FOR E-LEARNING IN CORPORATE SEGMENT .............................................................................. 117
GLOBAL HIGHER EDUCATION E-LEARNING MARKET 2018−2024 ($ BILLION) ........................................... 120
GLOBAL K-12 E-LEARNING MARKET 2018−2024 ($ BILLION) ......................................................................... 122
GLOBAL GOVERNMENT E-LEARNING MARKET 2018−2024 ($ BILLION) ...................................................... 124
GLOBAL VOCATIONAL E-LEARNING MARKET 2018−2024 ($ BILLION) ......................................................... 126
INCREMENTAL GROWTH BY GEOGRAPHY 2018−2024 ..................................................................................... 129
MARKET SHARE OVERVIEW OF GEOGRAPHIES 2018 (REVENUE) ................................................................. 130
GLOBAL POPULATION AND PENETRATION OF INTERNET & SMARTPHONE OVERVIEW ........................... 131
NORTH AMERICA E-LEARNING MARKET 2018–2024 ($ BILLION) ................................................................. 133
ANNUAL SAVING RATIO OF US 2009−2018 ......................................................................................................... 134
SEGMENTAL OVERVIEW OF E-LEARNING MARKET IN NORTH AMERICA ....................................................135
STUDENT EDUCATION & ENROLLMENT OVERVIEW IN US 2018.................................................................... 136
INCREMENTAL GROWTH IN NORTH AMERICA 2018–2024 ............................................................................. 139
E-LEARNING MARKET IN US 2018–2024 ($ BILLION)........................................................................................ 141
E-LEARNING MARKET IN CANADA 2018–2024 ($ BILLION) ............................................................................ 143
APAC E-LEARNING MARKET 2018–2024 ($ BILLION) ........................................................................................145
INTERNET & SMARTPHONE PENETRATION IN APAC....................................................................................... 146
ROLE OF GOVERNMENT IN ENABLING E-LEARNING IN APAC ....................................................................... 148
SEGMENTAL OVERVIEW OF E-LEARNING MARKET IN APAC ......................................................................... 149
INCREMENTAL GROWTH IN APAC 2018–2024 ....................................................................................................153
E-LEARNING MARKET IN CHINA 2018–2024 ($ BILLION) ................................................................................ 155
E-LEARNING MARKET IN SOUTH KOREA 2018–2024 ($ BILLION) .................................................................. 157
E-LEARNING MARKET IN JAPAN 2018–2024 ($ BILLION) ................................................................................159
E-LEARNING MARKET IN AUSTRALIA 2018–2024 ($ BILLION)........................................................................ 161
STRATEGIC POINTS FOR VENDORS IN AUSTRALIAN MARKET....................................................................... 162
E-LEARNING MARKET IN INDIA 2018–2024 ($ BILLION) ................................................................................ 164
EUROPE E-LEARNING MARKET 2018–2024 ($ BILLION) ................................................................................. 166
SEGMENTAL OVERVIEW OF E-LEARNING MARKET IN EUROPE.................................................................... 170
INCREMENTAL GROWTH IN EUROPE 2018–2024 .............................................................................................. 173
E-LEARNING MARKET IN UK 2018–2024 ($ BILLION) .......................................................................................174
E-LEARNING MARKET IN GERMANY 2018–2024 ($ BILLION) ..........................................................................176
E-LEARNING MARKET IN FRANCE 2018–2024 ($ BILLION) ............................................................................ 178
E-LEARNING MARKET IN NORDICS 2018–2024 ($ BILLION)........................................................................... 180
EMERGING EDTECH VENDORS IN NORDICS (ACADEMIC AND K-12) ............................................................. 181
E-LEARNING MARKET IN SPAIN 2018–2024 ($ BILLION) ................................................................................ 182

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
LATIN AMERICA E-LEARNING MARKET 2018–2024 ($ BILLION) ................................................................... 184

SEGMENTAL OVERVIEW OF E-LEARNING MARKET IN LATIN AMERICA...................................................... 186
INCREMENTAL GROWTH IN LATIN AMERICA 2018–2024 ............................................................................... 189
E-LEARNING MARKET IN BRAZIL 2018–2024 ($ BILLION) .............................................................................. 190
STUDENTS ENROLLMENT BY INSTITUTIONS IN BRAZIL 2018......................................................................... 191
MAJOR EDUCATION FAIRS HELD IN BRAZIL IN 2018....................................................................................... 192
E-LEARNING MARKET IN MEXICO 2018–2024 ($ BILLION) ............................................................................ 194
E-LEARNING MARKET IN ARGENTINA 2018–2024 ($ BILLION) ..................................................................... 196
E-LEARNING MARKET IN CHILE 2018–2024 ($ BILLION) ................................................................................ 198
MEA E-LEARNING MARKET 2018–2024 ($ BILLION) ........................................................................................ 202
SEGMENTAL OVERVIEW OF E-LEARNING MARKET IN MEA........................................................................... 205
INCREMENTAL GROWTH IN MEA 2018–2024 ....................................................................................................208
E-LEARNING MARKET IN GCC 2018–2024 ($ BILLION) .................................................................................... 209
E-LEARNING MARKET IN SOUTH AFRICA 2018–2024 ($ BILLION) ................................................................ 212
LMS PRODUCTS: FACTORS FOR GAINING USERBASE .......................................................................................215
PACKAGED CONTENT: FACTORS FOR GAINING USERBASE ............................................................................ 216

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
TABLES
KEY CAVEATS ............................................................................................................................................................ 26
CURRENCY CONVERSION 2013−2018 .................................................................................................................... 27
RECENT INVESTMENTS OF MAJOR COMPANIES IN LANGUAGE LEARNING MARKET ................................. 54
PROMINENT ED-TECH INVESTORS AND THEIR INVESTMENTS ...................................................................... 55
INTERNET QUALITY STATISTICS OF SELECT COUNTRIES................................................................................. 66
RATINGS FOR PROMINENT TRENDS CHARACTERIZING E-LEARNING MARKET .......................................... 77
GLOBAL MARKET BY DELIVERY MODE 2018 & 2024 ($ BILLION) ..................................................................... 90
GLOBAL PACKAGED CONTENT E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) .............. 92
GLOBAL LMS MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ..................................................................... 95
GLOBAL OTHER DELIVERY MODES E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ...... 97
GLOBAL MARKET BY LEARNING MODE 2018 & 2024 ($ BILLION) .................................................................... 99
GLOBAL SELF-PACED E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............................ 102
GLOBAL INSTRUCTOR-LED E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) .................. 104
GLOBAL MARKET BY E-LEARNING FUNCTION 2018 & 2024 ($ BILLION) ...................................................... 107
GLOBAL E-LEARNING TRAINING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ................................ 109
GLOBAL TESTING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION)............................................................ 111
GLOBAL MARKET BY END-USERS 2018 & 2024 ($ BILLION) ............................................................................. 115
GLOBAL CORPORATE E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............................. 119
GLOBAL HIGHER EDUCATION E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............. 121
GLOBAL K-12 E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ........................................... 123
GLOBAL GOVERNMENT E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) .........................125
GLOBAL VOCATIONAL E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ........................... 127
NORTH AMERICA MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ..................................................... 137
NORTH AMERICA MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .................................................... 137
NORTH AMERICA MARKET BY TYPE 2018–2024 ($ BILLION).......................................................................... 138
NORTH AMERICA MARKET BY END-USERS 2018–2024 ($ BILLION) ............................................................. 138
APAC E-LEARNING MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ................................................... 151
APAC E-LEARNING MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .................................................. 151
APAC E-LEARNING MARKET BY TYPE 2018–2024 ($ BILLION) ........................................................................152
APAC E-LEARNING MARKET BY END-USERS 2018–2024 ($ BILLION) ............................................................152
OVERVIEW OF THE END-USER SEGMENT IN INDIA 2018.................................................................................165
EUROPE MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ..................................................................... 171
EUROPE MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .................................................................... 171
EUROPE MARKET BY TYPE 2018–2024 ($ BILLION) ........................................................................................... 172
EUROPE MARKET BY END-USERS 2018–2024 ($ BILLION) ............................................................................... 172
LATIN AMERICA MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ...................................................... 187
LATIN AMERICA MARKET BY LEARNING MODE 2018–2024 ($ BILLION) ..................................................... 187
LATIN AMERICA MARKET BY TYPE 2018–2024 ($ BILLION) ............................................................................ 188
LATIN AMERICA MARKET BY END-USERS 2018–2024 ($ BILLION)................................................................ 188
MEA MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ........................................................................... 206
MEA MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .......................................................................... 206

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MEA MARKET BY TYPE 2018–2024 ($ BILLION)................................................................................................. 207

MEA MARKET BY END-USERS 2018–2024 ($ BILLION)..................................................................................... 207
APOLLO EDUCATION GROUP: PRODUCT OFFERINGS ...................................................................................... 220
BLACKBOARD LEARN: PRODUCT OFFERINGS ................................................................................................... 223
BRITISH COUNCIL: PRODUCT OFFERINGS ........................................................................................................ 226
ORACLE: PRODUCT OFFERINGS .......................................................................................................................... 229
PEARSON: PRODUCT OFFERINGS ........................................................................................................................ 233
DOCEBO: KEY PRODUCT OFFERINGS .................................................................................................................. 236
MCGRAW-HILL E-LEARNING GROUP: KEY PRODUCT OFFERINGS ................................................................ 236
APTARA: KEY PRODUCT OFFERINGS................................................................................................................... 237
DESIRE2LEARN: KEY PRODUCT OFFERINGS ..................................................................................................... 238
EDMODO: KEY PRODUCT OFFERINGS ................................................................................................................ 238
SKILLSOFT: KEY PRODUCT OFFERINGS ............................................................................................................. 240
CENGAGE LEARNING: KEY PRODUCT OFFERINGS ........................................................................................... 241
MACMILLAN: KEY PRODUCT OFFERINGS .......................................................................................................... 241
CORNERSTONE ONDEMAND: KEY PRODUCT OFFERINGS .............................................................................. 243
EDUCOMP: KEY PRODUCT OFFERINGS .............................................................................................................. 244
KROTON: KEY PRODUCT OFFERINGS ................................................................................................................. 245
TELEFONICA: KEY PRODUCT OFFERINGS .......................................................................................................... 247
INSTRUCTURE: KEY PRODUCT OFFERINGS ....................................................................................................... 248
EDX: KEY PRODUCT OFFERINGS ......................................................................................................................... 248
ENGLISH ATTACK: KEY PRODUCT OFFERINGS ................................................................................................. 249
ESTACIO: KEY PRODUCT OFFERINGS ................................................................................................................. 250
COURSERA: KEY PRODUCT OFFERINGS ............................................................................................................. 250
LATITUDE CG: KEY PRODUCT OFFERINGS..........................................................................................................251
LITMOS: KEY PRODUCT OFFERINGS ................................................................................................................... 252
OPEN ENGLISH: KEY PRODUCT OFFERINGS ..................................................................................................... 252
VEDUCA: KEY PRODUCT OFFERINGS .................................................................................................................. 253
LINKEDIN: KEY PRODUCT OFFERINGS............................................................................................................... 254
SIMPLILEARN: KEY PRODUCT OFFERINGS ........................................................................................................ 255
BYJU’S: KEY PRODUCT OFFERINGS ..................................................................................................................... 255
SWEETRUSH: KEY PRODUCT OFFERINGS .......................................................................................................... 256
UPGRAD: KEY PRODUCT OFFERINGS.................................................................................................................. 256
LEQUEST: KEY PRODUCT OFFERINGS ................................................................................................................ 257
FUTURELEARN: KEY PRODUCT OFFERINGS...................................................................................................... 258
LEARN2PLAY: KEY PRODUCT OFFERINGS ......................................................................................................... 258
CHEGG: KEY PRODUCT OFFERINGS .................................................................................................................... 259
BRIGHT LITTLE LABS: KEY PRODUCT OFFERINGS ........................................................................................... 260
AULA EDUCATION: KEY PRODUCT OFFERINGS ................................................................................................ 260
WHITEHAT SECURITY: KEY PRODUCT OFFERINGS.......................................................................................... 261
BLINKIST: KEY PRODUCT OFFERINGS ................................................................................................................ 262
AVETI LEARNING: KEY PRODUCT OFFERINGS .................................................................................................. 262
AGE OF LEARNING: KEY PRODUCT OFFERINGS ............................................................................................... 263

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LEARNETIC: KEY PRODUCT OFFERINGS ............................................................................................................ 264

ELEARN AUSTRALIA: KEY PRODUCT OFFERINGS............................................................................................. 264
360LEARNING: KEY PRODUCT OFFERINGS ....................................................................................................... 265
GLOBAL E-LEARNING MARKET BY GEOGRAPHIES ($ BILLION) .................................................................... 269
NORTH AMERICA MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) .................................................... 269
NORTH AMERICA MARKET BY LEARNING MODE 2018–2024 ($ BILLION) ................................................... 270
NORTH AMERICA MARKET BY TYPE 2018–2024 ($ BILLION).......................................................................... 270
NORTH AMERICA MARKET BY END-USERS 2018–2024 ($ BILLION) ............................................................. 270
APAC MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ........................................................................... 271
APAC MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .......................................................................... 271
APAC MARKET BY TYPE 2018–2024 ($ BILLION) ................................................................................................ 271
APAC MARKET BY END-USERS 2018–2024 ($ BILLION) ................................................................................... 272
EUROPE MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) .................................................................... 273
EUROPE MARKET BY LEARNING MODE 2018–2024 ($ BILLION) ................................................................... 273
EUROPE MARKET BY TYPE 2018–2024 ($ BILLION) .......................................................................................... 273
EUROPE MARKET BY END-USERS 2018–2024 ($ BILLION) .............................................................................. 274
LATIN AMERICA MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ...................................................... 275
LATIN AMERICA MARKET BY LEARNING MODE 2018–2024 ($ BILLION) ..................................................... 275
LATIN AMERICA MARKET BY TYPE 2018–2024 ($ BILLION) ............................................................................ 275
LATIN AMERICA MARKET BY END-USERS 2018–2024 ($ BILLION)................................................................ 276
MEA MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ........................................................................... 277
MEA MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .......................................................................... 277
MEA MARKET BY TYPE 2018–2024 ($ BILLION)................................................................................................. 277
MEA MARKET BY END-USERS 2018–2024 ($ BILLION)..................................................................................... 278
GLOBAL MARKET BY DELIVERY MODE 2018–2024 ($ BILLION) ..................................................................... 279
GLOBAL PACKAGED CONTENT MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) .................................... 279
GLOBAL LMS MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ...................................................................280
GLOBAL OTHER DELIVERY MODES MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............................280
GLOBAL MARKET BY LEARNING MODE 2018–2024 ($ BILLION) .................................................................... 281
GLOBAL SELF-PACED E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............................ 281
GLOBAL INSTRUCTOR-LED E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) .................. 282
GLOBAL MARKET BY E-LEARNING TYPE 2018–2024 ($ BILLION) .................................................................. 283
GLOBAL TRAINING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ........................................................ 283
GLOBAL TESTING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION)........................................................... 284
GLOBAL MARKET BY END-USERS 2018–2024 ($ BILLION) .............................................................................. 285
GLOBAL K-12 E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ........................................... 285
GLOBAL HIGHER EDUCATION E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............ 286
GLOBAL CORPORATE E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ............................ 286
GLOBAL GOVERNMENT E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) ........................ 287
GLOBAL VOCATIONAL E-LEARNING MARKET BY GEOGRAPHY 2018−2024 ($ MILLION) .......................... 287

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ABOUT US
Arizton Advisory & Intelligence
A
rizton Advisory & Intelligence Our team of experts ensures the analysis is
provides competitive and insightful not just analyzed and presented but also
business intelligence across various customized depending on the client’s
industry verticals. Our expertise and requirement. When it comes to competitive
knowledge ensure that the analysis intelligence, we ensure our clients do not
provided is comprehensive, detailed, and look beyond us.
complete. The analysis helps our client
Our employment base is spread across the
organizations to make insightful decisions
globe. Our analysts prepare high-quality
and devise marketing strategies for their
research reports and possess a wide
businesses. The actionable insights
industry experience, which means a proper
delivered through our market research
understanding of the client's requirement
provide a comprehensive market analysis
and delivering premium research reports.
at every level of market segmentation in the
industry.
A rich repository of Top leadership having more than

syndicated reports
80 man years of experience
across 8 Industries across varied industries
Pioneer in
adopting best research
practices to ensure
deeper insights
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experience in delivering
valuable research
Insights at Global, AT A GLANCE
Regional and Country At a
Level glance
More than 100+ clients Dedicated analysts working

worldwide including various across 3 continents and
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1 RESEARCH METHODOLOGY
This step involves identification of several

primary and secondary data research
sources, including Arizton’s internal data
sources. The primary sources consist of in-
depth discussions and interviews with policy
Identification makers, industry experts, and data
of data evaluators, whereas secondary sources
include a thorough study of market journals,
press releases, annual reports, and
government and non-government agencies
websites.
Evaluation of
Market This phase includes a detailed evaluation of
Dynamics several factors that are likely to affect the
market dynamics. It involves a
comprehensive assessment of major market
pain points, drivers, and trends. It also
comprises a detailed study of research plans
and methodology.
Collection of
Data This process consists of gathering data,
accessing proprietary databases, and
reaching out to key industry participants that
operate in the market across the value chain.
It also involves studying several patterns in
the historical data and comparing it with the
current scenario.
Collaboration
of Data
This stage involves the validation of data and
arrival at actual statistics, and evolution of
the market over the years. It entails the study
and analyzes various segments and verticals
of the market. An impact analysis is also
performed to observe which factors will
Verification affect the market in the next few years.
and Analysis
This is the final stage, which involves both

quantity and quality checks. Although the
process of data verification is an integral part
of the research process, all data points and
statistics and figures are re-checked to
uphold their authenticity and validity.

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2 RESEARCH OBJECTIVES
To outline and To offer wide- To provide comprehensive information

forecast the ranging market about factors that affect market dynamics
Global E- statistics with a
Learning market detailed
To analyze several micro-market
based on product classification along
indicators considering growth factors,
type, platform type, with the market size
market prospects, and strategic market
and geography of each segment
contribution
To study market opportunities

To examine competitive scenarios such as
for participants and
collaborations, mergers and acquisitions, R&D
stakeholders by identifying high
activities, and advanced developments in the Global
growth sectors in the global
market
E-Learning market
To analyze key strengths,

To predict the market size in the main
opportunities, and strategies of major
geographical regions: APAC, Europe, Latin
companies operating in the global
America, MEA, and North America
market

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3 RESEARCH PROCESS
BACKGROUND STUDY
Secondary Research
Client specifications
Data collections from
• Review and analyze client
requisites • Company Annual Reports
PROJECT • Associations
• Discussion of all the project
requirements and queries SCOPE • Journals
Flexibility check • Magazines
• Regulatory Bodies
• Perform through feasibility
research • Analyst Reports
• Finalizing tentative project • Other Paid Wall Street Sources
design • Press Releases
• Structuring project proposal • Conferences
with scope, timeline, and PROJECT • Blogs
pricing KICKOFF • Newsletters
• White Papers
Primary Research
Research discussion with
manufacturers, distributors, suppliers,
regulatory associations, and end-users
to validate insights
PRELIMINARY
Validation and triangulation of
RESEARCH secondary and primary research
data
Analyzing market dynamics
• Determination of key drivers,
restraints influencing market
• Monitoring market trends
Market size estimation & MARKET
forecast ANALYSIS &
• Estimation of historical SEGMENTATION
market revenues based on
secondary data and primary • Data collation
insights • Cumulating all the essential
• Anticipating market recast by qualitative and quantitative data
assigning weightage to • Generation of report in client
market forces (drivers, requested format by research
restraints, opportunities)
REPORT analysts
• Freezing historical and SYNTHESIS • Reviews by expert analysts
forecast market size • Proof-reading by editors
estimations based on • Report formatting by specialist
evolution, trends, outlook graphic designers
and strategies • Final quality check
• Consideration of geography
specific revenues, region-
specific product/service REPORT
demand for geographic DELIVERY
market segmentation
• Consideration of product
utilization rates, product
demand outlook for
segmentation by application • Clarifying queries (if any)
or end-user type • Receiving feedback
POST-SALE • Ensuring satisfaction
• Future research scope initiations
SERVICE

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4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
E-learning in the context of this report refers to both training and testing services
conducted or shared through the internet. The report considers the scope and
revenues generated by various stakeholders through the sale of pre-designed
courseware and through subscription platforms that are meant to administer,
document, deliver, track, and report various courses online.
4.1.1 Inclusions
• All forms of e-learning
4.1.2 Exclusions
• Offline Learning and Education Sectors
4.2 BASE YEAR
The report considers 2018 as the base year. All calculations involving
quantitative data are based on 2018. The values represented in the report are actual
values for 2018, whereas the values are estimated for the period
2019−2024.
2018 2019 2020−2024

Base year Actual year Forecast Years

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4.3 SCOPE OF THE STUDY
The report considers the present scenario of the global e-learning market and its
market dynamics for the period 2019−2024. It covers a detailed overview of several
market growth enablers, restraints, and trends. The study covers both the demand
and supply side of the market. It also profiles and analyzes leading companies and
several other prominent companies operating in the market.
Exhibit 1 Segmentation of Global E-Learning Market
GLOBAL E-LEARNING
MARKET
BY DELIVERY MODE BY LEARNING MODE BY FUNCTION BY END-USERS BY GEOGRAPHY
1. PACKAGED 1. SELF-PACED 1. TRAINING 1. K-12 1. APAC

1. China
CONTENT 2. INSTRUCTOR-LED 2. TESTING 2. HIGHER 2. South Korea
3. Japan
2. LMS EDUCATION 4. Australia
3. OTHERS 3. CORPORATE 5. India
2. Europe
4. GOVERNMENT 1. UK
2. Germany
5. VOCATIONAL 3. France
4. Nordics
5. Spain
3. Latin America
1. Brazil
2. Mexico
3. Argentina
4. Chile
4. MEA
1. GCC
2. South Africa
5. North America
1. CANADA
2. US
Source: Arizton

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4.4 MARKET SEGMENTS
4.4.1 Market Segmentation by Delivery Mode
• Packaged Content: Online courseware with extensive content that is predesigned to

cater to a wide audience
• LMS: Software applications for the administration, documentation, delivery, tracking,

and reporting of the curriculum or testing content
• Others: It includes highly gamified collaborative learning applications that are designed
to be inclined towards learning than entertainment
4.4.2 Market Segmentation by Learning Mode
• Self-paced: A courseware that can be rolled out quickly to a large group of people across
the world and can be accessed according to the learner’s convenience and suitability
• Instructor-led: A courseware whose content that is limited both in terms of the number
of people and roll-out speed and requires an instructor for content delivery
4.4.3 Market Segmentation by Function
• Training: It involves the exchange of courseware, self-paced learning content, and

instructor-driven hybrid learning material
• Testing: It refers to pure-play testing and examination services conducted via online and
digital platforms
4.4.4 Market Segmentation by End-users
• K-12: Kinder Garden to Class 12
• Higher Education: Education at the level of universities or similar establishments
• Corporates: Corporations around the globe that deploy language-learning solutions
• Government: Federal and state programs and institutions designed to adopt or

encourage e-learning
• Vocational: Voluntary learners and immigrants including refugees and job migrants

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4.4.5 Market Segmentation by Geography
KEY GEOGRAPHIES DEFINITION
Europe
APAC
North America
MEA
Latin America
North America Latin America
Canada and US Argentina, Brazil, Chile, Mexico, Peru
Europe MEA
EMEA
France Portugal Spain Congo Nigeria Turkey
Germany Romania Sweden Egypt Saudi Arabia UAE
Italy Russia UK Ghana South Africa Ukraine
Poland Israel Tanzania Zimbabwe
Kenya
APAC
Australia Indonesia New Zealand

Bangladesh Japan Pakistan
China Malaysia South Korea
India

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5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
Table 1 Key Caveats
Parameters Assumptions
While forecasting the market outlook, no

Economic Outlook macroeconomic collapses and recessions
are predicted about the global economic
landscape
Market forecasting was carried out under

Currency Fluctuation the assumption that the value of the USD
($) is likely to remain constant during the
forecast period
While arriving at the market size, the global

Political Outlook political environment was assumed to
remain stable during the forecast period
Revenues and segment-specific information

were derived from annual reports of
respective companies. The information is
Data Authenticity assumed to be authentic. However,
revenues for the non-listed companies were
derived from various authentic
publications, news articles, and primary
sources
All figures mentioned in the study were
Accuracy and Reporting rounded to the nearest decimal place. Thus,
the summation of figures and percentages
may differ by a margin of 0.01
This report provides a list of vendors that

are active in providing e-learning
solutions. It includes vendors across all
geographical regions. The report identifies
Vendors vendors on the based on their market
revenue and dominance in terms of market
experience, regional presence, the portfolio
of their products, financials, expenses on
R&D activities, and the popularity of their
brands

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5.2 CURRENCY CONVERSION
The standard currency used throughout the report is USD ($). However, in the case
of other currencies, the annual average currency rate (January 1 to December 31) is
used for conversion. These conversion rates are rounded to the nearest decimal place.
The chart below represents the standard conversion rates used in the report.
Table 2 Currency Conversion 2013−2018
Currency
2013 2014 2015 2016 2017 2018
Conversion
/ USD/EUR 0.7532 0.7535 0.8969 0.8988 0.8605 0.8566
/ USD/GBP 0.6395 0.6072 0.6526 0.7309 0.7607 0.7586
/ USD/JPY 98.58 105.84 120.9 107.5269 113.8867 111.0019
/₭ USD/SEK 6.5127 6.8587 8.404 8.9328 8.4135 8.8826
/A$ USD/AUD 1.0362 1.1094 1.3112 1.343 1.3042 1.3578
USD/RMB
/ (CNY)
6.1905 6.1432 6.1606 6.61 6.6294 6.6675
Source: Arizton
*The above exchange rate is the mean of month-end exchange rates computed for the last 12 months

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5.3 MARKET DERIVATION
Exhibit 2 Market Size Calculation Approach 2018
Global E-Learning
Market
Overall Revenues of E-
Learning Segments across
Geographies
Total Estimated Market Share of

Major Vendors Offering Digital and
Online Learning Content, Course,
Learning Materials, and Platforms
Revenues of the Global Education Market;

Europe, North America, APAC, and ROW
Source: Arizton
The chart above shows the approach adopted to arrive at the market size of the global
e-learning market in 2018 and the segments that are considered to derive the market
value.
• Market size figures are primarily arrived through the bottom-up approach and are then
validated through the top-down approach
• Sales of major e-learning solutions and platform providers were aggregated to arrive at an
estimate of the market size in terms of volume. The same approach was used to calculate
the market size in terms of revenue. An estimated 85–90% of vendors’ capacities are
mapped and considered in the report calculations
• Segmental volumes were calculated through the bottom approach, which involves the
analysis of segment-wise financials of the key market players. The data is either derived
from their annual filings or through primary research in the absence of the former

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• Price trends for key related commodities were analyzed for the past few years and given
due consideration to derive the projections for the forthcoming six years using a set of
forecasting techniques
• Also, innovation and R&D efforts of several market players were studied and weighed in
before arriving at the projections as they can potentially disrupt the market both in terms
of consumption and purchasing patterns
• The effect of several macroeconomic and meso factors is also considered at each interval
while arriving at the forecast

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6 MARKET AT A GLANCE
INSIGHTS
MARKET SIZE REVENUE
01 ($ BILLION)
CAGR
2018−2024
8.56%
2018 2024
145.57 238.23
2018 2020 2024

$145.57 Bn $169.14 Bn $238.23 Bn
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INSIGHTS
GEOGRAPHICAL SEGMENTATION
02 (2018)
Countries Values CAGR
Europe $27.19 Bn 4.04%
APAC $45.23 Bn 9.55%
North America $65.31 Bn 9.65%
Latin America $5.47 Bn 5.05%
MEA $2.38 Bn 11.98%

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INSIGHTS
DELIVERY MODE SEGMENTATION
03 (2018)
Packaged Content
$86 Bn
LMS
$36 Bn
Others
$24 Bn

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INSIGHTS
LEARNING MODE SEGMENTATION
04 (2018)
Self-paced Instructor-led
$90 Bn $56 Bn

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INSIGHTS
FUNCTION SEGMENTATION (2018)
05
Training Testing
$106 Bn $40 Bn

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INSIGHTS
PRODUCT SEGMENTATION
06 (2018)
K-12
$31 Bn
Government
$19 Bn
Higher
Education
$37 Bn
Vocational
$15 Bn
Corporate
$43 Bn

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INSIGHTS
MARKET OPPORTUNITIES
07 & TRENDS
Increase in Going Mobile and Going Social Trend

The growth of the social media has spurred the emergence of new education
paradigms to promote hybrid and online learning. In emerging countries, traditional
higher education institutions are facilitating important discussions to determine ways
to incorporate online and informal learning to derive better engagement and student
reach. These engagement levels and flexibility are getting decentralized.
Blended Learning to Emerge as Norm in Education Technology

Blended learning or mixed modes of learning is a method of learning in which a part
of pedagogy involves the usage of digital mediums for content creation and
customization. Moreover, a user can exercise an element of control on path, place,
and pace of the content delivery. This mode of learning incorporates both the
classroom way of teaching and digital modes, which not only makes the service
delivery more engaging but also effective.
Increased Application of VR and AR in E-learning

Ed-Tech startups with deployments of AR and VR would continue to attract investor’
interest since the market is still termed to be in the nascent growth stage with vast
untapped business opportunities. More than 100 startups and vendors are actively
engaged in developing AR and VR-driven ed-tech content, with these companies
collectively garnering investments to the tune of over $100 million as of 2018. It is set
to grow at least 20-fold during the forecast period, driven by the diversification of
conventional ed-tech players and corporate investment interests.

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INSIGHTS
MARKET ENABLERS
08
High Penetration of Internet & Internet-enabled Devices
The fundamental drivers for the e-learning market are the growing internet
penetration as well as the increasing mobile and smartphone penetration. This has not
only revolutionized the delivery mode of content but also evolved these methods by
continuously improving bandwidths and reducing data prices.
Global Workforce and Migration of Skilled Labor

The migration of skilled resources from developing to developed countries has been in
practice since several decades and is one of the major contributors to language
learning across the world. The US is the most preferred destination for international
migration, thereby making English as the most learnt language. The need for language
acclimatization and training tools for the talent in these business process outsourcing
activities is driving the demand for cost-effective e-learning solutions.
Digitization Initiatives in Learning & Training

Digitization initiatives have gained importance around the world both in the
government and private sectors. Schools and governments are undertaking ambitious
implementation plans pertaining to online tutoring, digital content delivery, and
conversion of existing learning content into the digital format. Primary and secondary
education curriculum in emerging countries are being re-designed to emphasize upon
both functional and soft skills in order to meet the global academic standards.
Perennial Private Investments in Digital Language Learning

Driven by strong fundamentals for the language learning market in terms of market
opportunity and growth, there has been a rise in both the number of vendors venturing
into language training and creation of learning platforms, thereby garnering investor
interests in these ventures.

GLOBAL
GLOBAL
ONLINE
E-LEARNING
LOTTERY
MARKET
MARKET
INSIGHTS
MARKET RESTRAINTS
09
Need for Continuous Product Innovations

While product innovation is termed to be good for the market to stay relevant and competitive
in the long run, a continuously evolving consumer mindset coupled with frequent overhauls of
technologies and interfaces will result in cost overheads in the short term, rendering several
platforms irrelevant. Further, vendors will be forced to optimize resources between scaling up
the business and investing on perennial product development.
Variability in Hardware and Software

As the conformity among electronic devices in terms of operating systems and hardware build
goes down, the challenge pertaining to maintenance and upgrading will be on the rise.
Whenever an upgrade has to be implemented, enough care has to be taken to ensure its
compatibility with not only existing established devices but also with the newly launched
models.
Limited Access to Closed Markets & Platforms

Gaining access to enterprises and educational institutions in markets other than the base
country poses cultural and market challenges for vendors. The mandate, therefore, requires
partnering with local firms in those markets to gain easy market entry and capitalize on the
captive customer base of partners. With an increase in the number of vendors and offerings in
the market, these local partners tend to align with those who can potentially offer them high
monetary benefits in a short time.
Inadequate Internet Bandwidth in Developing Countries

E-learning solutions in general and cloud-based solutions require high internet bandwidth.
Bandwidth in developing countries still pose a challenge for the seamless use of applications
hosted on the cloud. Further, optimization of applications to enable them to run on low-
bandwidth scenarios gives rise to further customizations, thereby increasing developmental
costs.
Lack of Viable Revenue & Monetization Models

With the growing gamut of applications, providers will need to differentiate themselves and
come up with innovative revenue models in this segment. One of the strategic routes could be
to develop networks and further expand this network to encompass learners, content
developers, tutors, and service providers in the platform. Initially, to build traction and attract
other service providers to the platform, companies will have to build this community of
learners so that suppliers are attracted to the platform. Subsidizing learning is the only way to
attract learners to the platform.

INTRODUCTION
GLOBAL E-LEARNING MARKET
7 INTRODUCTION
7.1 OVERVIEW
The continuous learning requirements for students and professionals, driven by

sweeping trends over the past two decades due to globalization, talent migration, and
consistent improvements in corporate competencies and individual talent grooming,
have increased the scope of the e-learning market. With rapid globalization, there has
been increased mobility of human capital in industries, including tourism, trade,
media, international relations, and science & technology. Thus, there is a need for
acquiring functional and vocational skills effectively over a short period and in a cost-
effective manner. While conventional learning and training methods cater to most
needs, they are ineffective in fulfilling the dynamic learners’ requirements, especially
in the rapidly expanding learner segment.
Exhibit 3 Global E-learning Market: Overview
Source: Arizton
The internet has turned out to be the most effective tool that enables successful
learning across various end-user segments in an engaging and cost-effective manner.

Since e-learning has posted several strides in the adoption of digital learning
platforms, the scope of the internet in education has expanded from content delivery
to interactive learning platforms, language training, functional skill development,
proficiency testing, and higher education pedagogy, video streaming of classes to
corporate training, talent management, and e-governance.
Three major learning modes and avenues that constitute e-learning are Learning
Management Systems (LMS), packaged content, and other modes, including highly
gamified applications or serious games. Packaged content dominated the market,
with a revenue share of 59% in 2018, followed by LMS. The emergence of software
applications such as LMSs provides users with a complete package of language
learning methods by documenting, administrating, tracking, reporting, and
delivering the content. Academic institutions widely use these systems to deliver their
distance education programs as well as support their students outside the classroom.
The corporate sector also established these systems as the mainstream platform to
deliver training services to employees. The traditional examples of LMS used by the
academic as well as the business world are Blackboard, Moodle, and CLIX.
However, the onset of Web 2.0 has altered the learning landscape from being driven
on LMS and packaged content to more interactive and engaging avenues. With the
improvement in the internet infrastructure, learners have started to gain access to a
variety of learning tools and services on the internet that are offered as open and free.
Repositories such as Wikipedia, YouTube, and Slide Share have sparked the rise of
open sourcing and sharing of content. The same has further evolved into serious and
curated platforms such as Yelp, StackOverflow, and Quora. While the previous
generation of online tools addressed concerns pertaining to the cost and reach of
learning content, Web 2.0 is driving the engagement and effectiveness factors.
Web 2.0 solutions emphasize the need and preference of users, providing them with
a wider choice of learning resources to choose from and customization as per their
requirements. Individuals, corporates, and federal bodies have been active
participants in the evolution of this modern learning system. For instance, the
European collaborative project ROLE, which involves internationally renowned
research institutions from several countries in the EU and China, seeks to enable self-
regulation of learning, and in the process, creates responsible learners who can not
only plan their learning process and search for the requisite resources, but can also

reflect on their learning process and progress independently. Given this task, ROLE´s
main objective is to support teachers in developing an open personal learning
environment for their students, where they can train each of the phases mentioned
and explore the transition within a variety of learning contexts and test environments.
One among these testbeds was provided by the Open University and concerned a
major change, where courses are prepared exclusively and delivered by educators for
informal learning, where the learner is in control of the whole learning process. The
transition implemented within the Open University testbed as a transition from the
LMS towards the personal learning environment.
Exhibit 4 Perceived Benefits and Limitations of E-learning in Higher Education
Source: Arizton

However, challenges do persist in the growth of the online learning market that
includes disparity in devices and internet infrastructure across the world. The
internet and smartphone penetration in some of the emerging economies such as
India and China, which account for most of the learner population, is still limited
compared to the standards in developed countries. This would only mean that the
majority of the population is still deprived of the benefits of online learning. Other
challenges also persist for vendors operating in the e-learning market, including the
rise of free and open-source and licensed learning platforms, the need for continuous
innovation, investments given competitive pressures, and lack of viable revenue
models for the emerging e-learning vendors.
Despite these challenges, the market is set to grow at a healthy CAGR of 8.56% during
the forecast period to reach over $238 billion by 2024. New growth frontiers for
vendors will likely be m-learning, deployment of augmented reality, and increased
adoption of cloud infrastructure for hosting applications to derive scalability.
Further, while federal investments in education worldwide are set to remain relatively
constant, private investments will witness impressive growth, with potential capital
inflows of more than $100 billion into the education sector during the forecast period.
The e-learning market is set to exceed revenues of $238 billion during the forecast
period.

MARKET DYNAMICS

8 MARKET DYNAMICS
8.1 MARKET GROWTH ENABLERS
8.1.1 High Penetration of Internet & Internet-enabled Devices
Exhibit 5 Impact of High Penetration of Internet & Internet-enabled Devices
GROWTH High Penetration of Internet &

KEY
ENABLER Internet-enabled Devices
The magnitude of the
competitive factor has
YOY Impact of Market Growth Enablers been categorized and
described below:
2018
2020
Very strong impact,
with radical influence
on the growth of the
2022 market
2024 Moderately high

impact on the market
Impact of Market Growth Enablers on Regions
North America
Medium-level impact
on the market
APAC
Low impact on the

Europe market
MEA
Negligible or no impact
on the
Latin America market landscape
Source: Arizton

The fundamental drivers for the e-learning market are the growing internet, mobile,
and smartphone penetration. This has not only revolutionized the delivery mode of
content but also evolved the method by continuously improving bandwidths and
reducing data prices.
The global population, estimated at 7.35 billion in 2016, is set to grow to 8.09 billion
by 2022, driven by increased life expectancy in developed countries and improved
fertility rates in developing economies. The developing countries are set to grow their
purchasing power parity and improve social infrastructure, including internet and
mobile connectivity. The global internet penetration is set to grow to 59.935% by
2022, presenting huge opportunities for the e-learning market.
Exhibit 6 Global Population and Internet Users Scenario 2019
8.14
Global Population Forecast (billion) 8.09 8.11
7.96
7.80
7.71
7.63
2018 2019 2020 2021 2022 2023 2024
Population % of Internet Users Penetration Growth Internet

Region
(billion) World (billion) (% of population) (2000 to 2019) Users (%)
Africa 1.32 17% 0.49 37.3% 10815% 11.2%
Asia 4.24 55% 2.20 51.8% 1822% 50.1%
Europe 0.83 11% 0.72 86.8% 584% 16.4%
Latin America 0.66 9% 0.44 67.5% 2360% 10.1%
Middle East 0.26 3% 0.17 67.2% 5183% 4.0%
North America 0.37 5% 0.33 89.4% 203% 7.5%
Oceania 0.04 1% 0.03 68.4% 276% 0.7%
WORLD 7.72 100% 4.38 56.8% 1114% 100%

Governments across the globe hold the key not only in developing the internet
infrastructure across countries but also in formulating the framework for e-learning
as the primary and secondary mode for mass education. Primary and secondary
education is predominantly funded and regulated by the state and constitutes a key
end-user segment in the e-learning market. On the connectivity front, 50% of the
global population that is over six years had mobile phones in 2014, and this number
is expected to surge to 90% by 2021. Smartphone subscriptions are set to grow to 6.1
billion, and mobile traffic is likely to constitute 68% of the total data traffic, driven by
the consumption of rich graphical and video content.
With an increasing internet and smartphone penetration, the demand for seamless
connectivity between electronic devices is also on the rise. Evolving cloud
infrastructure and low data prices driven by huge volumes are the major drivers in
strengthening connectivity as they eliminate several problems associated with cost,
scalability, security, and efficiency. As the number of connected devices is growing,
the solutions hosted on the connectivity-enhancing platforms also evolve both in
terms of number and capabilities. For instance, with the high penetration of
smartphone devices and the continuously evolving quality of connectivity network in
India, the volume of video content streamed has increased by a whopping 48% YoY
since 2012. This has given rise to a host of new business opportunities, varying from
streaming webinars that enhance the reach of quality educational content from
premier universities to facilitating the much-needed medical advice to some of the
remote areas across the globe. Capitalizing on the same, e-learning and training have
brought in some fundamental changes to conventional education systems by
implementing highly interactive tools and services at a low cost with clear advantages
in the realms of content access and delivery, proficiency testing, language training,
and collaborative learning.

8.1.2 Global Workforce & Migration of Skilled Labor
Exhibit 7 Impact of Global Workforce & Migration of Skilled Labor
GROWTH Global Workforce & Migration KEY

ENABLER of Skilled Labor The magnitude of the
described below:
2018
2020
Very strong impact,
2022 market

North America
Medium-level impact
on the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

The migration of skilled resources from developing to developed countries has been
in practice for several decades and is one of the major contributors to the language
learning market across the world. The US is the most preferred destination for
international migration, thereby making English the most learnt language. A majority
of students move to the US, Australia, the UK, and Canada for higher education; these
countries host some of the most prominent centers for academic innovation and offer
exciting professional opportunities. As a result of lack of ample cost-effective
technology-implementation skills in the US, Europe, and other developed nations
and the high labor cost in regional markets, many corporations tend to outsource
their work to markets with low labor costs to improve their bottom line and
strengthen their balance sheets. The demand for skilled labor in the US has been
growing at a CAGR of 4.4% since 2010, while in Europe, it has been tepid at 1.35%.
The demand for a specialized, skilled workforce has brought with it a need for
language translation, localization, and interpretation services. In this context, online
language learning platforms have garnered interest from organizations on account of
their agility compared to traditional language learning avenues.
Further, with organizations undertaking cost-cutting measures in several verticals,

especially in the automotive, mining, and IT services sectors, outsourcing their back-
office operations to developing countries such as India, the Philippines, and
Indonesia have become a trend. Our research indicates that 78% of the Fortune 500
organizations have outsourced a slice or an entire section of their back-office
operations to these countries over the past decade.
The need for language acclimatization and training tools for the talent in these
business process outsourcing (BPO) activities are driving the demand for cost-
effective e-learning solutions. BPO operations typically have a high manpower
attrition rate of 20–25% and balancing training effectiveness and profitability remain
a challenge for organizations. These organizations, therefore, do not require to invest
much of time and resource on recurrent resource training sessions driven by high
attrition rates. Therefore, they prefer cost-effective and agile solutions that can
accomplish continuous training. The implementation of interactive e-learning
modules offers high savings in terms of time and resources as they can take care of
the continuous dynamic and diverse needs of the learning audience.

8.1.3 Digitization Initiatives in Learning & Training
Exhibit 8 Impact of Digitization Initiatives in Learning & Training
GROWTH Digitization Initiatives in

KEY
ENABLER Learning & Training
The magnitude of the
described below:
2018
2020
Very strong impact,
2022 market

North America
Medium-level impact
on the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

Several digitization initiatives have gained importance around the world both in the
government and private sectors. Schools and governments are undertaking ambitious
implementation plans pertaining to online tutoring, digital content delivery, and
conversion of existing learning content into the digital format. Primary and secondary
education curriculum in emerging countries is being re-designed to emphasize on
both functional and soft skills in order to meet the global academic standards.
Exhibit 9 Key Factors Driving Federal Interest in Digitization
Globalization and increased migration of talent across countries driven by academic

and professional obligations. Thus, it is imperative to develop courseware that are
standardized and are accessible for vocational use for immigrant and emigrant
populations.
Dearth of adequate trainer faculties both in terms of quality and quantity. While
countries such as India, China, and Indonesia represent significant potential market in
terms of learners, there is a shortage of qualified and certified instructors, thus
warranting the need for platforms that can facilitate a broader reach of curriculum.
While MOOCs and LMS have played a vital role in enabling access to courseware,
video streaming and interactive applications fill in this gap by providing requisite
training experience.
E-learning is often viewed as a precursor to e-governance by several governments.

Implementation of digital governance and administration models in training federal
workforce, administering changes, and enacting skill development programs to enable
faster decision making, minimize corruption, information dispensation, and security.
Skill development is another area of focus for governments with long-term

implementation of continuous e-learning programs supplemented by instructor-led
models found to be effective. Ensuring workforce skill upgrading and better
productivity will help countries build medium to long-term business competitiveness.
Source: Arizton

Some remarkable initiatives in this regard over the past few years undertaken by the
governments to support digital learning are as follows:
• In July 2014, 25,000 tablets were distributed to teachers and students as part of the
Tablets in School program in Jamaica, West Indies
• A program was launched in Los Angeles, US, to equip 30,000 students with iPads in 47
schools in 2013
• Distribution of 10,000 Aakash tablets was carried out by the Indian government in
educational institutions in 2012
• Governments of Kenya, Uruguay, and Brazil, supported by UN bodies, are firm on

adopting digital learning, propelling them to ramp up their education budgets and grant
allotments
A survey, followed by an interaction with 200 corporates, revealed that skill

development, talent retention, and cost optimization are among the major reasons
for the implementation of e-learning modules in their companies.
Exhibit 10 Perceived Benefits of E-Learning (normalized results)
Federal Agencies & Private Industry

Key Governmental Bodies Participants
Mitigate dearth of Wider access and

40% 14%
quality instructors standardization
Improved
22% Cost optimization 37%
employability
Improved labor
18% Talent retention 11%
productivity
E-governance
6% Skill development 26%
facilitations
Others 14% Others 12%
Source: Arizton

8.1.4 Perennial Private Investments in Digital Language Learning
Exhibit 11 Impact of Perennial Private Investments in Digital Language Learning
GROWTH Perennial Private Investments KEY

ENABLER in Digital Language Learning The magnitude of the
described below:
2018
2020
Very strong impact,
2022 market

North America
Medium-level impact
on the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

Driven by strong fundamentals for language learning in terms of market

opportunities and growth, there has been a rise in both the number of vendors
venturing into language training and creation of learning platforms. These ventures
are also attracting investor interest. Of an estimated 1,920 start-ups focused on
language learning in the world, more than 350 start-ups with a reasonable global
presence or scalable solutions have been funded privately through angel investors,
established venture capitalists, or private equity firms. These companies have the
potential to disrupt the market with their innovative learning delivery solutions,
tools, and content. They are breaking the market entry barriers through innovative
business models based on the Cloud first and Mobile First delivery models.
Table 3 Recent Investments of Major Companies in Language Learning Market
Company Investor Amount ($ million)
Bussu McGraw Hill Education 6.5
Babbel Scottish Equity Partners & Others 22
CultureAlley Tiger Global Management 6.5
Duolingo Google Capital 45
VivaLing Singaporean Investors 0.37
Lingua.ly 1776 Ventures & Others 1
Englishleap.com ANALEC -
OkPanda Resolute Ventures 1.6
WeSpeke - 3
Imagine Learning Weld North Holdings -
HuJiang.com Baidu 100
Source: Arizton
Since January 2015, investments to the tune of $815 million have been channeled into
the language learning market. Aggregate maiden investments of close to $1.5 billion
were invested in the language learning market alone during the period 2010–2016.
The e-learning market witnessed investments of at least three times the same.

Table 4 Prominent Ed-tech Investors and their Investments
Ed-tech Investors Key Portfolios
Accel Collegefeed (Acquired); Educreations; eduK; Edupristine; Fidelis; FreshGrade;

Grovo; Knewton; Lynda.com (Acquired); Osmo; ResearchGate; Vedantu; Wyzant
500 Startups Apptuto; Chalkable (Acquired); Cheddar Up; Chromatik; Codementor; Colingo;
CultureAlley; Descomplica; eSpark; Experiment; Floqq; Internmatch; Kiwi Crate;
Mindsnacks; Mom Trusted; Monkimun; Mystery Science; Okpanda; OneSchool
(Closed); OnlineTyari; Platzi; Springboard; Stickery; Storypanda; Studypool;
Taamkru; Timbuktu; Tinkergarten; Tynker; Udemy; Veduca; YongoPal (Closed)
ImagineK12 AdmitSee; Blendspace (Acquired); Bloomboard; ClassDojo; Classkick; CodeHS;

DigitWhiz; Edsurge; Education Elements; Educents; Educreations; Eduvant; Front
Row; Goalbook; Hapara; Kaizena; Learnsprout (Acquired); NoRedInk; Nunook
Interactive; Panorama Education; Raise.me; Remind; SchoolMint; Securly; Showbie;
Socrative (Acquired); Studyroom; Teachboost
Learn Capital Acceptly (Closed); AltSchool; Andela; Bloc; Bloomboard; Brainly; Bridge
International Academies; BrightBytes; Chromatik; ClassDojo; CodeHS;
CourseHorse; Coursera; Desmos; Edmodo; Edsurge; Educents; eSpark; Experiment;
Learnzillion; MasteryConnect; Mystery Science; NoRedInk; NovoEd; OneSchool
(Closed); popexpert; Rockit Online; Savvy; ShowMe; Udemy; Verbling; VersaMe;
WriteLab
Rethink Education 2U (IPO); Ace Learning Company; Allovue; Bridge International Academies;
BrightBytes; Civitas Learning; Degreed; Education Elements; Ellevation; Engrade
(Acquired); Everfi; General Assembly; Hapara; Neverware; Noodle Education;
NoRedInk; Pathbrite (Acquired); Smarterer (Acquired); Straighterline; Vox
Source: Arizton
Investors in the e-learning market in general and the language learning market, in
particular, can be categorized into the following three types:
• Major retailers and service platforms such as Alibaba and Tencent, which are looking to
diversify their portfolios with high-potential, technology-enabled start-ups with great
market opportunities
• Professional venture capital funds looking to create the next unicorns in the tech-enabled
learning space. The most active funds include Google Capital, Learn Capital, 500 Start-
ups, GSV Capital, First Round, and NewSchools Venture Fund

• Conventional education players such as Pearson, McGraw Hill Education, and Apollo that
have significant business stakes in the offline vertical. They view these small emerging
online learning businesses as the next growth bet with investments in focused e-learning
vendors intended to diversify their portfolio and mitigate business risks

8.2 MARKET GROWTH RESTRAINTS
8.2.1 Need for Continuous Product Innovation
Exhibit 12 Impact of Need for Continuous Product Innovation
Need for Continuous Product KEY

RESTRAINT
Innovation The magnitude of the
YOY Impact of Market Growth Restraints been categorized and
described below:
2018
2020
Very strong impact, with
radical influence on the
growth of the market
2022
2024 Moderately high impact

on the market
Impact of Market Growth Restraints on Regions
North America
Medium-level impact on
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

With the e-learning market gaining momentum, there is a need for continuous
innovation in learning products for vendors not only to differentiate their products
but also to drive the adoption and reach of products to a wider section of end-users.
Artificial intelligence (AI) and cognitive learning technologies have started to play a
decisive role and are poised to be game changers in several learning avenues.
Learning providers, in order to stay relevant and updated, are forced to adopt these
emerging technologies to extend the lifecycle of their existing products and to make
the best out of customer lifetime values. UX is another area of focus for several
learning providers, including for those language training providers who are
continuously investing to improve the same to match the evolving needs of end-users.
Exhibit 13 Key Innovation Areas in E-Learning Products
Gamification of existing applications to improve the engagement rate.

Conventional testing and evaluation services are rapidly adopting gamification
to make the user’s journey more rewarding and engaging
Several e-learning providers are evolving to match the requirements of

specially abled people, including the deaf and blind. This not only
enables product differentiation but also provides the much-needed
bargaining power in pricing
Intelligent content creation is another area of focus, wherein vendors are

investing in intelligent bots that work with minimal human effort and
can scan through volumes of content and generate newer versions
AI and ML have started to gain prominence in the global e-learning market as

they create interesting opportunities in cross-selling, help in focused targeting of
content, and improve customization of content according to the user’s needs
with minimal or zero intervention of the instructor or moderator
Source: Arizton

This process of product development and UI/UX upgrading is perennial and often
entails the requirement of significant resources. As the digital learning market
enthuses more and more vendors on account of the growth potential it holds, learning
platform providers must get ready to match the ever-dynamic requirement of end-
users and organizations. Vendors must constantly explore the adoption of captivating
and engaging learning modes, including those related to gamification. The only norm
in this market is “to perish if you don’t perform.” The product development is one of
the major expenditure heads for cloud-based language learning providers,
constituting as much as 40–45% of their total expenses.
Exhibit 14 Ranking of Expenditure Heads Cited for Product Innovation (130 vendors)
Ranking* Major Vendors (Revenues > $50 Other Prominent Vendors (Revenues <= $50
million) million)
AI and ML 2 4
UI/UX 5 5
Content creation 3 3
Gamification 4 2
Multi-segment 6 6
targeting
Mobile learning 1 1
*Better the rank for the head, higher is the budgeted expenditure
Source: Arizton
While product innovation is termed to be good for the market to stay relevant and
competitive in the long run, a continuously evolving consumer mindset coupled with
frequent overhauls of technologies and interfaces will result in cost overheads in the
short term, rendering several platforms irrelevant. Further, vendors will be forced to
optimize resources between scaling up the business and investing in perennial
product development.

8.2.2 Variability in Hardware and Software
Exhibit 15 Impact of Variability in Hardware and Software
Variability in Hardware and KEY

RESTRAINT
Software The magnitude of the
described below:
2018
2020
2022

on the market
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

In today’s competitive world, electronic devices come in various forms with varying
screen sizes and software and hardware configuration. Device-hosted and cloud-
hosted applications that are designed to provide a seamless experience to users across
all devices face a challenge when it comes to maintenance and upgrades. As the
conformity among electronic devices in terms of operating systems and hardware
build reduces, the challenge pertaining to maintenance and upgrading will be on the
rise. Whenever an upgrade has to be implemented, enough care has to be taken to
ensure its compatibility with not only existing established devices but also with the
newly launched models. While the version and variability in OS is one such issue in
mobile phones and personal computers, the rapid evolution in scripting languages is
another major challenge. All these results in a steep rise in maintenance and
development costs for applications, with companies constantly planning to match
these changes without hampering the user experience. The same also poses a
challenge to vendors in terms of human talent that needs to be continuously trained
with these modern skills and developments.
Exhibit 16 Variability in Software in Hardware
7 out of 10 world’s leading mobile manufacturers have indicated their

interest in developing their own operating systems
Microprocessor manufacturers such as Intel, Samsung, AMD, and

Qualcomm have reported on an average 14-fold increase in their
product breadth over the past decade
Demand for skillsets pertaining to Mobile-first and front-end

frameworks such as bootstrap design sky-rocketed since their launch
in 2011
An upgrade patch for an application is reported every 8 minutes, and

one of the new applications hits the market every 2 minutes across
the world
Source: Arizton

Further, as microprocessors are getting smaller and better with costs diving down by
factors of 10, electronic devices are becoming obsolete faster. For instance, the
ownership period of an average electronic gadget (with a price point of less than $150)
in the US has reduced from 3.5 years in 2010 to 1.5 years by 2016, while the same in
China dropped from 4 to 2 years. Application developers, therefore, face the problem
of matching the performance requirements of a broad segment of hardware users.
Further, building a robust scalable and secure software architecture to match this
dynamic development environment remains another major challenge.

8.2.3 Limited Access to Closed Markets & Platforms
Exhibit 17 Impact of Limited Access to Closed Markets and Platforms
Limited Access to Closed KEY

RESTRAINT
Markets and Platforms The magnitude of the
described below:
2018
2020
2022

on the market
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

Gaining access to enterprises and educational institutions in markets other than the
base country poses cultural and market challenges to vendors. The mandate,
therefore, requires partnering with local firms in those markets to gain an easy entry
into the market and capitalize on the captive customer base of partners. With an
increase in the number of vendors and offerings in the market, these local partners
tend to align with those who can potentially offer them high monetary benefits in the
short term. This often leads to bias and can potentially influence the market evolution
in terms of product selection, deployment, and maturity. For instance, mobile phone
manufacturers tie-up with application providers to offer pre-installed software and
applications in factory-ready products before they hit the market. The selection of this
application is often determined by the strategic monetary arrangement rather than
the prominence of the application. This often leads to a limited reach of several
applications in those markets where the developer is unable to gain access. A similar
trend is being observed in the e-learning market, wherein several learning devices,
especially those that are meant for mass distribution by government and large private
institutions, come pre-hosted with tools and packages of partnered vendors whose
products do not make a right fit to the learner’s requirements.
Another major challenge for e-learning providers is the declining bargaining power
of players with an increase in the number of application choices in the market. The
same is predominant in the case of B2B sales. The solution to this is building a strong
brand and executing a well-planned B2B marketing campaign in local markets.
Companies need to engage with market research firms to evaluate their product and
ensure citations of their product in the analyst’s community whose opinions and
views are widely referred to by B2B buyers while making a purchase decision.
On the other hand, the B2C market is commoditized by the rise of freemium offerings
and a wide range of subscription services that disintegrate the stickiness of a user.
The rise in the number of similar offerings is leading to the high fragmentation of the
market, often making business propositions unviable for those with robust product
offerings.

8.2.4 Inadequate Internet Bandwidth in Developing Countries
Exhibit 18 Impact of Inadequate Internet Bandwidth in Developing Countries
Inadequate Internet Bandwidth KEY

RESTRAINT
in Developing Countries The magnitude of the
described below:
2018
2020
2022

on the market
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

E-learning solutions in general and cloud-based solutions require high internet

bandwidth. The internet bandwidth in developing countries still poses a challenge for
the seamless use of applications hosted on the cloud. Further, the optimization of
applications to run on low-bandwidth scenarios gives rise to further customization
and thereby increased developmental costs.
Table 5 Internet Quality Statistics of Select Countries
Country Average Connection Speed % Above 4Mbps % Above 10Mbps % Above 15Mbps
(Mbps)
Argentina 6.1 56% 16% 5.4%
Bolivia 2.6 10% 1% 0.4%
Brazil 6.4 59% 16% 5.0%
Canada 14.9 88% 56% 34.0%
Chile 8.6 74% 27% 13.0%
Colombia 5.4 58% 7% 2.2%
Costa Rica 3.9 33% 3% 0.9%
Ecuador 6.3 63% 13% 4.7%
Mexico 7.2 75% 17% 5.3%
US 17.2 88% 63% 42.0%
Australia 10.1 76% 30% 16.0%
China 6.3 73% 11% 2.2%
Hong Kong 21.9 93% 70% 52.0%
India 5.6 38% 14% 7.3%
Indonesia 6.7 71% 14% 4.3%
Japan 19.6 92% 72% 51.0%
Malaysia 8.2 69% 27% 11.0%
New Zealand 12.9 90% 45% 25.0%
Philippines 4.5 31% 8% 3.6%

Singapore 20.2 95% 73% 52.0%
Austria 13.9 91% 45% 25.0%
Bulgaria 15.6 96% 65% 39.0%
Czech 17.3 86% 54% 36.0%

Republic
Finland 20.6 93% 65% 44.0%
France 10 70% 28% 16.0%
Germany 14.6 89% 50% 30.0%
Hungary 14.3 92% 54% 32.0%
Italy 8.7 78% 23% 10.0%
Netherlands 17.6 96% 71% 46.0%
UK 16.3 91% 57% 39.0%
Egypt 2.2 9% 0% 0.1%
Israel 14.4 95% 58% 30.0%
Nigeria 4.1 41% 3% 0.9%
Qatar 11.9 85% 48% 24.0%
South Africa 6.6 51% 11% 6.2%
UAE 10.7 94% 41% 16.0%
Source: Arizton
While developed markets such as the US, the UK, and the EU account for the majority
demand for online learning solutions, developing countries are the major growth
markets on account of their rapidly evolving internet and mobile infrastructure.
Despite the rise in mobile and internet penetration in these countries, bandwidth and
streaming quality is a major concern, often limiting access to sophisticated and
advanced learning and training applications. With blended learning gaining
foreground and video becoming an integral part of training-learning curriculum
enabling effective collaboration between users, the role of internet bandwidth
becomes even more prominent. The adoption of e-learning products in a majority of
emerging economies is largely affected by insufficient bandwidth, hindering the

delivery of audio and video content. This often propels drawing a parity with
conventional learning methods or hybrid learning models and limits the adoption on
a larger scale.

8.2.5 Lack of Viable Revenue & Monetization Models
Exhibit 19 Impact of Lack of Viable Revenue & Monetization Models
Lack of Viable Revenue & KEY

RESTRAINT
Monetization Models The magnitude of the
described below:
2018
2020
2022

on the market
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

There has been a growing investor interest in the e-learning market driven by the
market opportunity and derivable IRRs (usually in the range of 25–30%). Driven by
an influx of investments, most of the new-age learning solutions are being provided
free to end-users by vendors for an extended period of time, posing challenges to
other the survival of other language training incumbents in the market. The revenue
and monetization models of these new-generation companies are not clear and
questionable, with most of them investing millions of dollars on product development
and marketing with little coherence with revenue and profit visibility. Several existing
e-learning and training platforms are either adopting a freemium model or targeted
revenue monetization. In the freemium model, a set of basic features are offered for
free, and the user is driven to pay for advanced functionalities. In the targeted revenue
monetization model, a set of end-users pay for the services while a majority of end-
users enjoy the content for free. Although these revenue models do outpace the
traditional training model when it comes to user acquisition and easy content
creation, they are often questioned for their viability in the long-term.
An analysis of existing e-learning providers reveals that less than 14% of the vendors
incorporated post-2010 are focused on e-learning profits, while the ratio is 67% for
vendors with diversified portfolios with more than 10+ years of experience in the
market. Further, of the 130 participants polled, 74% indicated their inability to post
a profit for the coming two years. A whopping 52% of the participants attributed to
lack of solid revenue models and 21% to competitive pressure for not registering
decent bottom-line.
The growing gamut of applications will thus need to differentiate themselves and
come up with innovative revenue models in this segment. One of the strategic routes
could be to develop networks and further expand this network to encompass learners,
content developers, tutors, and service providers in the platform. Initially, to build
traction and attract other service providers to the platform, companies will have to
build this community of learners so that the suppliers are attracted to the platform.
Subsidized learning is the only way to attract learners to the platform. Once this
network is built, companies can strategically charge either side of the network or both.
Based on the value offered and the adoption rate, companies will have to optimize
their revenue models to effectively capitalize on the marginal utility of different
stakeholders involved rather than adopting blanket discounting. AI and VR are

termed to offer immense differentiation and revenue optimization opportunities with

the scope of usage extending to the following:
• Minimizing human intervention in customer service and content customization
• Increasing content collection, reviewing, and optimizing
• Taking the user engagement to the next level, thereby propelling their offerings from the
commoditized competition
• Better mapping of the user’s inclinations and behavior, thus leverage cross-selling
collaborations or resort to vertical integration

8.3 MARKET OPPORTUNITIES & TRENDS
8.3.1 Increase in Going Mobile & Going Social Trend
Exhibit 20 Impact of Increase in Going Mobile & Going Social Trend
Increase in Going Mobile & KEY

TRENDS
Going Social Trend The magnitude of the
YOY Impact of Market Trends been categorized and
described below:
2018
2020
2022

on the market
Impact of Market Trends on Regions
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

Mobile phones are often cited as the new gateway for the growth of language learning
products. Smartphones, coupled with mobile-internet, enabled segment-wise
streaming, enable the consumption of content as per the dynamic requirements of
users. Mobiles applications pose a serious challenge to web platforms on account of
their inherent flexibility when it comes to content creation and consumption. E-
learning content creators are now able to add bite-sized lessons and deploy learning
modules in sprints easily in order to match the user’s daily routine. Mobiles are likely
the major learning medium for professionals as they not only overcome the limitation
of time and place but also facilitate better collaboration than static web platforms.
Exhibit 21 Rising Adoption of Digital Devices and Content
Mobile data traffic grew 3.5 t imes from 2010 t o 2015 and is expected to grow by 8
t imes from 2015 t o 2020
32% of the social media users tend to access content through smartphones
The number of smartphone users in the world is expected to grow from 1.7 billion in
2015 to more than 3 billion by 2021. One in every two users is expected to have a
smartphone by 2021
Source: Arizton
E-learning is emerging from being a monotonous affair to a more collaborative and

peer-to-peer affair. Continuous news feeds, peer-to-peer challenges, flashcards, and
content collaboration have made cheerful and meaningful involvement. These types
of collaborative features are better able to be replicated on mobile platforms on
account of the ease of connectivity. Further, social media channels are increasingly
being leveraged to enable this collaboration. Duolingo, Lingua.ly, and Voxy are some
of the players who have successfully enabled collaboration on mobile phones to
provide a better learning experience. While smartphones are expected to play a

deciding role in enabling the success of these applications, audio, and text-based
applications is likely to play an important role in developing economies.
The growth of social media also spurred the emergence of new education paradigms
to promote hybrid and online learning. In emerging countries, traditional higher
education institutions are facilitating important discussions to determine ways to
incorporate online and informal learning to derive better engagement and student
reach. These engagement levels and flexibility are expected to be decentralized in the
coming years. The continuing acceptance and adoption of cloud-based applications
and services is changing not only the means of configuration and software usage and
file storage but also how we conceptualize those functions. It does not matter where
the work is stored; what matters is that the information is accessible from anywhere.
There has been a growing preference for browser-based software that is device
independent. While some challenges still remain, specifically with notions of privacy
and sovereignty, the promise of significant cost savings is a driver for new solutions.
Online collaborative environments and platforms that are deployed on the cloud with
modules facilitating networking are increasingly being preferred, driven by their
scalability and ability to accommodate collaboration among groups, irrespective of
the location of users.

8.3.2 Blended Learning to Emerge as Norm in Education Technology
Exhibit 22 Impact of Blended Learning to Emerge as Norm in Education Technology
Blended Learning to Emerge as KEY

TRENDS
Norm in Education Technology The magnitude of the
described below:
2018
2020
2022

on the market
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

Blended learning or a mixed mode of learning is a method in which a part of pedagogy

involves the usage of digital mediums for content creation and customization; users
can exercise an element of control on the path, place, and pace of the content delivery.
This mode of learning incorporates both the classroom way of teaching and digital
mode, which not only makes the service delivery engaging but also effective. Blended
learning is soon turning out to be a proven method of effective content reception since
it enthuses users and at the same time, derives the best of each teaching method. By
using a combination of digital instruction media and face-to-face classroom methods,
this mode of teaching enables instructors to better customize the content as per the
requirements of individual users. The language training market is the largest adopter
of the blended learning concept since it enables instructors to tailor the pace of the
content delivery according to the user’s capabilities and limitations of time.
Exhibit 23 Prominent Blended Learning Models
Source: Arizton
The reasons for the rising popularity of blended learning are as follows:
• Internet and device infrastructure in several countries does not yet support full-fledged
content-rich and video-laden learning. It is, therefore, necessary for models that can
accommodate the right blend of online and offline learning to offer a seamless experience

• E-learning cannot be termed comprehensive without the right content and instruction
mode. With a dearth for qualified instructors in most of the countries, it is necessary for
professionals to create comprehensive content followed by interactive training to improve
their effectiveness. There was a shortage of more than eight million qualified instructors
in the primary and secondary education segment in 2016. Webcasting and recorded video
learnings can be effective in supplementing the learning needs primarily catered through
content alone
• Personalization of the learning needs of students is another major area of emphasis in

most of the countries and the same can be better accomplished by self-blended learning.
Independence should be offered to the learner to choose the content as with the molding
of the same through tools and applications
Table 6 Ratings for Prominent Trends Characterizing E-learning Market
Number of Participants Who Ranked Number of Participants Who Ranked it

it as First as Second
Personalization 34 35
Big Data 12 22
Augmented Reality 18 18
Artificial Intelligence 22 16
Blended Learning 40 24
m-learning 44 40
Gamification 31 44
Going Cloud 8 2
Bot-driven Content 2 0
Creation
Others 39 49
Total 250 250

An interaction with more than 250 e-learning vendors revealed blended learning and personalization are the sweeping
trends, which are set to fundamentally change the structure of the E-Learning market. Participants were asked to pick two
most prominent trends – first and second most prominent among a large list of trends shaping the industry.
Source: Arizton

8.3.3 Increased Applications of VR & AR in E-learning
Exhibit 24 Impact of Increased Applications of VR & AR in E-learning
Increased Applications of VR KEY

TRENDS
and AR in E-learning The magnitude of the
described below:
2018
2020
2022

on the market
North America
the market
APAC
Low impact on the

Europe market
MEA
on the
Source: Arizton

Augmented reality (AR) refers to the display of a live direct or indirect view of a
physical, real-world environment, which is supplemented by computer-generated
sensory inputs such as video, graphics, and sound or GPS guidance. While AR adds
or molds the reality, Virtual Reality (VR) transposes a real environment located
elsewhere to the through closed visors or goggles. A classic example often quoted to
illustrate both of these concepts better is “With virtual reality, you can swim with
sharks, while with augmented reality, you can watch a shark pop out of your business
card.” VR and AR were once considered a fad for use in various end-users are being
taken seriously driven by innovations enabling better experience and growing pilots
for their applications. Technology and VC majors, including Alibaba, Warner Bros,
Google, Qualcomm, Fidelity, J.P. Morgan, Morgan Stanley, CIC, Intel, Amazon,
Fidelity, NetEase, and Softbank collectively have committed billions of dollars in
investment into the technology. For instance, the consolidated investments into AR
and VR exceeded $2.44 billion in 2016 alone, with AR head-mounted displays and
services garnering 40% of the investments, followed by services/solutions, video
generation, and VR head mounts. Peripherals and games accounted for as much as
the remaining 48% of the investments.
Like medicine, gaming, and movies, e-learning has found its applications in these
technologies. Some of the emerging e-learning applications for VR and AR are as
follows:
• Simulating operating environments and imparting functional training, especially

pertaining to blue collar jobs, including maintenance, repair, service, and replacement of
various vital components and spares
• Making learning more engaging for primary education users by traversing their
imagination through mounted displays
• Imparting practical training, especially at the university level, pertaining to operative

medicine, training on performing surgeries, and sharing case studies
• AR can be deployed to replicate collaborative learning between peers by simulating a

classroom with all peers attending, thus shedding out the disparity with conventional
offline modes of learning
• Language learning is a major avenue, wherein interactive learning and teaching can be
accomplished by AR head mounts and videos
Ed-Tech start-ups with the deployment of AR and VR are set to continue gathering
investors’ interest since the market is still termed to be in the nascent growth stage

with vast untapped business opportunities. More than 100 start-ups and vendors are
actively engaged in developing AR and VR driven ed-tech content; these companies
collectively garnered investments of $84 million in 2016. It is set to grow at least 20
times over the forecast period driven by diversification of conventional ed-tech
players and corporate investment interests.

9 GLOBAL E-LEARNING MARKET
9.1 MARKET SIZE & FORECAST
Traditionally, organizations face the perennial problem of optimizing workforce

productivity and ensuring individuals’ skill enhancements. While they try to solve this
problem, they began offering solutions that could enable the achievement of quality
results in a short span of time. Technology proved to be indispensable in achieving
these goals, thereby paving the way for the emergence of e-learning. Technology-
enabled learning, therefore, is a key component of organizations’ human resource
strategy, with continuous and effective learning at the optimal cost given due
emphasis. The e-learning market, including those of LMS, has shown tremendous
growth over the past five years, expanding at a CAGR of over 7.5% YoY during
2013−2017. While the growth curve is uniform in terms of a number of users, the
same is not the case in terms of revenues; the average cost of content creation and
delivery with the same is undergoing a consistent decline. The advent of cloud
infrastructure, peer-to-peer problem solving, open content creation, and rapid
expansion of target audience have enabled e-learning providers to rein in economies
of choice and offer course content at more competitive prices than the traditional
channels.
Exhibit 25 Global E-learning Market 2018−2024 ($ billion)
300 10.0%
9.0%
250
8.0%
7.0%
200
CAGR 6.0%
8.56% 150 5.0%
4.0%
100
3.0%
2.0%
50
1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 145.57 156.68 169.14 183.38 199.49 217.84 238.23
Growth Rate 7.63% 7.95% 8.42% 8.78% 9.20% 9.36%

The global e-learning market was valued at $145.57 billion in 2018 and is expected
to reach $238.23 billion in 2024, growing at a CAGR of 8.56%.
With the smartphone unit shipments expected to grow at a CAGR of 42% and mobile
computing devices by over 18% during the period 2018–2024, the market for e-
learning products is only expected to grow worldwide. The rapid growth in internet
connectivity in emerging economies, driven by the rising federal budgets, is likely to
have a positive impact on market growth. While the growth prospects of the e-
learning market remain strong, the rise of even efficient sub-segments is altering the
learning and training landscape gradually. Cloud-based learning, AR and VR, and
mobile-based learning applications are emerging as the largest winners in the
landscape on account of the leverage they hold over the traditional technology models
in terms of engagement levels, agility, cost, and scalability.
Exhibit 26 Global E-learning Market Geographical Overview
14%
North America
MEA APAC
12% 9.65%
11.98% 9.55%
10%
8%
CAGR %
Latin America
6%
5.05%
Europe
4%
4.04%
2%
0%
0 10 20 30 40 50 60 70 80
Market Size 2018 ($ billion) #Bubble Size = Market Size 2024
($ billion)
Source: Arizton
On the demand side, the growth of the global e-learning market is primarily driven
by the rising requirement for technology-enabled tools that can facilitate better user

engagement, motivation, and collaboration. Blended learning, which incorporates

both off-line and online pedagogy, has become the norm and thus evolved the need
for solutions that can enhance the efficiency of instruction at minimal costs. The same
is also driven by a growing interest of corporates in online learning solutions as they
can enable efficient channelization of IT resources and expenditure to bring-in
measurable improvements in workforce efficiency. For instance, IT organizations
have reported a 40% drop in their functional and language training costs for
manpower to be deployed for cross-border assignments as they adopted cloud-based
learning solutions. These solutions enable the resources to learn language on-the-go
at their convenience.
Exhibit 27 Global E-learning Market: Incremental Growth by Geography
$238 Bn
KEY GEOGRAPHIES
(INCREMENTAL GROWTH)
$93 Bn
North America $48 Bn
$146 Bn APAC $33 Bn
Europe $07 Bn
Latin America $02 Bn
MEA $02 Bn
2018 2024
Source: Arizton
Further, the business process outsourcing of several activities to developing countries

such as India, the Philippines, Indonesia, China, and Thailand is growing due to the
availability of cost-effective language training solutions that cater to the requirements
of organizations and their customers based in the US and Europe. While the above
constitutes one side of the story, the market growth is fueled on the supply side by a
continuous drop in computing power prices, the rise of open sourced and content
creation platforms, personalized learning, and increased deployment of blended
learning models.

9.2 FIVE FORCES ANALYSIS
9.2.1 Threat of New Entrants
Content creation with user reach and engagement stand vital for the success of any e-
learning platform or product. While content creation entails relatively low investment
in view of co-creation with users, the primary challenge is to reach and acquire the
targeted user with minimal acquisition costs. While a few players are reliant on
machine learning and artificial intelligence to achieve better user engagement, most
of the players simply adopt the SaaS model for delivery of content and learning
services. The proliferation of cloud-hosting platforms has only made the entry of
players through this mode easier and cheaper with much higher reliability. With few
entry barriers and low investment costs entailed in the creation and hosting of an e-
learning platform, there is a high threat of new entrants.
9.2.2 Bargaining Power of Suppliers
Professional content developers, subject matter experts, and instructors remain key
in the creation of online courseware. They play a vital role in the determination in the
quality of content and subsequently, the degree of engagement. Content creation
constitutes 40–45% of the cost of courseware with the same being higher for testing
material. Vendors, to mitigate excessive reliance on content developers, are pursuing
the co-creation and crowdsourcing methods to easily aggregate the content and
optimize costs.
Other major stakeholders involved in the creation of online courseware are hosting
providers and cloud platforms that have become easily accessible with the advent of
the cloud revolution.
9.2.3 Bargaining Power of Buyers
Buyers of online courseware include corporates, federal bodies, schools, colleges, and
vocational users. Corporates and government usually enjoy high bargaining power in
lieu of their large-scale of purchase or subscriptions; schools and educational
institutions are usually subscribers to platforms that can enable them to easily
formulate the courseware online for better use of their students. All these institutional
buyers usually enjoy significant bargaining power and exercise them either by seeking

a high degree of customization or through negotiating for better prices. On the other
hand, individual buyers, who are likely to subscribe to the content for their vocational
or learning purposes, enjoy little bargaining power wherein they often have to settle
for the listed prices.
9.2.4 Threat of Substitutes
Offline courses, especially those in a classroom, involve a fully engaged instructor and
are strong substitutes to e-learning. These offline learning modes usually are better
poised to cater to the individual requirements of the learners in terms of interactivity
and specific learning needs; however, these courses cannot be taken as per the
requirement of the learner. Classroom learning, thus, is taking the route of video
conferencing and archiving to create enough reference ware for learners to follow at
their pace. In addition, offline instructor-led learning is often termed to be cheaper,
faster, and easier to deliver in several corporate and educational end-users. However,
this disparity with offline learning is soon fading away with highly customized courses
and the advent of gamification, which is reining better learner engagement.
9.2.5 Competitive Rivalry
The competitive rivalry among e-learning vendors can be termed to be high. The basis
of competition between vendors often lies in the comprehensiveness and quality of
the content, price, and the ease of access and interactivity of the platform. LMS
offerings with similar features often must settle down with price-based competition,
while that of packaged content usually are better placed to demand utility-based
pricing. Further, the switching barriers are also significantly low as there is a high
prevalence of subscription-based pricing; individuals and vocational learners usually
subscribe to freemium offerings followed by short-term subscriptions to better
evaluate the suitability of the courseware. The same is also the case for corporate
training online, wherein a high degree of customization is sought. Vendors, however,
are vying to break away from this price-based competition through gamification and
highly interactive delivery modes driven by VR and AR.

Exhibit 28 Five Forces Analysis 2018
Bargaining Power Bargaining

of Suppliers Power of Buyers
(Low) (High)
THREAT
OF
RIVALRY
(HIGH)
Threat of Threat of New

Substitutes Entrants
(Moderate) (Moderate)
Source: Arizton

10 BY DELIVERY MODE
10.1 MARKET SNAPSHOT & GROWTH ENGINE
Exhibit 29 Incremental Growth by Deliver Mode 2018−2024
MODE 2018 2024 CAGR
Packaged Content $85.95 Bn $116.14 Bn 5.14%
LMS $35.53 Bn $79.67 Bn 14.41%
Others $24.10 Bn $42.43 Bn 9.89%
Source: Arizton
INCREMENTAL GROWTH INCREMENTAL GROWTH

TOP CONTRIBUTORS
$238 Bn
Others $18 Bn
$146 Bn
64% Packaged
Content
$30 Bn
ABSOLUTE
GROWTH
2018 2024 $44 Bn
LMS

10.2 MARKET OVERVIEW
E-learning encompasses a wide variety of courseware and content delivery services

for various end-user applications. The most prominent ones are packaged content,
LMS, and other emerging learning avenues, including serious games and gamified
mobile applications. Content sourcing, aggregation, and mode of interaction among
end-users are the factors that determine the effectiveness of each e-learning delivery
model.
Packaged content that encompasses ready-to-share e-books, videos, and simulations

has been in existence since the conception of online learning platforms. Packaged
content dominated the market with a share of 59% in terms of revenues in 2018,
followed by LMS systems, which enables easy collaboration of content, testing
material, and information exchange among peer groups both in the academic and
corporate world.
Exhibit 30 Global Market by Delivery Mode: Overview
The packaged content segment leads the market

Packaged with a share of 59% and is expected to grow by a
Content CAGR of 5.14%
eLearning The LMS segment accounted for a 24%

share and is the fastest growing
Delivery LMS segment with a CAGR of 14.41%
Mode
Among the other delivery modes of e-learning,

Others North America and APAC led the market with a
share of 43% and 30%, respectively, in 2018
Source: Arizton
Some of the drivers that are propelling the implementation of gamification in e-

learning are as follows:

• Federal budgets are now focused on solutions that not only improve the enrolment rate
but also the retention rate. The drop-out rate of high school across schools is reported to
be almost 25% as governments are increasingly trying to minimize the same by improving
the student engagement rate
• Private institutional interest towards gamification is on the rise as it tries to improve the
competitive edge of its pedagogy over the conventional methods
• Globally, the total cost of disengaged manpower and inadequate training is estimated at
5% and 6% of the top line, respectively, especially in large service-based companies.
Gamified applications that can encourage learning are often viewed as effective tools to
address the above challenges given the reward-oriented behavior of employees
Simulations, on the other hand, are indispensable tools for learning in higher
education as they try to imbibe the real-world trends and acclimatize students to the
dynamic business environment. They are often viewed as effective tools by
universities and corporates alike as something that bridges the skill gap in the real
world to a certain extent. The global market for simulation learning was estimated at
over $1.25 billion in 2018 and is expected to grow at a CAGR of over 9% during the
forecast period.
Exhibit 31 Global Market by Delivery Mode 2018 & 2024 (revenue share %)
Others Others
16.55% 17.81%
Packaged
Content
LMS 48.75%
Packaged
24.40%
Content
59.04% LMS
33.44%
2018 2024
Source: Arizton

Table 7 Global Market by Delivery Mode 2018 & 2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Packaged Content 85.95 90.79 95.52 100.24 105.22 110.55 116.14 5.14%
LMS 35.53 39.68 44.87 51.41 59.38 68.89 79.67 14.41%
Others 24.10 26.21 28.75 31.74 34.89 38.40 42.43 9.89%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton

10.3 PACKAGED CONTENT
10.3.1 Market Size & Forecast
Packaged content in the e-learning industry refers to the study material for courses
on the digital learning platform that is prepared in accordance with the regulations
and standards. Content packaging specifications and standards allow courses to be
transported among different systems. Packaged learning content can potentially be
created by one tool, modified by another tool, stored in a repository maintained by
one vendor, and used in a delivery environment produced by a different vendor.
Exhibit 32 Global Packaged Content E-learning Market 2018−2024 ($ billion)
140 6.0%
120
5.0%
100
4.0%
CAGR 80
5.14% 3.0%
60
2.0%
40
1.0%
20
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 85.95 90.79 95.52 100.24 105.22 110.55 116.14
Growth Rate 5.63% 5.21% 4.94% 4.97% 5.06% 5.06%
Source: Arizton
The global e-learning market by packaged content was valued at $85.95 billion in
2018 and is expected to reach $116.14 billion in 2024, growing at a CAGR of 5.14%.
Packaging content includes raw content, assembly, delivery, and presentation of the
information. Assessments and their component questions are a special kind of
learning content that is currently supported by a different set of specifications. When
learning content is considered, questions, tests, and test, banks can be transported
among systems. The IMS Question and Test Interoperability (QTI) specification is an
attempt of standardization in the assessment packaging and delivery.

The packaged content delivery mode is gaining popularity because it is easy, with no
time and space constraint. It also saves time as it nullifies traveling and reaches
students even in remote locations. As this mode of content delivery is cheaper,
students and professionals can learn from anywhere at 30−70% lesser cost than on
campus.
10.3.2 Market Size & Forecast by Geography
Table 8 Global Packaged Content E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 40.87 43.53 46.09 48.61 51.16 53.77 56.57 5.57%
APAC 26.76 28.25 29.80 31.33 32.94 34.63 36.30 5.21%
Europe 13.66 14.07 14.41 14.79 15.29 15.93 16.67 3.37%
Latin America 2.93 3.05 3.17 3.31 3.44 3.60 3.78 4.37%
MEA 1.73 1.89 2.04 2.20 2.39 2.60 2.82 8.45%
Total 85.95 90.79 95.52 100.24 105.22 110.55 116.14 5.14%
Source: Arizton

10.4 LMS
Software-as-a-service (SaaS) is a web-based software that is directly hosted over the

internet in corporates for training purposes. It is now playing a major role in which
organizations, employers, and employers connect through the cloud platform. Some
of the key benefits include easy maintenance of the system, technical scalability, and
swift software deployment. Also, SaaS associated LMS, an integral part of cloud-
based services, is an asset in the global e-learning market as it plays a major role in
its growth by increasing the adoption of the software by all small, medium and large-
scale corporations.
Exhibit 33 Global LMS Market 2018−2024 ($ billion)
90 18.0%
80 16.0%
70 14.0%
60 12.0%
CAGR 50 10.0%
14.41%
40 8.0%
30 6.0%
20 4.0%
10 2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 35.53 39.68 44.87 51.41 59.38 68.89 79.67
Growth Rate 11.69% 13.07% 14.58% 15.50% 16.02% 15.64%
Source: Arizton
The global e-learning market by LMS was valued at $35.53 billion in 2018 and is
expected to reach $79.67 billion in 2024, growing at a CAGR of 14.41%.
All corporate companies are now opting for SaaS-based LMS as a plan for their
employee career developments through their training. The SaaS application can be
classified into three types that include the following:

• Customer Relationship Management SaaS
• Enterprise Resource Planning SaaS
• Human Resources Management SaaS
Exhibit 34 Key Regions for LMS Switch Among Consumers
Improved
User
Experience
80%
Requisite for Improved

Mobile Administrative
Capabilities Experience
60% 71%
Reasons
To Switch
LMS
Systems
Enhanced
Integration
Reporting 63%
62%
Source: Arizton

Table 9 Global LMS Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 14.18 16.34 19.05 22.51 26.68 31.68 37.39 17.54%
APAC 11.31 12.85 14.83 17.36 20.45 24.18 28.34 16.54%
Europe 8.00 8.31 8.60 8.93 9.36 9.82 10.36 4.39%
Latin America 1.58 1.66 1.75 1.84 1.95 2.06 2.17 5.42%
MEA 0.44 0.53 0.63 0.76 0.94 1.15 1.40 21.10%
Total 35.53 39.68 44.87 51.41 59.38 68.89 79.67 14.41%
Source: Arizton

10.5 OTHERS
In addition to LMS and packaged content, other important learning models that are
increasingly gaining prominence are video-based learning, virtual classrooms, social
learning, gamification, and simulations. Of all these, gamification and virtual
classrooms stand out owing to their high engagement level and perceived
effectiveness. Gamification often cited to be the future of learning involves the use of
video game design and game elements implemented for learning environments. To
capture interest of learners and improve engagement to ensure continuous learning,
gamification involves the replication of many elements that entice a player to a non-
gaming context to induce the learner’s interest.
Exhibit 35 Global Other Delivery Modes E-learning Market 2018−2024 ($ billion)
45 12.0%
40
10.0%
35
30 8.0%
CAGR 25
9.89% 6.0%
20
15 4.0%
10
2.0%
5
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 24.10 26.21 28.75 31.74 34.89 38.40 42.43
Growth Rate 8.78% 9.69% 10.40% 9.93% 10.06% 10.50%
Source: Arizton
The global e-learning market by others was valued at $24.1 billion in 2018 and is
Mobile applications have been an intense subject of gamification implementations in

order to derive high engagement rates. Some most of the adopted elements that are
implemented for gamification of learning applications are as follows:

• Narratives
• Player controls
• Social networking
• Collaborative problem solving
• Social connection
• Leveling up of challenges
Elements of gamified application such as badges, points, or leaderboards are found

to bring in significant behavioral changes in learners and can be molded for most
learning needs including induction, sales, customer support, soft skill training,
branding, and compliances. With the ability to bring about a deep impact on learners
in terms of the learning experience, recall, and retention and behavioral change,
gamification is evolving into the next billion-dollar opportunity in e-learning.
Table 10 Global Other Delivery Modes E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 10.25 11.35 12.68 14.22 15.81 17.53 19.55 11.36%
APAC 7.15 7.86 8.76 9.81 10.93 12.16 13.56 11.25%
Europe 5.53 5.76 5.98 6.26 6.58 7.00 7.46 5.11%
Latin America 0.96 1.01 1.08 1.15 1.23 1.31 1.40 6.45%
MEA 0.20 0.22 0.26 0.30 0.35 0.40 0.46 15.19%
Total 24.10 26.21 28.75 31.74 34.89 38.40 42.43 9.89%
Source: Arizton

11 BY LEARNING MODE
Exhibit 36 Incremental Growth by Learning Mode 2018−2024
LEARNING 2018 2024 CAGR

MODE
Self-paced $89.75 Bn $122.43 Bn 5.31%
Instructor-led $55.82 Bn $115.80 Bn 12.93%

Source: Arizton

TOP CONTRIBUTORS
$238 Bn
Self-paced $33 Bn
$146 Bn
64%
ABSOLUTE
GROWTH
2018 2024 Instructor- $60 Bn
led

In 2018, the self-paced learning segment dominated the global e-learning market and
accounted for a 62% share. However, self-paced learning is fast gaining maturity and
is being replaced by instructor-led e-learning modules. The self-paced segment will
lose its market share to the instructor-led e-learning segment and is expected to hold
a market share of 51% by 2024. Thus, the instructor-led e-learning segment is
expected to increase its market share from 38% in 2018 to 49% by 2024.
Exhibit 37 Global Market by Learning Mode: Overview
Source: Arizton
Table 11 Global Market by Learning Mode 2018 & 2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 89.75 94.52 99.60 104.66 109.89 116.04 122.43 5.31%
Instructor-led 55.82 62.16 69.54 78.73 89.60 101.80 115.80 12.93%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton

Exhibit 38 Global Market by Learning Mode 2018 & 2024 (revenue share %)
Instructor-led
Instructor-led
38.35%
48.61%
Self-paced Self-paced
61.65% 51.39%
2018 2024
Source: Arizton

11.3 SELF-PACED
The self-paced segment is moving toward maturity and is likely to be overtaken by

newer effective methods of knowledge transfers. Globally, the self-paced learning
market was dominated by North America, which accounted for approximately 49%
of the market share in 2018.
Exhibit 39 Global Self-paced E-learning Market 2018−2024 ($ billion)
140 6.0%
120 5.0%
100
4.0%
CAGR 80
5.31% 3.0%
60
2.0%
40
20 1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 89.75 94.52 99.60 104.66 109.89 116.04 122.43
Growth Rate 5.31% 5.38% 5.07% 5.00% 5.59% 5.51%
Source: Arizton
The global e-learning market by the self-paced segment was valued at $89.75 billion
in 2018 and is expected to reach $122.43 billion in 2024, growing at a CAGR of
5.31%.
The growing preference for continuous learning and scaling new career opportunities
of employees is driving corporates to use technology for accessing the content at any
time and from anywhere across the globe. Europe, Russia, and the UK have emerged
as the major consumers of self-paced e-learning mode over the last decade. Countries
such as Myanmar, Mongolia, Rwanda, Sri Lanka, Laos, Nepal, Cambodia, Ethiopia,
Senegal, Uganda, Mauritius, Mali, Slovakia, Namibia, and Lithuania are expected

witness a CAGR of more than 15% in the self-paced e-learning segment during the
forecast period.
Another major driver for the growth of self-paced e-learning is the growing attitude
among people to improve their career prospects and enhance their skill-based
proficiency. The following observations were made while conducting a survey for the
growth of self-paced learning:
• About 72.78% of the adults consider themselves as lifelong learners
• About 63.20% of working people or approximately 36.40% of adults are considered as

professional learners. This indicates that in the last one year, they have undertaken an
additional course of learning or training to improve their skillsets and expertise for better
career growth
Table 12 Global Self-paced E-Learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 43.95 46.92 50.09 53.29 56.52 60.16 64.04 6.47%
APAC 23.65 24.91 26.35 27.75 29.15 30.81 32.37 5.37%
Europe 18.88 19.15 19.29 19.37 19.52 19.84 20.19 1.12%
Latin America 2.34 2.48 2.64 2.83 3.02 3.24 3.50 6.92%
MEA 0.92 1.06 1.22 1.42 1.68 1.98 2.33 16.69%
Total 89.75 94.52 99.60 104.66 109.89 116.04 122.43 5.31%
Source: Arizton

11.4 INSTRUCTOR-LED
Instructor-led e-learning is expected as the future of e-learning. It not only offers

flexibility to the learner but also to the instructor, professor, or facilitator. It reduces
the gaps, and students can seek to clarify their doubts in real time like normal
classroom teachings.
Further, it is cost effective, saving the cost of travel and other expenses of the
instructor. The instructor can conduct an online class from any part of the world and
can pass on the instructions or provide solutions to the problem. Thus, this mode of
learning offers a high time and cost saving without compromising efficiency or
productivity.
Exhibit 40 Global Instructor-led E-learning Market 2018−2024 ($ billion)
140 16.0%
120 14.0%
12.0%
100
10.0%
CAGR 80
12.93% 8.0%
60
6.0%
40
4.0%
20 2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 55.82 62.16 69.54 78.73 89.60 101.80 115.80
Growth Rate 11.36% 11.86% 13.22% 13.81% 13.62% 13.76%
Source: Arizton
The global e-learning market by the instructor-led segment was valued at $55.82
billion in 2018 and is expected to reach $115.80 billion in 2024, growing at a CAGR
of 12.93%.

The following factors are driving the success of instructor-led learning:
• Reduced cost: Travel and lodging costs can be reduced or eliminated completely
• Convenience: Students have an option to choose the timings when they would like to
participate in the training course. They can either opt from their homes or offices
• Modular design: To attract and retain the interest of students and professionals,
training content is usually short and precise with incremental modules, and can be
completed independently or in combination with other courses or curriculum
• Increased capacity and scalability: This type of learning accommodates a large

number of students without increasing the number of materials or space needed in typical
classroom settings. In fact, it can accommodate all the students across the world
• Increased diversity: Students and instructors from a variety of cultural and geographic
backgrounds can participate simultaneously without any problem
Table 13 Global Instructor-led E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 21.36 24.30 27.73 32.05 37.14 42.82 49.48 15.03%
APAC 21.58 24.05 27.04 30.76 35.16 40.16 45.82 13.37%
Europe 8.31 9.00 9.71 10.62 11.71 12.91 14.29 9.46%
Latin America 3.13 3.24 3.36 3.47 3.59 3.73 3.85 3.53%
MEA 1.45 1.58 1.71 1.84 1.99 2.17 2.36 8.38%
Total 55.82 62.16 69.54 78.73 89.60 101.80 115.80 12.93%
Source: Arizton

12 BY FUNCTION
Exhibit 41 Incremental Growth by E-learning Function 2018−2024
FUNCTION 2018 2024 CAGR
Training $105.8 Bn $165.44 Bn 7.74%
Testing $39.78 Bn $72.8 Bn 10.6%
Source: Arizton

TOP CONTRIBUTORS
$238 Bn
Testing $33 Bn
$146 Bn
64%
ABSOLUTE
GROWTH
2018 2024 $60 Bn
Training

Training and testing constitute a crucial aspect of any pedagogy with emphasis
required on both for learners to derive the best results. Training involves the
interaction of the user with the courseware or LMS systems and includes a wide
variety of audio and video content that can be streamed or stored as per the learner’s
requirement. Testing, on the other hand, involves those resources that are meant to
gauge the level of proficiency attained by the learner through professionally organized
or administered, time-bound tests. Testing also involves a series of Q&As or
simulations that the learner needs to address or be well-versed with before attending
a professional proficiency test.
Exhibit 42 Global Market by E-learning Function: Overview
Source: Arizton
Digital courseware and content, along with LMS systems and MOOCs that enable
access to a large pool of learning content are referred to as training content in this
report’s context. Training, both professional, governmental-related, and academic,
was estimated at about $106 billion in 2018, with a revenue share of 73% of the global
e-learning market.

Testing, on the other hand, constituted a revenue share of 27% in 2018 with a market
size of about $40 billion, primarily comprising the administration of professional
tests including that of SAT, GRE, TOEFL, IELTS, GMAT, and several other exclusive
and common admission tests across the world. The market demand for testing
services is estimated at almost twice as much as training services since testing
services are often consumed on a recurrent and paid basis, while courseware
purchase and LMS access are often for a lifetime or an extended period against a
purchase.
Exhibit 43 Global Market by E-learning Type 2018 & 2024 (revenue share %)
Testing Testing
27.32% 30.56%
Training
Training
69.44%
72.68%
2018 2024
Source: Arizton
Table 14 Global Market by E-Learning Function 2018 & 2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 105.80 113.20 121.39 130.64 140.80 152.70 165.44 7.74%
Testing 39.78 43.48 47.75 52.74 58.69 65.14 72.80 10.60%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton

12.3 TRAINING
Training focuses on developing the skills of individuals/people/employees to perform

specific tasks. Training in the e-learning market includes providing information
regarding certain processes and day-to-day operations in an online environment.
Some of the useful instruction methods for e-training include speeches, videos, text
documents, demonstrations, and other materials. Training sessions provide the tools
that are essential for individuals/employees to work and perform their primary tasks
effectively; where learning becomes an important part of the training.
The global e-learning market by the training segment was valued at $105.8 billion in
2018 and is expected to reach $165.44 billion in 2024, growing at a CAGR of 7.74%.
Exhibit 44 Global E-learning Training Market 2018−2024 ($ billion)
180 9.0%
160 8.0%
140 7.0%
120 6.0%
CAGR 100 5.0%
7.74%
80 4.0%
60 3.0%
40 2.0%
20 1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 105.80 113.20 121.39 130.64 140.80 152.70 165.44
Growth Rate 7.00% 7.23% 7.62% 7.77% 8.45% 8.34%
Source: Arizton
The principles of learning go beyond developing a particular skill set for specific
situations and become an essential component of the individual/employee growth.
• Computer-based training is a new-age learning method that uses special

training programs designed for different tasks. It has many advantages that

include providing a stimulating training environment at its own pace, the

convenience of no travel, cost-effective, is available at multiple locations, and
custom-designed for specific tasks
• Web-based training is a subset of computer-based training and is made

available on the internet through web technologies. It includes animation,
audio, video, text, and graphics and requires additional bandwidth and
software to work properly. This training method provides the latest content of
any topic that can be modified and set in a framework for specific and self-
paced instruction.
Table 15 Global E-learning Training Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 45.18 48.95 53.08 57.68 62.58 68.25 74.37 8.66%
APAC 35.04 37.71 40.84 44.39 48.30 52.91 57.71 8.67%
Europe 19.28 19.86 20.37 20.99 21.80 22.79 23.94 3.68%
Latin America 4.36 4.55 4.76 4.99 5.22 5.49 5.78 4.82%
MEA 1.93 2.13 2.36 2.60 2.90 3.26 3.64 11.12%
Total 105.80 113.20 121.39 130.64 140.80 152.70 165.44 7.74%
Source: Arizton

12.4 TESTING
E-learning testing is the process of testing for an e-learning course. These tests ensure
ease-of-use, the accuracy of the content, instructional integrity, user satisfaction, and
technological soundness. The main objective of testing in an e-learning program is to
ensure its learnability.
Exhibit 45 Global E-learning Testing Market 2018−2024 ($ billion)
80 14.0%
70 12.0%
60
10.0%
50
CAGR 8.0%
10.60% 40
6.0%
30
4.0%
20
10 2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 39.78 43.48 47.75 52.74 58.69 65.14 72.80
Growth Rate 9.30% 9.82% 10.46% 11.28% 10.98% 11.76%
Source: Arizton
The following are the three ways to test and improve online training:
• Quality assurance testing includes testing two broad areas: content and functionality. It
includes multi-device testing, multi-browser testing, stress testing, and localization
• Acceptance testing to find out whether the course meets the user requirements were
originally set out in the specification stage
• Engagement analytics provides insights to course performance and offers the method to
tweak and improve the learning experience

Table 16 Global Testing Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 20.12 22.26 24.74 27.66 31.08 34.74 39.15 11.73%
APAC 10.19 11.25 12.55 14.12 16.01 18.06 20.49 12.35%
Europe 7.91 8.28 8.63 8.99 9.43 9.96 10.54 4.90%
Latin America 1.11 1.18 1.24 1.31 1.39 1.48 1.58 5.95%
MEA 0.44 0.50 0.58 0.66 0.77 0.90 1.05 15.38%
Total 39.78 43.48 47.75 52.74 58.69 65.14 72.80 10.60%
Source: Arizton

13 BY END-USERS
Exhibit 46 Incremental Growth by End-users 2018−2024
END-USERS 2018 2024 CAGR
Corporate $42.98 Bn $82.21 Bn 11.42%
Higher Education $37.21 Bn $55.84 Bn 7.00%
K-12 $30.91 Bn $46.72 Bn 7.13%
Government $19.34 Bn $27.77 Bn 6.21%
Vocational $15.14 Bn $25.69 Bn 9.22%
Source: Arizton

TOP CONTRIBUTORS
$238 Bn
K-12 $16 Bn
$146 Bn
64% Higher
Education
$19 Bn
ABSOLUTE
GROWTH
2018 2024 $39 Bn
Corporate

E-learning platforms vary significantly in terms of courseware, delivery modes, and

user interactive-ness with each targeted end-user segment. The same is on account of
the varied learning outcomes and general engagement levels involved. The academic
segment, which usually involves the K-12 and higher education sub-segments,
traditionally subscribe to digital resources in order to enable better access and reach
to students. The same evolved into learning management solutions that can
streamline and properly deliver the courseware, conduct, consolidate learner results,
and accommodate instructor-learner interactions. However, these lacked high
engagement levels; as a result, gamification and simulations have made inroads into
the global e-learning market in recent years.
Exhibit 47 Global Market by End-users: Overview
Source: Arizton

The corporate learning segment, on the other hand, adopts e-learning majorly to
improve employee engagement and ensure continuous learning. Federal stakes on e-
learning are usually concentrated on the front of e-governance, training workforce,
creating backbone connectivity, and opening source resource platforms for job
seekers. The vocational user segment is majorly intended for skill acquisition and
improvement in addition to fulfilling functional requirements.
The K-12 and higher education segments constituted approximately 21.23% of

revenue for the digital learning market in 2018 and are driven by the following
factors:
• Increased federal budgetary allocations to education as they invest in improving digital

connectivity and ensuring high-quality education to subsequently acquire resource
competitiveness
• High private investments for vendors catering to learning resources for education. This
has increased the reach of digital resources to an expanding young population segment in
key economies such as India and China. These emerging countries provide immense
market potential as most of the market is still untapped. With the infrastructural push of
the federal governments, the opportunity looks more promising
On the other hand, the corporate e-learning market, which generated $42.98 billion
in revenues in 2018, stands as a major market driven by increasing emphasis on talent
upgrading and retention. In addition, globalization is mandating a different set of
functional and language skills for the critical workforce as companies expand their
business presence across geographies.
The demand for digital learning from the vocational learner segment accounted for
$10.40 billion in revenues in 2018. It is driven by job seekers who are looking to
upgrade language and functional skills to meet professional requirements within the
country or beyond.

Exhibit 48 Global Market by End-users 2018 & 2024 (revenue share %)
Vocational Vocational
10.40% 10.79%
Corporate
Corporate
29.52%
Government Government 34.51%
13.28% 11.65%
K-12 K-12
21.23% Higher 19.61%
Education Higher
25.56% Education
23.44%
2018 2024
Source: Arizton
Table 17 Global Market by End-users 2018 & 2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Corporate 42.98 47.43 52.58 58.72 65.51 73.52 82.21 11.42%
Higher Education 37.21 39.62 42.32 45.13 48.29 51.85 55.84 7.00%
K-12 30.91 32.81 34.98 37.35 40.14 43.27 46.72 7.13%
Government 19.34 20.45 21.62 22.92 24.32 25.93 27.77 6.21%
Vocational 15.14 16.37 17.63 19.26 21.23 23.26 25.69 9.22%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton

13.3 CORPORATE
The corporate training market has the least market share than other education-based
sectors, but it still represents an excellent investment opportunity for vendors in the
global e-learning market. Among all the segments in the education sector, the
corporate training segment remains the most cyclical. This segment experienced a
low point during the period 2009–2010. The key data to measure this segment is the
amount spent per employee. Since 2010, the total amount spent on training for
employees by employers has been declining. It is important to consider that the size
of this market is calculated to include corporate spending on salaries, overheads, and
facilities. Also, there have been no variations in the in-house sourcing and
outsourcing of e-learning resources.
In recent years, organizations have drastically cut down on most of the assets. The
corporate market related to outsourced services has been on the rise. Currently,
outsourced services account for 42% of the total expenditure among corporate
organizations.
Exhibit 49 Global Corporate E-Learning Market 2018−2024 ($ billion)
90 14.0%
80
12.0%
70
10.0%
60
CAGR 50 8.0%
11.42%
40 6.0%
30
4.0%
20
2.0%
10
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 42.98 47.43 52.58 58.72 65.51 73.52 82.21
Growth Rate 10.37% 10.85% 11.68% 11.57% 12.22% 11.82%
Source: Arizton

The global e-learning market by the corporate segment was valued at $42.98 billion
in 2018 and is expected to reach $82.21 billion in 2024, growing at a CAGR of
11.42%.
The e-learning segment in the training industry has grown consistently in recent
years. All its sub-segments (packaged content, platform, and authoring tools)
witnessed positive annual growth. E-learning platforms are leading the market,
especially those using the “hosted” formula, followed by content-ready courses
available for immediate e-learning delivery. It is vital to understand the difference in
buying patterns in various countries, wherein all the statistics relate to the overall
market. It is important to analyze the different buyers, such as in educational
institutions and private companies.
Exhibit 50 Requisites for E-Learning in Corporate Segment
CORPORATE TRAINING BREAKDOWN KEY REASONS FOR COMPANIES TO

BY TOPIC ADOPT ONLINE EDUCATION TOOLS
Job Specific Technical Skills 25-28%

Recruitment & Talent Acquisition 23-25%
Job Specific Soft Skills 13-15%
Compliance (policy, safety, ethics) 15-17% Onboarding 16-18%
Leadership Development 9-11%
Performance Evaluation 9-11%

Individual Competency Development 20-25%
Service & Product Knowledge 10-14% Skills Development 38-40%
Business Acumen 7-9%
Employee Retention 12-14%

Development of Potential Employees 6-8%
Performance Support 5-7%

Others 11-13%
Non-employee Training 3-6%
The response range does not add up to 100% as the responses are vertically dependent and present the views
for each parameter separately.

Source: Arizton
In mature markets, despite long buying cycles, large companies are making
considerable profit margins. Large companies can be early adopters as their training
programs, and content covers compliance, IT management, and industry-related
courses. Formal learning hours using technology-based models have been increasing
on an average; however, learning hours used per employee is not witnessing linear
growth. Many award-winning and leading organizations have the most demanding
training systems. Also, these organizations are open to embarking on e-learning
projects.
E-learning has been accepted both in large and small companies. The shift towards
cloud-based language learning is due to several reasons, of which budget constraints
remain the deciding factor. The cloud-based language learning helps to reduce travel
costs, time constraints, and the cost of training per employee. The cloud-based
learning is not a mere solution during economic turndown but is also cost-effective,
efficient, and timesaving. When the workforce is geographically distributed, cloud-
based learning helps to bring the workers up to speed quickly on relevant knowledge
and skills.
In corporations, e-learning tends to be adopted only in a particular subject matter.

Compliance training is the area that is widely adopted in e-learning. More than 50%
of the training related to compliance practices are now delivered online.

Table 18 Global Corporate E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 18.66 20.89 23.46 26.52 29.86 33.77 38.08 12.62%
APAC 13.90 15.42 17.24 19.44 21.89 24.80 27.92 12.32%
Europe 8.08 8.58 9.08 9.66 10.32 11.12 11.97 6.75%
Latin America 1.51 1.62 1.75 1.89 2.05 2.21 2.39 7.99%
MEA 0.82 0.93 1.06 1.21 1.40 1.62 1.86 14.58%
Total 42.98 47.43 52.58 58.72 65.51 73.52 82.21 11.42%
Source: Arizton

13.4 HIGHER EDUCATION
Higher education is always considered more than information, irrespective of how

much information can be stored and how quickly the information gets disseminated.
Connections always drive our education institutions, connections among
communities, faculty, educations, disciplines, students, and institutions.
Collaborations tools, communities, and data come together like never before in this
connected age. It does not matter where the student is or where the student is from;
the only thing that matters is the value that comes from the connection. One of the
most affected sectors in e-learning or Internet-based learning adoption is the higher
education sector, and the benefits of implementing such technologies are observable.
Exhibit 51 Global Higher Education E-Learning Market 2018−2024 ($ billion)
60 9.0%
8.0%
50
7.0%
40 6.0%
CAGR 5.0%
7.00% 30
4.0%
20 3.0%
2.0%
10
1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 37.21 39.62 42.32 45.13 48.29 51.85 55.84
Growth Rate 6.47% 6.83% 6.63% 7.00% 7.38% 7.68%
Source: Arizton
The global e-learning market by higher education was valued at $37.21 billion in
2018 and is expected to reach $55.84 billion in 2024, growing at a CAGR of 7%. Key
market development is a high demand for digital courses, content, educational
materials, as well as paid subscriptions for international e-learning platforms. The
advent of massive open online courses has witnessed unprecedented traction among

students of international universities and schools. Europe has a well-established

market for e-learning in the higher education, corporate, and K-12 segments. This can
be attributed to the early adoption of digital education pedagogy among schools. Also,
different European countries demonstrate differing maturity levels of using digital
learning technologies, which is attributed to cultural variations and factors regarding
the perceived business value of digital learning and technology factors.
Table 19 Global Higher Education E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 16.22 17.48 18.88 20.26 21.77 23.46 25.38 7.75%
APAC 12.20 13.07 14.11 15.31 16.67 18.14 19.74 8.34%
Europe 6.45 6.60 6.72 6.79 6.91 7.10 7.33 2.15%
Latin America 1.61 1.66 1.73 1.79 1.86 1.95 2.05 4.15%
MEA 0.73 0.81 0.89 0.97 1.08 1.20 1.34 10.53%
Total 37.21 39.62 42.32 45.13 48.29 51.85 55.84 7.00%
Source: Arizton

13.5 K-12
K-12 (kindergarten till 12th grade) is the term commonly used for first 13 years of
schooling of an individual before entering university. The K-12 sector has been in
focus for most countries and US multinationals in recent years. The economic crisis
has created a dilemma for public expenditure on education over skills acquisition and
entering the labor market. However, modernization has led to an interest in
applications of new technologies in the K-12 sector.
The K-12 segment relates to public education bodies, primary, and secondary private
education entities. Products and solutions for digital publishing must be incorporated
by digital technologies in the K-12 sector. Textbooks, educational applications, and
tools for skill assessments for students and teachers are necessary. The K-12 segment
has played a major role in the consistent growth of global educational expenditure.
Mobile devices and gamification tools play a major role as market drivers in the K-12
segment. The global e-learning market by the K-12 segment was valued at $30.91
billion in 2018 and is expected to reach $46.72 billion in 2024, growing at a CAGR
of 7.13%.
Exhibit 52 Global K-12 E-Learning Market 2018−2024 ($ billion)
50 9.0%
45 8.0%
40 7.0%
35
6.0%
CAGR 30
5.0%
7.13% 25
4.0%
20
3.0%
15
10 2.0%
5 1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 30.91 32.81 34.98 37.35 40.14 43.27 46.72
Growth Rate 6.14% 6.63% 6.76% 7.46% 7.82% 7.97%

Many established and new companies are entering the global e-learning market,
which is estimated to witness a cumulative annual growth rate of 16% by 2020. In the
K-12 sector, tablets are the most used mobile devices. All online players in this market
are rethinking their offerings to be a major player. Education technology plays an
important and strategic role in changing textbooks to e-books. Schools are quickly
adopting different solutions due to the high pricing of textbooks. This means creating
free and downloadable e-books and providing access to e-books. However, the sale of
e-books in 2017 has not been fruitful. An environment with a library of books for
hosting e-books for LMS is an emerging trend that is expected to gain popularity
during the forecast period.
Table 20 Global K-12 E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 14.21 15.29 16.51 17.83 19.34 21.01 22.87 8.25%
APAC 9.37 10.00 10.77 11.62 12.61 13.74 14.94 8.08%
Europe 5.62 5.73 5.83 5.94 6.11 6.32 6.57 2.63%
Latin America 1.31 1.35 1.40 1.45 1.50 1.57 1.63 3.82%
MEA 0.40 0.43 0.47 0.52 0.58 0.64 0.71 10.28%
Total 30.91 32.81 34.98 37.35 40.14 43.27 46.72 7.13%
Source: Arizton

13.6 GOVERNMENT
E-learning is one of the thrust areas identified by the government for imparting
education using educational tools and communication media. It is the learning
facilitated and supported by Information Communication Technologies (ICT), whose
objective is to develop tools and technologies to promote e-learning. Governments
across the globe are financially supporting R&D projects in the field of e-learning at
various R&D labs and academic educational institutes. These projects focus on the
area of content development, human resource development projects, technology
development projects, and faculty training to improve the literacy through ICT tools,
which include computers, multimedia, and the web. LMS products and open-source
content sharing platforms continue to dominate this segment with preparation for e-
governance remaining inherent to it.
Exhibit 53 Global Government E-learning Market 2018−2024 ($ billion)
30 8.0%
7.0%
25
6.0%
20
5.0%
CAGR
6.21% 15 4.0%
3.0%
10
2.0%
5
1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 19.34 20.45 21.62 22.92 24.32 25.93 27.77
Growth Rate 5.77% 5.72% 6.01% 6.11% 6.59% 7.09%
Source: Arizton
The global e-learning market by the government segment was valued at $19.34
billion in 2018 and is expected to reach $27.77 billion in 2024, growing at a CAGR of
6.21%.

The drivers for digital learning from federal and various governmental institutions
are as follows:
• With governments worldwide, especially in emerging economies such as India, China,

Indonesia, and Africa, investing on their internet infrastructure, there has been increased
connectivity among large tracts of the population due to the rising smartphone ownership.
More than one billion people across the world will be provided with first-time access to
the internet, unlocking huge opportunities for digital learning
• An expensive paper trail, lack of traceability, and delayed decision making is forcing
several federal governments to adopt e-governance wherein key administration
procedures, approvals, and sanctions will be channeled online, weeding out corruption,
and aiding fast decision making. An estimated $50 billion is expected to be spent by
governments worldwide to enable e-governance during the forecast period. This opens up
significant learning opportunities in terms of computer literacy, English language
proficiency and several developments, and administering tools for key governmental
personnel
• Nodal educational bodies in several developing countries, including India, China, Africa,
and several Southeast Asian countries, have committed investments in excess of $4 billion
to establish an open-source learning platform that can offer seamless access to trainers,
teachers, and students to huge repositories of learning material and tests
Table 21 Global Government E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 8.99 9.65 10.35 11.12 11.93 12.84 13.89 7.51%
APAC 5.25 5.58 5.95 6.36 6.81 7.32 7.88 6.99%
Europe 4.06 4.14 4.19 4.25 4.34 4.46 4.62 2.17%
Latin America 0.75 0.78 0.80 0.82 0.85 0.87 0.90 2.93%
MEA 0.28 0.30 0.33 0.36 0.40 0.44 0.49 9.66%
Total 19.34 20.45 21.62 22.92 24.32 25.93 27.77 6.21%
Source: Arizton

13.7 VOCATIONAL
People who are interested in vocational education usually have a high school diploma,
and they pursue vocational education rather than attend college or professional
schools. Vocational education has a specific and practical focus rather than an
academic one, and it is designed to provide people with the skills needed to start a
career in their area of interest. After training, people will be eligible for licenses if a
license is required in their chosen field, and they can start work immediately. Many
governments contribute to vocational education to ensure that people with technical
skills will be readily available and provide career options for people who are not
interested in college, or who may not be able to afford a technical or trade school on
their own.
Exhibit 54 Global Vocational E-learning Market 2018−2024 ($ billion)
30 12.0%
25 10.0%
20 8.0%
CAGR
9.22% 15 6.0%
10 4.0%
5 2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 15.14 16.37 17.63 19.26 21.23 23.26 25.69
Growth Rate 8.14% 7.71% 9.26% 10.18% 9.59% 10.46%
Source: Arizton
The global e-learning market by the vocational segment was valued at $15.14 billion
in 2018 and is expected to reach $25.69 billion in 2024, growing at a CAGR of 9.22%.
The worldwide unemployment and underemployment rate are estimated at 30%,

which signifies that a huge proportion of the labor force is without jobs. Absolute

unemployment, as per UN estimates in 2016, was 13.6%. With the unemployment

rate often being seen as a benchmark of an economy’s progress/development,
governments lay immense emphasis on training the unemployed workforce with
adequate skills to ensure large industrial productivity.
While most of the existing federal resources are not termed to be adequate in
emerging countries of Africa and Asia, several innovative learning platforms fill in
this gap through highly differentiated learning and testing content. Gamification,
blended learning, and m-learning are some of the key trends characterizing
vocational learners. There has been a high demand for diverse content from this
section of users ranging from language learning to functional subjects such as web
development, engineering, sciences, and commerce & finance. Some interesting
pointers to the demand for e-learning content from this segment are as given below:
• Price points in the form of pay per use or subscriptions for offerings for this segment are
the small but high in terms of ROI for vendors
• Demand for web development resources and language learning together constitutes 40%
of the demand from vocational users in India
• Language learning constitutes 30–35% of the market revenues in developed economies of

the EU, the US and the Middle East from this end-user segment
• Computer and internet training with basic functional tools and services constituted as
much as 25–30% of the revenues in Africa and some Middle Eastern economies
Table 22 Global Vocational E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 7.22 7.91 8.62 9.60 10.76 11.91 13.30 10.72%
APAC 4.50 4.89 5.32 5.78 6.33 6.97 7.72 9.43%
Europe 2.98 3.10 3.18 3.34 3.55 3.75 4.00 5.06%
Latin America 0.30 0.32 0.33 0.34 0.35 0.37 0.39 4.21%
MEA 0.14 0.16 0.18 0.20 0.23 0.26 0.29 12.17%
Total 15.14 16.37 17.63 19.26 21.23 23.26 25.69 9.22%
Source: Arizton

GEOGRAPHIC
SEGMENTATION

14 BY GEOGRAPHY
Exhibit 55 Incremental Growth by Geography 2018−2024
REGION 2018 2024 CAGR
North America $65.31 Bn $113.52 Bn 9.65%
APAC $45.23 Bn $78.19 Bn 9.55%
Europe $27.19 Bn $37.48 Bn 4.04%
Latin America $5.47 Bn $7.36 Bn 5.05%
Middle-East & Africa $2.38 Bn $4.68 Bn 11.98%
Source: Arizton

TOP 3 CONTRIBUTORS
$238 Bn
Europe $7 Bn
$146 Bn
64% APAC $33 Bn

ABSOLUTE
GROWTH
2018 2024 North $48 Bn
America

14.2 OVERVIEW
The global e-learning market can be cited to be highly concentrated. North America
was the largest market for e-learning solutions with a revenue share of 44.86% in
2018, driven by efficient learning infrastructure and the proliferation of modern
learning methods. The US and China represented the world’s two largest markets for
e-learning and accounted for a 43% share of the global market in terms of revenues.
However, India and MEA represent a huge growth potential and traction during the
forecast period.
The proliferation of e-learning solutions in each geography heavily depends on the

prevalence of internet infrastructure, mobile connectivity, maturity of primary and
secondary educations systems, corporate learning and training expenditure, federal
budgetary allocations to education, availability of start-up ecosystem that can groom
disruptive ed-tech players, literacy rates, and cultural inclination towards various
education models.
Exhibit 56 Market Share Overview of Geographies 2018 (Revenue)
Europe
18.68%
4.04%
North America
44.86% APAC
9.65%
31.07%
MEA 9.55%
1.63%
11.98%
Latin America
3.76%
Market share % - 2018
5.05%
CAGR % 2018-2024
Source: Arizton

Exhibit 57 Global Population and Penetration of Internet & Smartphone Overview
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Middle East North America Latin America Europe Africa APAC
Population Internet Users (Billion)
36.90% 38.70%
34.10%
31.20%
27.90%
Smartphone Penetration
2016 2017 2018 2019 2020
Total Population Internet Users Active Social Media Users Mobile Users
7.59 billion 4.02 billion 3.19 billion 5.01 billion

Urbanization 55% Penetration 53% Penetration 42% Penetration 66%
Source: Arizton

In addition to the macroeconomic factors affecting the global e-learning market, the
following also pose an indirect impact:
• Immigration rules and liberality of visa regimes, both short term and professional, since
it determines the demand for short-term skill development and language learning courses
• Corporate budgets on continuous skill development of employees
• Exchange programs and student exodus in search of academic pursuit in best of

universities across borders. This segment not only propel the demand for functional e-
learning modules but also drive the demand for language learning courses and English
proficiency testing services
• Global FDI flows since they determine the extent of talent exchange for both short-term
and long-term professional assignments
• Federal expenditure on education, especially those pertaining to the acquisition of devices

and infrastructure, establishing backbone connectivity, standardization of learning
processes, and certifications

15 NORTH AMERICA
North America, which includes the key countries of the US and Canada, constitutes
key geography as it hosts the most advanced and largest economies of the world. The
US and Canada, despite hosting several technological innovations, are set to grapple
with massive investments required to maintain and upgrade the existing
technological infrastructure setup. With an estimated 5% of the region’s GDP
invested on education, the region hosts some of the finest and prominent higher
educational institutions. Further, the US and Canada have some of the most regulated
standards and certifications in the world with an emphasis on catering to the
individual’s learning needs and areas of interest. E-learning is prominent in the
region driven by better availability of internet infrastructure and high ownership of
smartphones and tablets.
Exhibit 58 North America E-learning Market 2018–2024 ($ billion)
120 12.0%
100 10.0%
80 8.0%
CAGR
9.65% 60 6.0%
40 4.0%
20 2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 65.31 71.22 77.82 85.33 93.66 102.99 113.52
Growth Rate 9.05% 9.28% 9.65% 9.75% 9.96% 10.23%
Source: Arizton
The e-learning market in North America was valued at $65.31 billion in 2018 and is
expected to reach $113.52 billion in 2024, growing at a CAGR of 9.65% during the
forecast period.

The demand for e-learning from the institutional segment in the region is driven by
high awareness of their advantages over conventional offline learning models, better
technological infrastructure, and extensive reach of innovative learning and training
solutions. The same is further reinforced by technology-leveraged industries that
warrant an advanced degree of language proficiency, functional, and vocational
expertise and soft skills.
Exhibit 59 Annual Saving Ratio of US 2009−2018
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Arizton
The North American economy was greatly impacted due to the European economic
crisis. Also, political uncertainty in oil-exporting countries had a negative impact on
this region. The falling real estate prices, in turn, caused volatility in currency
fluctuations and has indirectly affected the market growth. However, with the
recovery of the economy and growth in end-users’ spending sentiments, the
purchasing power, and discretionary spending has increased. According to the OECD
estimates, the annual saving ratio in the US is expected to witness a further decline
during the period 2018−2020, stating the high purchasing power of end-users. The
education industry, especially e-learning, is also witnessing traction and increasing
demand.

The high demand for e-learning solutions in the US mainly influences the market
growth in North America. With the increasing trend of using online courses and
learning materials as a practical substitute for regular classroom teaching, the market
is experiencing tremendous growth. This is driving the popularity and acceptance of
e-learning solutions across all segments. The high average disposable income of the
population, the rapid proliferation of smartphones, and innovations in the
development of interactive and gamified learning platforms are the main factors that
are expected to fuel the market growth in terms of user base and subscriptions in the
region. Factors such as an increase in the spending power of millennials, high
adoption of smartphones, inclination towards new technology, high urbanization,
and an eventually increased are driving the growth of the e-learning market in the
region.
Exhibit 60 Segmental Overview of E-learning Market in North America
Source: Arizton
The market also ranks ahead of others in terms of innovation and certification
standards that bode well for product development and market structure, wherein the
competition is often measured through engagement levels, degree of customization,

and the quality of content rather than price. However, we predict the rise of price-
based competition given substantially discounted subscriptions and freemium
offerings on the cloud, especially from smaller emerging players.
15.1.1 Student Education & Enrollment
Exhibit 61 Student Education & Enrollment Overview in US 2018
The number of students nationwide enrolled in school was over 76 million in 2018, not Population (Age 3 and above)
statistically different from 2016. Those who are enrolled make up 24.7% of the 308,935,000
population age 3 and above
Enrolled in School
Classrooms are becoming more ethnically and racially diverse. In 2007, 56.7% of Number Percentage
elementary school students (K-8) and 66.1% of college students (undergraduate and
graduate) were non-Hispanic white Total 76,409 24.7%
In 2018, about half (49%) of elementary school students and 54.7% of college
Nursery / kindergarten 8,640 2.8%
students were non-Hispanic white

Elementary 32,530 10.5%
High school 16,841 5.5%

Non-Hispanic white students make up 51.9% of all populace enrolled in school,
compared to 59.7% in 2007
College undergraduate
18,398 6.0%
or graduate
Since 2007, overall enrollment in high school has not significantly changed; however,
more people are graduating from high school. The percentage of 18 to 24-year old
who graduated from high school increased from 83.9% in 2007 to 87.5% in 2018. Not enrolled in school
While the number enrolled in college was unchanged from 10 years ago, there has Number Percentage
been a substantive change over the past decade – the overall number climbed by
around 2 million from 2007 to 2011 before receding to 18.4 million in 2018. Total 232,526 75.3%
Women continue to dominate college campuses, accounting for 54.9% of High school graduate 203,148 65.8%
undergraduate students and 59.8% of graduate students. Only 29.3% of

undergraduate college students attended two-year institutions.
Not high school graduate 29,378 9.5%
Source: Arizton

15.2 SEGMENTATION BY DELIVERY MODE
15.2.1 Market by Delivery Mode
Table 23 North America Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 14.18 16.34 19.05 22.51 26.68 31.68 37.39 17.54%
Others 10.25 11.35 12.68 14.22 15.81 17.53 19.55 11.36%
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
Source: Arizton
15.3 SEGMENTATION BY LEARNING MODE
15.3.1 Market by Learning Mode
Table 24 North America Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 43.95 46.92 50.09 53.29 56.52 60.16 64.04 43.95
Instructor-led 21.36 24.30 27.73 32.05 37.14 42.82 49.48 21.36
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 65.31
Source: Arizton

15.4 SEGMENTATION BY TYPE
15.4.1 Market by Type
Table 25 North America Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 45.18 48.95 53.08 57.68 62.58 68.25 74.37 8.66%
Testing 20.12 22.26 24.74 27.66 31.08 34.74 39.15 11.73%
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
Source: Arizton
15.5 SEGMENTATION BY END-USERS
15.5.1 Market by End-users
Table 26 North America Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 14.21 15.29 16.51 17.83 19.34 21.01 22.87 8.25%
Corporates 18.66 20.89 23.46 26.52 29.86 33.77 38.08 12.62%
Government 8.99 9.65 10.35 11.12 11.93 12.84 13.89 7.51%
Vocational 7.22 7.91 8.62 9.60 10.76 11.91 13.30 10.72%
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
Source: Arizton

15.6 KEY COUNTRIES
Exhibit 62 Incremental Growth in North America 2018–2024
COUNTRY 2018 2024 CAGR
US $53.08 Bn $90.73 Bn 9.35%
Canada $12.23 Bn $22.79 Bn 10.94%
Source: Arizton

TOP CONTRIBUTORS
$114 Bn
Canada $11 Bn
$65 Bn
74%
ABSOLUTE
GROWTH
2018 2024 $38 Bn
US

15.6.1 US: Market Size & Forecast
The US ranks ahead of large developed economies almost on all benchmarks

measured for implementation of e-learning. With an internet penetration of over 90%
and smartphone penetration of 75% as of January 2019, the country hosts a robust
connectivity infrastructure. However, the country has almost a uniform literacy rate
since the past decade with minimal improvement, wherein 14% of the population do
not and cannot read. Further, an estimated 20% of adults in the country have a
literacy level of below 5th grade, and 20% of high school graduates cannot read. While
all this would mean an ideal growth setup for the e-learning market, the market
confronts some challenges to the adoption of online learning.
The US is the largest self-paced learning market in the world with the potential to
radically influence the prospects of the global e-learning market. Some of the factors
that characterize the education system in the country, and the e-learning market, in
particular, are as follows:
• With a nearly trillion-dollar budgetary allocation, the US spends in excess of $13,200 per
public student enrolled in the fall. An estimated 80% of this expenditure goes into the
operational expenditure of schools and colleges, 8–10% on capital outlay, and the
remaining on interest servicing. E-learning thus remains indispensable in this context
wherein the question is no longer about the spend, but on the quality of the spend
• The country has a heavily decentralized education system with states and counties
retaining major power. However, the federal government through the US Department of
Education exercises reasonable control through the launch of several initiatives such as
the “No Child Left behind Act” and the “Race to the Top” program, while exercising control
on funding to institutions. E-governance thus plays a major role in administration,
coordination, and collaboration among various primary, secondary, and tertiary levels of
institutions
• Public and private investments together constitute an annual flow of about $1.3 trillion
into the country’s education system, with a significant amount of it channelized to
improve the effectiveness of the conventional learning and training methods. E-learning
is widely adopted in the entire pedagogic value chain; the scope of tech-enabled education
platforms in the country ranges from collaborative learning, language training, K-12, and
higher education course administering, offering repositories of openly accessible content,
proficiency, and aptitude testing services, remote learning, serious mobile games, and
corporate learning platforms

While there has been a remarkable evolution of the e-learning market in the country
over the past few decades, the prospects will not be the same going forward in the
absence of some fundamental changes.
Exhibit 63 E-learning Market in US 2018–2024 ($ billion)
100 12.0%
90
10.0%
80
70
8.0%
CAGR 60
9.35% 50 6.0%
40
4.0%
30
20
2.0%
10
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 53.08 57.58 62.75 68.68 75.23 82.57 90.73
Growth Rate 8.47% 8.98% 9.46% 9.53% 9.76% 9.88%
Source: Arizton
The e-learning market in the US was valued at $53.08 billion in 2018 and is expected
The following are some of the pointers that characterize the market structure and
growth prospects during the forecast period:
• The higher education segment constitutes about 24.12% of the e-learning market with the
same being dominated by LMS systems, and language training and proficiency testing.
The LMS systems constituted more than $2 billion in revenues in the country and are
witnessing tepid growth on account of a growing preference for interactive systems by
faculty and students. LMS systems are perceived to restrict academic sharing, with limited
customizations and schools often are weighing them against open, customizable platforms
that can be implemented faster and are offered cheaper than licensed LMS systems
• Serious gaming, which finds its applications ranging from academic education to military
training, are a rage in the market with a wide range of military strategy games.
Organizations, corporates, and institutions are using them to improve the engagement

levels of the targeted audience. Serious games in the country represent an $880 million
opportunity and are forecasted to grow at a CAGR of 8.1% until 2023
• Open learning platforms that facilitate easy learning and collaboration of content,
especially targeted at the K-12 and higher education segments, are increasingly posing a
challenge to subscription models of conventional players such as Pearson and McGraw
Hill Education. Further, regulations emphasizing on open licensing of copyrightable
intellectual property created with federal grants or public funds to ensure equal access for
all teachers and students are challenging the conventional monetization models. The
same is resulting in most of the ed-tech players focusing on individual needs rather than
institutional needs in this target segment
• Corporate learning, which constituted close to a 35% revenue share in 2018, has witnessed
tepid growth over the past few years. Driven by a protectionist policy of the Trump
administration pertaining to hiring talent in key multinationals in the country, it is getting
imperative for companies to stack up their training budgets to effectively recruit and train
indigenous talent. An estimated $3.4 billion is set to be spent during the forecast period
by key large to medium-sized companies in the country

15.6.2 Canada: Market Size & Forecast
Canada, with a population of 36.9 million in 2018, is one of the advanced economies
with a better quality of life and faring well in housing, personal security, health status,
income and wealth, social statuses, environmental quality, labor market, work-life
balance, civic engagement and responsibilities, and education and skills. The country
has an average household net-adjusted disposable income per capita is $30,474 a
year, higher than the OECD average of $29,016 a year in 2016. The country spends
about 5.5–6% of its GDP on education; education is mandatory in the country up to
the age of 16, with it being heavily funded by federal and provincial governments. The
evolution of e-learning in Canada can be termed to be a rub-off effect from the US,
which hosts one of the largest e-learning markets.
The e-learning market in Canada was valued at $12.23 billion in 2018 and is expected
Exhibit 64 E-learning Market in Canada 2018–2024 ($ billion)
25 14.0%
12.0%
20
10.0%
CAGR 15
8.0%
10.94%
6.0%
10
4.0%
5
2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 12.23 13.64 15.07 16.65 18.43 20.41 22.79
Growth Rate 11.54% 10.52% 10.48% 10.66% 10.78% 11.64%
Source: Arizton

The following are some of the factors that are driving the evolution of the e-learning
market in Canada:
• With an internet penetration of 88.7% in 2016, an average Canadian spends more than 45
hours a month on the internet, an intensive user of video content and file sharing, and is
a major user of social platforms. E-learning in the region is driven by the aggressive
adoption of interactive learning modes in academics, wherein the higher education and
corporate segments are the major buyers and subscribers of online content. Private
expenditure on e-learning, although small at 37.14% in 2016, is growing YoY at 9.95% due
to aggressive vendor investments on collaborative platforms that can facilitate better
learning through rich content
• The net migration rate, which is the difference between the number of persons entering
and leaving a country during the year per 1,000 persons (based on midyear population),
is a barometer to measure the influx and outflux of population and signifies the availability
of skilled labor force, productivity, and social wellbeing. The net migration rate has
remained consistent in the country driven by a continuous migration of population from
South Asia in search of better professional and employment opportunities. The migration
rate has only grown higher with the advent of protectionist policies and crackdown on
refugees and illegal immigrants in the US, with a majority of them finding safer haven in
Canada. This migration does influence the education system and the e-learning market in
two major ways:
• Signifies opportunity for language learning in the region with a majority of

immigrants compelled to prune their language skills to remain social and
professionally relevant. English remains the major language learnt with the
online learning mode constituting a minor share of 23.4% in terms of
enrollments
• Vocational and corporate training, especially through a structured curriculum

delivered online to train and better equip the workforce for evolving
organizational requirements, is another factor driving the demand for e-
learning material. About 54% of the organizations in the region reported to
have scaled up their employee training expenditure, with more than half of
them indicated their preference for online resources on account of low cost and
easy customization

16 APAC
With a population of 4.93 billion, the APAC region constitutes about 65% of the
world’s population. With an average population growth of 1.2% YoY and regional GDP
growth of over 4.5% in 2018, the APAC region stands as a key driver for the world’s
growth engine. The region accounted for about 42% of the world’s GDP, of which
India and China together accounted for 70% of the region’s GDP output. The region
hosts one of the most robust manufacturing industries, including automotive,
construction, chemicals, defense, and aerospace. APAC’s consumption is on the rise
due to the presence of an enormous population and increased disposable incomes.
While the developed markets in Europe and North America are unable to keep pace
with the emerging markets in APAC, these markets are growing both in consumption
size and purchasing power. For instance, China is expected to add 400 million
consumers, whose annual income is more than $8,000. Similarly, India is expected
to add 60 million households with an annual income of more than $6,000 by 2021.
Higher disposable incomes mean not only an increased consumption but also imply
a growing preference for differentiated value-added products and services.
Exhibit 65 APAC E-learning Market 2018–2024 ($ billion)
90 12.0%
80
10.0%
70
60 8.0%
CAGR 50
9.55% 6.0%
40
30 4.0%
20
2.0%
10
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 45.23 48.96 53.39 58.51 64.31 70.97 78.19
Growth Rate 8.26% 9.04% 9.59% 9.93% 10.35% 10.18%
Source: Arizton

The e-learning market in APAC was valued at $45.23 billion in 2018 and is expected
to reach $78.19 billion in 2024, growing at a CAGR of 9.55% during the forecast
period.
Exhibit 66 Internet & Smartphone Penetration in APAC
92.0% 89.4%
85.7 % 87 .7 %
81 .0% 80.5%
7 2.8%
65.0%
58.1 %
52.3% 50.5%
34.0%
India Vietnam China Malaysia Singapore Australia
Internet Penetration Digital Buyers
Smartphone Penetration
80%
70%
60%
50%
40%
30%
20%
10%
0%
2012 2013 2014 2015 2016 2017 2018
South Korea Australia Japan China Indonesia India
Source: Arizton
The e-learning market in the APAC region is expected to be influenced by the

increasing penetration of smartphones and rapid urbanization, as it increases the
probability of these devices being used to access learning material and educational
content by the users, eventually leading to a higher potential userbase for the vendors
to target. When smartphones were launched a decade and a half ago, their premium
pricing made them unaffordable for the middle-class population. However, with the
availability of budget smartphones, higher disposable income, and increased buying

power of the middle-class population, especially in China, South Korea, and India,
the use and daily active time spent on smartphones have surged in recent years. This
is expected to increase the addressable market for e-learning as a practical and on-
demand substitute for regular education and classroom teachings. With almost 60%
of the world’s population, the APAC region is the largest consumer market where the
digital age is largely modifying consumer behavior. Consumers are paying more for
convenience and time while investing in technological or innovative products. The
purchasing behavior of consumers in this
region is also largely influenced by The e-learning market in the
advanced technological developments as APAC largely includes low- and
well as the rise of e-commerce. moderately priced course
modules due to the availability of
The e-learning market in APAC, although
numerous vendors offering free or
smaller than the market in North America,
relatively cheaper models to
is displaying impressive growth driven by
compete with international e-
some structural changes in key countries
learning platforms. As the
such as India and China. These two
standard of education is still
countries that figure among the leading
below average and parents as
five e-learning markets in the world are
well as corporates are yet to
characterized by rising disposable incomes
accept digital learning courses to
and expanding internet infrastructure.
the full, the region still poses a
While countries such as Japan, South
hinderance to the bottom line of
Korea, Taiwan, and Singapore have
large vendors.
internet penetration rates over 85%, the
same in developing countries such as India
and China that hosts one-third of the world’s population is less than 55%, signifying
huge potential in terms of the untapped market.
The e-learning market in the APAC region largely includes low and moderately priced
course and modules due to the availability of numerous vendors offering free or
relatively cheaper models to compete with the international E-Learning platforms. As
the standard of education is still below average, and parents and corporates are yet to
accept digital learning courses to the full, the region still poses a hindrance to the
bottom line of large vendors. According to an Arizton study, Japan, South Korea, and
Australia are witnessing higher adoption of e-learning instead of regular learning
methods. The challenge is to attract consumers for paid content and premium

subscriptions from India, Vietnam, Indonesia, and the Philippines, where the market
for paid and premium learning content and platforms is yet to catch a steeply rising
curve.
Exhibit 67 Role of Government in Enabling E-Learning in APAC
Minimizing skill gap by offering vocational training
Enabling interactive learning in primary education to minimize dropout rate
Collaborating with the best universities worldwide for access to better curriculum and
mitigate shortage of faculty
Implementing a technology-enabled backbone integrated with MOOCs to enable cheaper

and seamless access to courseware
Liberalizing investment regulations in the education sector
Mandating English language learning, encouraging second and third language learning in the
curriculum, and facilitating options for learning foreign languages easily online
Expanding the reach of distance learning courses by launch of quality content and robust certification
systems
Source: Arizton
Further, the APAC region hosts more than 1.15 billion smartphone users whose
appetite for mobile data is only growing. The population with increasing disposable
income spends more on consumables, both household and industrial, readily adopt
and prefer value-added products and services that can save time and improve
productivity, and are conscious of technology developments and its potential impact
on their lives.
The e-learning market in the region can be termed to be in the nascent growth stage
and is underpinned by several factors. The region’s infrastructural expansion is
driven by progressive government policies and massive indigenous consumption that

is only increasing, supported by the demographic trends. This is a key factor that is
attracting FDI into this region as well as the migration and contact with the developed
world. This globalization is warranting the need for the local workforce to prune their
English-speaking skills and corporates to increasingly investing in resources to match
the evolving demand for skills and capabilities.
Exhibit 68 Segmental Overview of E-learning Market in APAC
Source: Arizton
APAC is also the largest student and migrant workforce, especially into the developed
economies of the US and Europe. Visa regimes in most of the developed countries
mandate specified skill requirements and English language proficiency. India and
China are the major sources of human capital that face the challenge of a shortage of
qualified language instructors to meet the demand of this rapidly growing target
segment. E-learning plays a major role in bridging this skill gap by delivering quality
content to a large audience in a cost-effective manner.
Examination training, especially for GRE, GMAT, TOEFL, and IELTS, is a major
market opportunity in this region with a dearth for testing resources and the presence
of a large learner segment. E-testing is indispensable in this context with the region

emerging to be a major market for pre-examination training. Another major factor

that is driving the adoption of technology-enabled learning in the region is aggressive
government expenditure intended to revamp the conventional education models.
APAC has been a major manufacturing center for several consumer products;
however, the region is witnessing an increase in the expansion of services and
technology businesses as well. This has led to the establishment and adoption of new
education and training standards in various regions, followed by the implementation
and adoption of new technologies by vendors engaged in learning and education
content creation business.

Table 27 APAC E-learning Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 11.31 12.85 14.83 17.36 20.45 24.18 28.34 16.54%
Others 7.15 7.86 8.76 9.81 10.93 12.16 13.56 11.25%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton
Table 28 APAC E-learning Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 23.65 24.91 26.35 27.75 29.15 30.81 32.37 5.37%
Instructor-led 21.58 24.05 27.04 30.76 35.16 40.16 45.82 13.37%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton

Table 29 APAC E-learning Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 35.04 37.71 40.84 44.39 48.30 52.91 57.71 8.67%
Testing 10.19 11.25 12.55 14.12 16.01 18.06 20.49 12.35%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton
Table 30 APAC E-learning Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 9.37 10.00 10.77 11.62 12.61 13.74 14.94 8.08%
Corporates 13.90 15.42 17.24 19.44 21.89 24.80 27.92 12.32%
Government 5.25 5.58 5.95 6.36 6.81 7.32 7.88 6.99%
Vocational 4.50 4.89 5.32 5.78 6.33 6.97 7.72 9.43%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton

16.6 KEY COUNTRIES
Exhibit 69 Incremental Growth in APAC 2018–2024
China $9.42 Bn $16.81 Bn 10.13%
South Korea $7.29 Bn $11.38 Bn 7.69%
Japan $6.50 Bn $11.38 Bn 9.79%
Australia $4.63 Bn $6.82 Bn 6.69%
India $1.83 Bn $4.90 Bn 17.85%
Source: Arizton

TOP 3 CONTRIBUTORS
$78 Bn
India $3.07 Bn
$45 Bn
73% Japan $4.88 Bn

ABSOLUTE
GROWTH
2018 2024 $7.39 Bn
China

16.6.1 China: Market Size & Forecast
China was the second largest e-learning market in the world after the US, with a
revenue contribution of $9.42 billion in 2018. The country stands out with the largest
mobile user base of 1.25 billion and internet penetration of 52.2% in 2016, displaying
remarkable growth over the past decade. With more than 600 million smartphone
users, the region is also a prolific user of mobile data. E-learning is prevalent in the
region, and its adoption is primarily driven by the following factors:
• Private investments in the online learning segment topped $1.22 billion in 2015 and 2016,
driven by the venture and corporate interests in the sector. DCM, Matrix, and IDG are the
major venture funds with a focus on edu-tech, while corporates such as Baidu, Qualcomm,
and NetEase remain bullish on this sector. K-12 and higher education are the areas of
focus for these private investments, constituting an investment share over 55% in 2016
• Large-scale content digitization and technology enablement in primary and secondary

teaching. China's Ministry of Education issued the Education Information Technology
Development Ten-Year Plan (2011–2020) in 2012 that envisages constituting a learning-
based social system supported by IT
• Platforms implemented broadband coverage for all schools and colleges to establish a
modern technology-enabled study system. For instance, the launch of CERSP.com, a
national education portal and the primary distribution point for modern digital
curriculum as envisaged by Development Center of the Ministry of Education. This
program seeks to ensure that all students will have access to individualized internet-based
learning services, irrespective of their location, by ensuring that schools in rural areas
have high-speed broadband access and adequate computers and tutors
• The MOOC platform of Chinese universities was launched in collaboration with more than
20 universities and offered several online courses for higher education. E-learning
applications were co-developed by NetEase and launched in 2014
• Academic content digitization is another initiative by the government, where it seeks to

digitize the entire K-12 content online before 2020. Urban schools already have access to
thousands of online textbooks, courseware, and reference ware, with the government now
working towards providing adequate access channels to students
• Teacher and instructor training is another area of focus with the Ministry of Education in
China operating a portal for teachers called the National Network Training Platform for
University Teachers

Exhibit 70 E-learning Market in China 2018–2024 ($ billion)
18 12.0%
16
10.0%
14
12 8.0%
CAGR 10
10.13% 6.0%
8
6 4.0%
4
2.0%
2
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 9.42 10.27 11.26 12.41 13.71 15.20 16.81
Growth Rate 9.06% 9.66% 10.18% 10.47% 10.86% 10.58%
Source: Arizton
The e-learning market in China was valued at $9.42 billion in 2018 and is expected
Language learning is another great market opportunity in China, with the country
accounting for more than 300 million English language learners, a majority of which
are still rely on the off-line modes of instruction. The English language learning
market (both online and offline) in China was estimated at $ 4.1 billion in 2016 and
is poised to undergo rapid growth on account of an increased emphasis of the Chinese
government to rein in English learning into the school curriculum. The same is
supplemented by the rise in the number of privately-run language training institutes
and schools across the country. Since 2001, English learning has been mandated in
the Chinese school curriculum from the age of 8–9 itself, with the government
understanding the need for an effective medium of communication with global
partners.
China is also the leading source country for international students, followed by India.
About 45% of these students travel to the US, followed by Australia and Europe,
wherein English proficiency is mandated both for vocational and educational
purposes. China ranks below its Asian peers such as India, Singapore, and Japan

when it comes to the English proficiency ranking. Realizing the importance of English
language skills to interact and communicate with global counterparts, individuals are
increasingly evincing interest in English language learning tools and platforms. One
of the major reasons for the adoption of e-learning platforms for language learning in
China is the shortage of qualified instructors. By mandate, language instructors are
required to hold a recognized proficiency degree with at least two years of hands-on
experience. However, the same is overlooked on account of demand exceeding the
supply of instructors in the country. E-learning platforms are poised to cater to this
shortage of instructors, filling-in the much-needed demand for qualified instructors.
These platforms not only enable English learning at competitive prices than the
traditional mode but also are soon turning out to be the preferred ones on account of
the increased inclination of users for blended learning. The market for online
language learning tools and services in China was valued at $550 million in 2016. A
typical six to eight-hour cloud-based course costs $40–50 and the course period often
range from 50–60 hours for an intermediate learner of the language.
Other government initiatives that are driving the e-learning market in the country
include the launch of technology centers in cities that offer open access to the internet
with an emphasis on children resources. The launch of large-scale connectivity plans
is not only limited to schools and colleges in the country. However, an estimated 96%
of the provincial and central governing bodies are well connected with websites of
their own for offering various information and application services online.

16.6.2 South Korea: Market Size & Forecast
South Korea, the 11th largest economy in the world, has witnessed enormous growth
over the last 30 years. In 2018, South Korea reported economic growth of 3% over
2017 after two years of economic stagnation. With the renewed currency swap deal
with China in October 2017, South Korea is expected to witness higher economic
growth. South Korea has been witnessing a high adoption rate for convenient
appliances, which aids in the development of easy and convenient solutions for
household chores in the South Korean domestic and industrial landscape. The
innovations in the consumer and industrial sector demand the influx of skilled and
knowledgeable workforce, thereby promoting e-learning solutions in the country in
the academic and corporate sectors.
Exhibit 71 E-learning Market in South Korea 2018–2024 ($ billion)
12 9.0%
8.0%
10
7.0%
8 6.0%
CAGR 5.0%
7.69% 6
4.0%
4 3.0%
2.0%
2
1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 7.29 7.79 8.40 9.06 9.80 10.56 11.38
Growth Rate 6.84% 7.83% 7.81% 8.11% 7.84% 7.69%
Source: Arizton
The e-learning market in South Korea was valued at $7.29 billion in 2018 and is
As most South Korean couples are dual earners, there is high affordability for smart
devices and premium subscriptions for digital learning platforms in the K-12 and
higher education segments. In comparison to other regions, there would be a higher

adoption rate for these services among consumers who enthusiastically adopt the
latest and innovative technologies.
South Korea has historically always been at the forefront of technological innovation
and involvement in the government and corporate sectors. The country has one of the
highest internet speeds worldwide. Also, both urban and rural areas have access to
high-speed internet in the country. The presence of high-speed internet, high
disposable incomes, and a tech-savvy population have driven the e-learning market
in the country.
With the busy and hectic lifestyle coupled with growing technology and EdTech
industries in the country, it is almost paramount that the education industry and
education policies skew towards innovative online mediums. South Korea is among
the leading countries globally in terms of new enrollments as well as renewals for e-
learning solutions. In the higher education segment, the number of students opting
for e-learning is almost at par with the number of students opting for regular
education in pursuit of higher education degrees.
South Korea is also using e-learning platforms and content to transform its education
industry. The focus of the education policies regarding e-learning is targeted to make
formal and competitive education flexible, thereby allowing users to study and pursue
certifications that they deem important.

16.6.3 Japan: Market Size & Forecast
Japan, with a population of 126 million, constitutes a unique consumer market in the
world. The country is the third largest economy in the world by nominal GDP and the
second largest developed economy in the world. However, Japan is characterized by
a demographic crisis wherein there has been a constant shrinking in its population.
With an increase in the aging population, labor productivity has been on the
downside. The population has shrunk by one million over the past five years, and it is
expected to contract to 83 million by 2100. These macro and microeconomic factors
propel major conglomerates in the region to rely upon markets beyond Japan for
growth. Driven by trade liberalization in several growth economies in Asia, Africa,
and the Middle East, there comes an imperative need for corporates in the country to
effectively train their resources for global assignments.
Exhibit 72 E-learning Market in Japan 2018–2024 ($ billion)
12 12.0%
10 10.0%
8 8.0%
CAGR
9.79% 6 6.0%
4 4.0%
2 2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 6.50 7.06 7.72 8.49 9.34 10.32 11.38
Growth Rate 8.66% 9.35% 9.90% 10.05% 10.44% 10.33%
Source: Arizton
The e-learning market in Japan was valued at $6.5 billion in 2018 and is expected to
reach $11.38 billion in 2024, growing at a CAGR of 9.79%.
Poor English-speaking abilities among the workforce render them ineffective for
deployment or interaction with overseas partners. The problem is only aggravated by
several multinationals in the country mandating English use, driving the workforce

to seriously evaluate learning the English language. Japan ranks dismally among
developed countries in TOEFL iBT and TOEIC English proficiency tests with mean
scores of 71 and 513, respectively. The foreign language learning market was valued
at $3.12 billion in 2018, with online learning and training modes constituting $516
million. Further, only 14% of the white collared workforce are able to communicate
effectively in English. As a result, there has been a growing emphasis of businesses
for the adoption of self-paced language learning tools and courseware complimented
by instructor-led modes. The e-learning mode has gained prominence on account of
a high prevalence of multiple gadgets and preference of individuals for self-paced
learning.
Other major drivers and characteristics of the e-learning market in Japan are as
follows:
• Corporate training programs implemented to better train and equip their resources,
especially in the realms of soft skills and functional skills. LMS remains a preferred mode
for implementation of corporate e-learning programs, followed by proficiency testing
assignments. The demand for LMS systems among corporates is forecasted to grow at a
high rate during the forecast period
• With an estimated internet penetration of 93.53% and growing smartphone penetration

in 2018, the country lags, especially in terms of computer ownership in the higher
education segment. The penetration of smartphones rose by almost 8% in 2018. Similarly,
the exposure of the K-12 segment to the computer-based learning method is limited on
account of the emphasis of traditional modes of learning that involves personal
interaction
• However, the same is changing with schools and colleges aggressively adopting highly
interactive e-learning systems to improve the engagement rate and effectiveness of
teaching

16.6.4 Australia: Market Size & Forecast
The economy of Australia has been steady for the past several years until 2018 when
the economic growth reduced to 1.8% compared to 2.4% in 2017, which is lowest since
2009. However, the accelerated spending in the infrastructure and services sector is
most likely to salve the economy in coming years.
In the field of education, Australia has maintained a demarcation between online

education and e-learning. Online education refers to the process of making paper-
based and standard books available on the internet for students; whereas e-learning
is a process and business of converting paper-based content to learner-led internet or
online resources.
Exhibit 73 E-learning Market in Australia 2018–2024 ($ billion)
8 8.0%
7 7.0%
6 6.0%
5 5.0%
CAGR
6.69% 4 4.0%
3 3.0%
2 2.0%
1 1.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 4.63 4.91 5.24 5.61 6.00 6.40 6.82
Growth Rate 6.02% 6.79% 7.07% 6.99% 6.73% 6.56%
Source: Arizton
The e-learning market in Australia was valued at $4.63 billion in 2018 and is
expected to reach $6.82 billion by 2024, growing at a CAGR of 6.69%.
The growth of the Australian e-learning market is driven by the rising demand from
students for digital courses and instructor-led material for competitive exams,
technological innovations regarding the development and accessibility of learning
material, and competition among institutions.

The country has been a hub for international students for education; the e-learning
market has high growth potential due to the increasing demand from international
students as well as from government and corporates, especially in the services sector.
Considering the growth potential of the country, vendors must incorporate the
following:
Exhibit 74 Strategic Points for Vendors in Australian Market
Deliver personalized and engaging e-Learning content,

platform, and environment that combine student pedagogy
and centricity
Rethinking and redefining the relationships between physical

institutions and online learning through dev elopment of
interactive and flexible blended learning models
Integrating technology to effectively analyze and measure

student results and increase learning outcomes
Source: Arizton

16.6.5 India: Market Size & Forecast
The education market in India, which was valued at more than $100 billion in 2018,
is the strongest market for education technology players. The country’s market is also
cited to be the next largest market after the US with some unique characteristics that
signify high growth prospects:
• The country is blessed with a favorable demographic dividend with half of the population
in the working age of 25–60 years. While this means a great economic opportunity for the
country to leverage in this era of the aging population in most of the developed countries,
most of this workforce is not equipped with proper skills on account of capacity
constraints in vocational training
• An estimated 325 million fall in the age bracket of 6–16, wherein this segment is
introduced to formal education from the age of five. Access to free and compulsory
education is guaranteed to all children in the age group of 6–14 years as a fundamental
right through the Right to Education (RTE8) Act. However, the primary education system
is plagued by several issues including premature dropouts, gender imbalance,
inadequately qualified tutors, and lack of updated academic content
• Higher education in the country is governed by the University Grants Commission, with
the country having more than 750 universities and more than 35,000 colleges. Distance
education stands as a key contributor with a share of 30% to the total higher education
enrolments. Major problems plaguing this segment is the lack of content quality, loosely
governed regulations, and a major disparity with modern pedagogy and global
developments. Further, there is an additional two million qualified faculty needed to train
more than 25 million students, for which additional higher education capacity is to be
created
• Internet penetration in the region was estimated at 37% in 2018, translating into 485
million internet users. However, the same is highly concentrated, with metros and tier-1
cities having the highest digital penetration. Smartphone penetration in the country
stands at 30% with the same on a rapid rise driven by the launch of feature-rich
smartphones at low price points (< $100). An estimated 60% of the data traffic is being
driven by smartphones and device migration from feature phones to smartphones during
the forecast period is set to revolutionize how various businesses reach to this aspiring
consumer segment

Exhibit 75 E-learning Market in India 2018–2024 ($ billion)
6 20.0%
18.0%
5
16.0%
14.0%
4
CAGR 12.0%
17.85% 3 10.0%
8.0%
2
6.0%
4.0%
1
2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 1.83 2.15 2.55 2.99 3.51 4.13 4.90
Growth Rate 17.38% 18.91% 17.03% 17.39% 17.68% 18.72%
Source: Arizton
The e-learning market in India was valued at $1.83 billion in 2018 and is expected to
reach $4.9 billion in 2024, growing at a CAGR of 17.85%.
All the above factors signify a high potential market for e-learning, especially in
several domains where the conventional education system in the country has failed
to accomplish the sought objectives. Some of the avenues where e-learning is
increasingly gaining a foothold in terms of reach and effectiveness are as follows:
• Primary education in the country that is plagued by a high dropout rate can be revamped
by the adoption of tech-enabled learning with interactive tools to engage students.
Further, the quality of the content can be ramped through centralized collaboration
• Higher education, especially at the university level, is a key target segment for e-learning
with the country’s premier institutions, including IITs and IIMs, still lagging behind their
global peers in terms of the quality of curriculum and educational infrastructure. For
instance, only two of Indian universities figured among the top 200 universities and
fourteen among the top 400 in QS university rankings 2015. Another major reason is the
lack of adequate and qualified faculty. Universities in the country, however, are bridging
this gap by investing in e-learning resources and infrastructure, wherein collaboration
with global peers is enabling the reach of quality education in an affordable manner. This

segment is the largest user of LMS, with the demand for the same growing at an
impressive 14.8% YoY
• Self-paced learning continues to dominate the e-learning market with a share of 85% in
terms of revenue in 2018. MOOCs continue to dominate the learning landscape with an
impressive CAGR of 12.90% over the past five years
• Private investments in the education sector exceeded $550 million in 2016, with the
country’s education market being a hotbed for foreign investments that are vying to enter
this majorly untapped market. Further, an aggressive spend by the federal and state
governments to improve the quality of the curriculum is also set to facilitate the launch of
technology-driven solutions in higher education and vocational training segments
Table 31 Overview of the End-user Segment in India 2018
End-user Scope of Major Players

Learning/Tutoring
K-12 Online tutoring Edutor
Tests and Assessments IProf
Smart classes EduWizards
Simulations Penta T-pad
Virtual reality Vedantu
Professional/Vocatio Cloud computing SimpliLearn

nal Education
Salesforce NIIT
Digital marketing Edureka
Web and Application Cisco

Development Training
Big Data
Language Learning
Corporate Training Technical Pedagogy Various corporate programs designed for internal
skill development and collaboration
Management Training
HR Management
Language Training Foreign Language Training TOEFL
Professional Entrance IELTS

Exams
Cambridge Proficiency tests
Source: Arizton

17 EUROPE
Europe is a value education-oriented market, and consumers explore different ways

to manipulate their budget but not compromise on the quality of learning. Consumers
usually check out different platforms and learning values on traditional as well as
online platforms. The effects of Brexit are visible throughout Europe and the UK.
Although consumers in Central Europe are stringent about their finances, they are
not ready to trade-off their lifestyle with cheaper alternatives, which is precipitating
into higher demand for e-learning courses, although free, in Central and Eastern
Europe. Moreover, customers in Eastern Europe prefer to invest in indigenous and
aboriginal products.
Foundations of e-learning in Europe are built well in the education system design
itself. As per the Article 165 constituted in the Treaty on the Functioning of the
European Union, the member states will contribute to the development of quality
education by promoting the mobility of citizens, collaborating in joint study
programs, facilitating information exchange, or teaching languages of the EU.
Further, the treaty also involves a commitment to promote life-long learning for all
EU citizens.
Exhibit 76 Europe E-learning Market 2018–2024 ($ billion)
40 6.0%
35
5.0%
30
4.0%
25
CAGR
20 3.0%
15
2.0%
10
1.0%
5
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 27.19 28.14 29.00 29.98 31.23 32.75 34.48
Growth Rate 3.51% 3.04% 3.40% 4.16% 4.87% 5.27%
Source: Arizton

The e-learning market in Europe was valued at $27.19 billion in 2018 and is expected
to reach $34.48 billion in 2024, growing at a CAGR of 4.04% during the forecast
period.
Europe has been at the forefront of several innovations in education, consumer goods
manufacturing, and artificial intelligence, including internet infrastructure.
Consumers in Europe, mainly the government and corporate segments, are showing
an interest in the adoption of paid e-learning subscriptions. They are also actively
engaging in training as well as testing functions to improve the overall productivity
of employees. The trend to invest in e-learning subscriptions as well as in online
courses or digital universities creates opportunities for higher revenues for e-learning
vendors.
Studying a foreign language for at least a year is made mandatory in more than 20
European countries. Ireland and Scotland are two exceptions, which do not have
mandatory language requirements. However, Scottish schools are still obligated to
offer at least one foreign language option to all students in the age group of 10–18;
Irish students learn both English and Gaelic (neither is considered a foreign
language); English is the most-studied foreign language in almost all European
countries and at all education levels.
Although some countries made learning English as a foreign language mandatory, the
percentage of pupils studying it remains high across the region, even in countries that
do not have this rule. The next most popular languages in most countries were French
and German. Spanish and Russian are gaining popularity and widely taught as
foreign languages in certain regions of the continent. The percentage of students
learning other languages than those mentioned above is below 5% in most countries.
An estimated 60% of the learners have reported having explored or using the online
channel for language learning, and 32% of them have reported having attempted an
online language proficiency test at least once.
The EU strategically funds educational, vocational, and skill-building programs that

encourage EU citizens to take advantage of professional opportunities across the
region. Conscious of the importance of education and continuous training, EU states
have launched structured initiatives to achieve specific goals in the field of education.

Some key initiatives that play a decisive role in shaping the EU’s education system
are as follows:
17.1.1 Education and Training 2020 Program (ET2020)
The ET2020 is a framework for cooperation in education and training among

member states that facilitate the exchange of best practices, mutual learning,
gathering and information dissemination and sharing of evidence, advice, and
support on policy reforms. It involves working groups of experts nominated by
member countries and several other key stakeholders to work upon common EU-level
policy guidance.
The ET2020 has set four common EU objectives to address challenges in the training
and education system:
• Ensuring lifelong learning and mobility
• Improving the quality and efficiency of education and training
• Promoting equity, social cohesion, and active citizenship
• Enhancing creativity and innovation, including entrepreneurship, at all levels of

education and training
The following are some of the benchmarks set for education systems under the
program by 2020:
• At least 95% of children (from 4 to compulsory school age) should participate in early
childhood education
• Fewer than 15% of 15-year-olds should be under-skilled in reading, mathematics, and

science
• The rate of early leavers from education and training aged 18–24 should be below 10%
• At least 40% of people aged 30–34 should have completed some form of higher education
• At least 15% of adults should participate in lifelong learning
• At least 20% of higher education graduates and 6% of 18–34-year-old with an initial

vocational qualification should have spent some time studying or training abroad
In the achievement of the above, it is imperative for the member countries to leverage
technology, especially for ensuring continuous learning, improving engagement at
the primary levels, catering to the continuously evolving pedagogic needs of students,
and bridging skill gaps for employability.

17.1.2 Erasmus Program
Established in 1987, the Erasmus+ Program is a European funding program

established to offer university students a possibility of studying or doing an internship
abroad in another member country for a period of at least two months and maximum
12 months per study cycle. With the program also offering the flexibility of studying
abroad, it is aimed at cross-border cooperation between states to aid the growth of
international study. With thousands of students enrolled, it offers an excellent chance
to gain academic experience abroad. The program indirectly enables cross-cultural
study and drives language learning among the student community. Short-term
language learning courses are in much demand for the outgoing student community
as part of the program.
17.1.3 Bologna Process
It is an inter-governmental project that aims to develop Europe as a higher education

area by harmonizing academic certifications and standards as well as establishing
academic quality assurance standards throughout the EU and other European
countries. This harmonization warrants digitization of curriculum and certifications
for ready reference and is not only propelling the rise of standardized courseware for
easy translation and sharing in various languages but also is enabling easy testing and
online evaluation services.
E-learning in the region is driven by the higher education segment, followed by

language learning among corporate and vocational users. The flow of students among
member countries for short-term courses and internships is spurring subscriptions
to online language learning. Universities are among the largest subscribers and
adopters of e-learning material through extensive libraries of courseware accessible
among member institutions. Europe finds itself in a unique position when it comes
to learning foreign languages. The ambitious EU objective of mother tongue +2, i.e.,
commitment to multilingualism within the EU aims to achieve in what every EU
citizen will be able to speak at least two foreign languages other than the mother
tongue.

Exhibit 77 Segmental Overview of E-learning Market in Europe
Source: Arizton

Table 32 Europe Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 8.00 8.31 8.60 8.93 9.36 9.82 10.36 4.39%
Others 5.53 5.76 5.98 6.26 6.58 7.00 7.46 5.11%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton
Table 33 Europe Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 18.88 19.15 19.29 19.37 19.52 19.84 20.19 1.12%
Instructor-led 8.31 9.00 9.71 10.62 11.71 12.91 14.29 9.46%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton

Table 34 Europe Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 19.28 19.86 20.37 20.99 21.80 22.79 23.94 3.68%
Testing 7.91 8.28 8.63 8.99 9.43 9.96 10.54 4.90%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton
Table 35 Europe Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 5.62 5.73 5.83 5.94 6.11 6.32 6.57 2.63%
Corporates 8.08 8.58 9.08 9.66 10.32 11.12 11.97 6.75%
Government 4.06 4.14 4.19 4.25 4.34 4.46 4.62 2.17%
Vocational 2.98 3.10 3.18 3.34 3.55 3.75 4.00 5.06%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton

17.6 KEY COUNTRIES
Exhibit 78 Incremental Growth in Europe 2018–2024
UK $6.03 Bn $7.37 Bn 3.41%
Germany $5.20 Bn $6.36 Bn 3.40%
France $3.90 Bn $4.70 Bn 3.13%
Nordics $2.97 Bn $3.58 Bn 3.16%
Spain $2.61 Bn $3.26 Bn 3.79%
Source: Arizton

TOP CONTRIBUTORS
$34 Bn
France $0.8 Bn
$27 Bn
27% Germany
$1.1 Bn
ABSOLUTE
GROWTH
2018 2024 $1.3 Bn
UK

17.6.1 UK: Market Size & Forecast
The UK was an early adopter of e-learning with wide prevalence of tech-enabled

avenues across realms of end-users. The market was once a pioneer of e-learning with
the launch of innovative teaching and learning methods that fundamentally
challenged the conventional methods of instruction. The conventional education
system was perceived to be expensive in the country, especially for skill development
and language learning. Moreover, there was also a dearth of qualified instructors.
Since 2005, a rise in innovative platforms that not only facilitated MOOCs but also
bespoke solutions to cater to individual learning needs helped the online learning
market grow. Since 2000, some prominent citable players have been offering
innovative learning solutions for corporate and education end-users, including
Walkgrove, GLAD Solutions, aNewSpring, Commelius, Brightwave, Oilennium, and
Virtual College.
Exhibit 79 E-learning Market in UK 2018–2024 ($ billion)
8 4.0%
7 3.5%
6 3.0%
5 2.5%
CAGR
3.41% 4 2.0%
3 1.5%
2 1.0%
1 0.5%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 6.03 6.22 6.42 6.63 6.85 7.10 7.37
Growth Rate 3.30% 3.07% 3.35% 3.35% 3.61% 3.80%
Source: Arizton
The e-learning market in the UK was valued at $6.03 billion in 2018 and is expected

An analysis of the e-learning market in the country reveals the following:
• With an internet penetration of 92.8% and smartphone penetration in excess of 80%, the
UK is one of the well-connected markets in the world. Not only are the audience here
prolific users of data, but a good telecom and internet infrastructure makes live streaming
and instructor-led learning modes easier and feasible in most of the higher education
courses
• MOOCs have been prominent in the region followed by language testing services, which
together accounted for a revenue share of 55% of the total e-learning market in 2016
• The UK is the key destination for EU students and professionals with the EU countries
constituting more than 50% of the immigrant influx. The country has one of the best
standards for English proficiency with online English language learning majorly pursued
by the immigrant population whose first language is usually German, French, Spanish,
Italian, and Dutch
• Corporate learning is another potential market in the country with the spend on
intracompany pedagogy exceeding $45 million in 2016. A majority of them focused on
enabling collaboration and knowledge transfer between remote teams, functional skill
enhancement and cross-domain knowledge sharing, and training for entry-level
employees and newcomers

17.6.2 Germany: Market Size & Forecast
Germany is the second largest market for e-learning in Europe, with a share of 19%
in 2018. The growth prospects of the e-learning market in Germany highly depends
on the adoption of e-learning in the government and corporate segments. The
German economy registered a growth of 1.5% and 2.2% in 2018 and 2017,
respectively, compared to the previous years. Strong business growth, declining
unemployment, increasing wages, and the growth of income have resulted in steady
economic growth in recent years.
Exhibit 80 E-learning Market in Germany 2018–2024 ($ billion)
7 4.0%
6 3.5%
3.0%
5
2.5%
CAGR 4
3.40% 2.0%
3
1.5%
2
1.0%
1 0.5%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 5.20 5.38 5.57 5.75 5.95 6.14 6.36
Growth Rate 3.42% 3.44% 3.41% 3.35% 3.24% 3.52%
Source: Arizton
The e-learning market in Germany was valued at $5.2 billion in 2018 and is expected
The number of households in Germany stood at over 41 million in 2018 following a

gradual and steady increase since 2010. The increase in the number of households
and the number of new dwellings required to accommodate the spurt in migrants into
the country is stimulating the demand for new educational structure at a faster pace.
The government estimates that over 3.6 million migrants will arrive in Germany by
2020, requiring at least 350,000 new houses annually, adding growth prospects to
the academics and vocational segments of e-learning. Furthermore, the increase in

the mean annual equivalized net income is also a growth driver for the paid
subscriptions of the online course and education platforms.
The economic growth in Germany continues to be on par with the overall economic
growth in Europe. The strong fiscal position of the country is resulting in high public
spending on ICT infrastructure as well as public welfare programs that are aimed at
enhancing the internet access and speed for all citizens. The German government
invested over $37 billion in public infrastructure development in 2017 and the
corporate sector in Germany is likely to witness solid growth in 2019 and the coming
years. The growth in the corporate sector, rise in disposable income, and high
government spending on public infrastructure are expected to drive the demand for
e-learning as a preferred mode of selective and practical education in both individual
consumers as well as corporate and government segments.

17.6.3 France: Market Size & Forecast
France represented the third largest economy in Europe with about 99% literacy and
over 91% of internet penetration in 2018. The country is the second largest trading
country in Europe after Germany, exporting aircraft, automobiles, and several
sophisticated spares and accessories. The country is also a major tourist center and is
the most visited destination in Europe.
The French language is spoken by over 80 million speakers as a first language and
200 million as a second language, making it the second-most spoken second language
after English. The country’s education system is highly centralized and structured
with most of the common degrees recognized by the Bologna process - Licence and
Licence Professionnelle, Master, and Doctorat degrees. A quarter of the country’s
population are pupils and students, thus constituting a vibrant and dynamic primary
and secondary education markets in Europe.
Exhibit 81 E-learning Market in France 2018–2024 ($ billion)
5 4.0%
5
3.5%
4
3.0%
4
2.5%
CAGR 3
3.13% 3 2.0%
2
1.5%
2
1.0%
1
0.5%
1
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 3.90 4.02 4.15 4.28 4.41 4.54 4.70
Growth Rate 2.99% 3.16% 3.24% 2.98% 3.00% 3.42%
Source: Arizton
The e-learning market in France was valued at $3.9 billion in 2018 and is expected

The regulatory framework in the country is well designed to drive the training spend
by individuals and corporates, with corporates enjoying tax rebates for a structured
training spend on employees. Despite the same, the adoption of e-learning in the
country lags behind the UK and the US because there is a high inclination towards
personalized and instructor-led training. E-learning was once perceived to be an
avenue of only providing reference ware and proficiency tests. However, this
perception gradually has undergone a change with the following developments over
the past five years:
• E-learning can well facilitate instructor-led learning and collaboration with a high degree
of engagement in an easy and simple manner
• The total cost of training and testing for most of the courses is lower in e-learning than
pure offline modes or hybrid modes
• MOOCs and several learning platforms facilitate access to a wide repository of content
and reference ware on more than 80 subjects, which otherwise was not accessible offline
Some key trends and drivers that characterize the e-learning market in France are as
follows:
• There has been an increasing preference for mobile-based solutions with interest in
application-based serious games and learning platforms. With a majority of data
channeled through mobile, existing LMS providers are optimizing their applications to
offer a better experience on mobiles through gamification
• 3-D simulation games and VR are making inroads into the market, especially targeted to
primary and secondary education segments
• LMS is witnessing a slow decline with an increasing preference for standard content and
courseware in the higher education segment. The demand for LMS is set to expand at a
meager CAGR of 0.44% during the forecast period
• There has been a growing diversity in the content hosted online through MOOCs and open
courseware, ranging from academics to management, health, safety, and language
training
• An increased preference for French tutors for better language training abroad is
propelling the rise of video capturing and sharing modules that are highly customized to
suit the learning requirements of a diverse user base
• There has been a growing trend of subscription-based billing, driven by corporate spend
on facilitating dynamic learning requirements of its key workforce

17.6.4 Nordics: Market Size & Forecast
The Nordic region includes five European countries - Denmark, Finland, Norway,
Sweden, and Iceland as well as their associated territories. The Nordic countries have
been ranked high in terms of quality and standard of living. Also, as a region, the
Nordic countries lead the EU average in terms of economic development. The Nordic
consumers are mostly affluent owing to higher GDP per capita. The GDP in PPP per
capita of Nordic countries is higher than that of the entire EU. All Nordic countries
except Norway are witnessing growing GDP per capita. Despite the declines, Norway
still leads the region in terms of GDP per capita; however, these values have declined
and are expected to reach about $45,000 by 2019.
According to the World Bank, the household consumption expenditure in Sweden

reached about 47.3% of its overall GDP in 2016, largely driven by higher household
spending on consumer durables and technology goods. The increase in per capita
disposable income in the country has improved end-user optimism of the economic
outlook and has led to a more confident private consumption. For instance, according
to the OECD, the per capita household disposable income is rising by an average of
3% in the Nordics.
Exhibit 82 E-learning Market in Nordics 2018–2024 ($ billion)
4 3.5%
4 3.0%
3
2.5%
3
CAGR 2.0%
3.16% 2
1.5%
2
1.0%
1
1 0.5%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 2.97 3.06 3.16 3.27 3.37 3.47 3.58
Growth Rate 3.21% 3.27% 3.20% 3.15% 2.92% 3.18%
Source: Arizton

The e-learning market in the Nordics was valued at $2.97 billion in 2018 and is
The academic and corporate segments are the largest end-users of e-learning
solutions in the Nordic countries. The growth in the corporate segment is
underpinned by the oil & gas industry and several existing and emerging companies
in the technology field. The petroleum industry is one of the largest industries in
Norway and accounts for close to 20% of the country’s GDP. The market landscape
for e-learning in the Nordic countries is underpinned by an increase in the rising
education scenario as well as multinational ed-tech start-up companies. Also, Nordics
have climbed up the ladder in technology and innovation and are witnessing
advancements in education and technological innovations among the European
countries as well as other parts of the world.
The Nordics are also becoming a leader in the development and implementation of
game-based learning materials and micro courses for the K-12 region. Some emerging
ed-tech vendors in the Nordics focusing on academics and major are given below.
Exhibit 83 Emerging EdTech Vendors in Nordics (Academic and K-12)
Citationsy
(Sweden)
Fun
Lexplore
Academy
(Sweden)
(Finland)
Gruply
3D Bear BookBites
(Finland) (Denmark)
Peergrade
(Denmark)
Source: Arizton

17.6.5 Spain: Market Size & Forecast
Spain represents a unique market for e-learning with high potential in terms of
adoption and proliferation of learning methods. The country with an internet
penetration rate of 82.1% and smartphone penetration rate of 30.4% in 2016 holds
high potential in terms of web and mobile data traffic. E-learning in the country is
currently facilitated by the deployment in federally funded education systems and
vocational learning systems. Education is compulsory and free for all children aged
6–16 years and is supported by the federal government, the country's autonomous
communities.
Exhibit 84 E-learning Market in Spain 2018–2024 ($ billion)
3.5 4.5%
4.0%
3.0
3.5%
2.5
3.0%
CAGR 2.0 2.5%
3.79%
1.5 2.0%
1.5%
1.0
1.0%
0.5
0.5%
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 2.61 2.71 2.80 2.91 3.02 3.14 3.26
Growth Rate 3.65% 3.60% 3.79% 3.92% 3.78% 4.00%
Source: Arizton
The e-learning market in Spain was valued at $2.61 billion in 2018 and is expected
E-learning in the country’s education system is primarily driven by multi-skill

development in Spanish Bachillerato and increased use of interactive learning modes
in the first and second cycles of secondary education. English reference ware,
especially pertaining to a specialist part of Spanish Bachillerato, is in great demand.

The demand for English language learning modules from corporates, testing services,
instructor-led Spanish courseware, and MOOCs in English with functional content
are other major drivers for the market in the country. State schools and private-run
schools funded by the state constitute 60% of the demand for courseware in the
academic segment. Spain also hosts more than 200 ISC-recognized international
schools and several renowned universities that deliver international education, with
about one-third of them delivering the same in the Spanish language.

18 LATIN AMERICA
Latin America hosts one of the most dynamic and expanding consumer sectors with
constantly evolving mid-income segments that are receptive to new purchasing
formats for various products and services. Argentina, Brazil, Chile, Colombia, and
Mexico host a large base of aspirational consumers, whose disposable incomes are on
the continuous rise. Despite the macroeconomic uncertainties associated with the
region, many consumer markets stand relatively insulated on account of thriving
domestic consumption and rising associated new opportunities.
Exhibit 85 Latin America E-learning Market 2018–2024 ($ billion)
8 6.0%
7
5.0%
6
4.0%
5
CAGR
5.05% 4 3.0%
3
2.0%
2
1.0%
1
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 5.47 5.72 6.00 6.30 6.61 6.97 7.36
Growth Rate 4.58% 4.80% 5.00% 5.02% 5.41% 5.51%
Source: Arizton
The e-learning market in Latin America was valued at $5.47 billion in 2018 and is
forecast period.
The millennial segment in the region constitutes roughly 22% of the Latin American
bottom-of-pyramid market (those who earn $10 or less a day), and whose purchasing
power is estimated at more than $1 trillion over the next two years. This segment
remains to be the most likely end-user, both in the professional and personal learning

segment, with people being more educated, connected, and having higher disposable
income than ever before. These users are receptive to new technologies and services
and would eventually be ready to go the extra mile for a better-than-before learning
experience.
Some of the factors that are driving the adoption of e-learning in Latin America are
as follows:
• The region’s consumer expenditure grew by 20−25% over the past five years, with major
changes in consumption trends. Several products and services that once were designed to
be delivered only offline are now being molded to suit an optimal mix of both online and
offline distribution. Academic and professional education, which was once predominantly
designed and delivered offline, started to underperform compared to online delivery
modes driven by the latter’s functional value, richness, diversity, and comfort of
consumption
• The region, which once lagged OECD in terms of internet penetration, has gained pace
over the past decade driven by a rapid expansion in mobile and internet infrastructure.
Better availability of internet ensured open and easier access to content for both academic
and professional end-users, including foreign language learning, federal training
programs, interactive higher education, and rich vocational learning.
• MOOCs have emerged to be the first and most effective learning avenues worldwide since
2010. The evolution of MOOCs in Latin America can be termed as late since several of the
otherwise meant-to-be-open content was restricted for access through licenses and
subscriptions with free access only available for academic uses. However, with increasing
participation of higher education universities and several foundations, there emerged
platforms such as MiriadaX that offer seamless content to more than 1,000 universities
across the region. Other examples include Veduca, which is funded by Macmillan Digital
Education, and Mountain do Brasil SCA, which is the first to launch content on
mechanical physics, probability, and statistics in Brazil, Portuguese, and subsequently in
Spanish, finding appeal among populations other than English. Other universities that
offered Coursera programs since 2013 in Spanish are Universidad Nacional Autónoma de
México and Tecnológico de Monterrey
• Growing access to technological equipment and connectivity, progressive demand for

market-relevant skills, and competencies and innovative teaching models are driving the
presence and popularity of e-learning in the higher education segment. The same is also
supported by the active participation of policymakers who view this as an effective tool to
democratize education and strengthen human capital

Exhibit 86 Segmental Overview of E-learning Market in Latin America
Source: Arizton
Despite the above, the e-learning market in the region faces some stiff challenges, as
listed below:
• Offline and in-person education still stands as a primary model in 60% of universities,
with only 15% emphasizing on completely digital learning solutions. Another 25% of the
institutions rely on hybrid models since a majority of the stakeholders perceive e-learning
models to lag in terms of effectivity and reach compared to traditional learning models
• Lack of coherence between the e-learning content and professional demands of the labor
market. One-third of universities and over half of employers in the regions still believe
that the existing e-learning content can only cater to a limited skill development needs of
students and employees
• Lack of accreditation is a pending challenge that hinders the goal of guaranteeing quality
education. Only one-third of universities have their programs accredited by national
authorities, 19% report that some of their programs are accredited, and the remaining
50% have no accredited programs

Table 36 Latin America Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 1.58 1.66 1.75 1.84 1.95 2.06 2.17 5.42%
Others 0.96 1.01 1.08 1.15 1.23 1.31 1.40 6.45%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton
Table 37 Latin America Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 2.34 2.48 2.64 2.83 3.02 3.24 3.50 6.92%
Instructor-led 3.13 3.24 3.36 3.47 3.59 3.73 3.85 3.53%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton

Table 38 Latin America Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 4.36 4.55 4.76 4.99 5.22 5.49 5.78 4.82%
Testing 1.11 1.18 1.24 1.31 1.39 1.48 1.58 5.95%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton
Table 39 Latin America Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 1.31 1.35 1.40 1.45 1.50 1.57 1.63 3.82%
Corporates 1.51 1.62 1.75 1.89 2.05 2.21 2.39 7.99%
Government 0.75 0.78 0.80 0.82 0.85 0.87 0.90 2.93%
Vocational 0.30 0.32 0.33 0.34 0.35 0.37 0.39 4.21%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton

18.6 KEY COUNTRIES
Exhibit 87 Incremental Growth in Latin America 2018–2024
Brazil $1.31 Bn $2.29 Bn 9.74%
Mexico $0.84 Bn $1.27 Bn 7.15%
Argentina $0.71 Bn $0.96 Bn 5.12%
Chile $0.45 Bn $0.64 Bn 5.99%
Source: Arizton

TOP 3 CONTRIBUTORS
$7 Bn
Argentina $0.3 Bn
$5 Bn
34% Mexico $0.4 Bn

ABSOLUTE
GROWTH
2018 2024 $1 Bn
Brazil

18.6.1 Brazil: Market Size & Forecast
With a current population of 212 million, Brazil was the world’s ninth largest
economy with a GDP of $2 trillion. The country has the largest economy in Latin
America and is a key contributor to the region’s growth. Despite the current and
economic and political turmoil, Brazil is the fifth largest higher education market in
the world and the largest market in Latin America. In 2018, the total expenditure on
education was estimated at over $35 billion. The market in Brazil is maturing and
gradually moving toward stagnation in the academic segment. However, the
corporate and vocational e-learning segments are likely to display significant growth
during the forecast period. The e-learning market in Brazil was valued at $1.31 billion
in 2018 and is estimated to reach $2.29 billion by 2024, growing at a CAGR of 9.74%.
Exhibit 88 E-learning Market in Brazil 2018–2024 ($ billion)
2.5 12.0%
10.0%
2.0
8.0%
CAGR 1.5
9.74% 6.0%
1.0
4.0%
0.5
2.0%
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 1.31 1.44 1.58 1.73 1.90 2.09 2.29
Growth Rate 9.75% 9.86% 9.63% 9.65% 9.83% 9.71%
Source: Arizton
The country’s primary and secondary education system is divided into three cycles:
pre-school, primary education, and high school. In Brazil, primary and secondary
education starts at the age of 3–4 and takes on an average approximately 14 or 15
years to complete. There are approximately 57 million students in the basic education
system, with 8.7 million in pre-schools, 37.72 million in elementary schools, and 11.1
million in high schools. The higher sector education includes 7.3 million enrolled

students. Further, it is estimated that 72% of the higher education students go to

private institutions. The growing penetration of smartphone users, coupled with the
increasing internet penetration, is driving the demand for e-learning in Brazil.
Further, the rising infrastructural development and demand among K-12 and higher
education students are the primary driving factors for the e-learning market in Brazil.
Exhibit 89 Students Enrollment by Institutions in Brazil 2018
Distance Learning
5%
Primary & Seconday

81%
On Campus
14%
Source: Arizton
The Brazilian Government has also supported the e-learning market and has invested
in the sector. Since 2007, the Brazilian Education Ministry has invested in
“PROINFO,” a program that promotes IT as an important teaching tool. The program
promotes the installation of computer and related technology labs in public
elementary and high schools, laptops for teachers and students, digital boards,
projectors, and tablets. In 2018, the government was expected continue investing in
technology programs with additional purchases of tablets for teachers, computers for
technology laboratories at schools and universities, smart and digital boards,
projectors, and other learning technologies.
For the next decade, the fastest growing segment in the education market in Brazil
will be short-term vocational and English learning courses, due to government
investments in technical schools and courses for high school students and adults.

Over the past five years, the demand for professional/vocational courses grew by
50%. Education fairs are one of the most efficient means to recruit individual
Brazilian students. Some of the recent education fairs were as follows:
Exhibit 90 Major Education Fairs Held in Brazil in 2018
Study Travel: ALPHE Conferences March 7−9, 2018, in Sao Paulo – The Conference creates an
environment for networking between international educators and student recruitment agents
ICEF: September 20−22, 2018 in Sao Paulo – This workshop provides an opportunity for
international educators from all sectors to consolidate existing partnerships as well as
establish new ones with quality, screened student recruitment agents. This is the largest
event of its kind in Brazil
FAUBAI Conference: April 14–18, 2018 in Rio de Janeiro – The Brazilian Association for
International Education (FAUBAI) meets annually for the promotion and improvement of
exchange programs and international cooperation to improve teaching, research, extension
and administration of affiliated institutions
Bett Brasil Educar: May 8–11, 2018 in Sao Paulo – Though most exhibitors are domestic
manufacturers of low-cost equipment trying to capture a portion of the market created by the
Education Ministry spending on PROINFO, this show represents the best annual opportunity to
exhibit classroom technology and furniture in Brazil.
Source: Arizton
In Brazil, internet penetration was estimated at 70% in 2018. The average time spent
on laptops and desktops is 4.59 hours compared to mobile devices 3.56 hours per day.
The globalization of higher education has relevance both for public and private
Brazilian higher education institutions. Brazilian federal research agencies have a
long history of supporting international research partnerships, and several bilateral
agreements with various countries in Europe, North and Latin America have existed

for decades. However, the available English language courses at Brazilian universities
are still limited, but they are expected to grow during the forecast period.
In Brazil, higher education is dominated by private institutions; public institutions

are small and are unable to meet the standards needed for higher education. Public
higher education institutions are directed to serve as centers of excellence and
research, with extremely competitive admissions standards and a limited capacity for
expansion. Private higher education institutions, on the other hand, are focused on
meeting the professional requirement of the labor market and have developed flexible
programs to meet the demand of the working population.

18.6.2 Mexico: Market Size & Forecast
Mexico has taken a leading role in global education, fostering student mobility, and
academic exchanges with institutions abroad to become more competitive in the
international market. Mexico spent over 5% of its GDP on public education in 2018.
According to Mexico’s National Population Council, its population was estimated to
be 130.7 million people in 2018. Approximately 63% of the population is aged 15–60
years, and of these, 80% reside in urban locations. In 2018, the National Institute of
Statistics and Geography (INEGI) reported over 54 million of Mexicans as
economically active. The increasing middle class has led to changing consumption
patterns, and one of the categories that is expected to benefit the most from this surge
to improve quality of life is education.
Exhibit 91 E-learning Market in Mexico 2018–2024 ($ billion)
1.4 8.0%
1.2 7.0%
6.0%
1.0
5.0%
CAGR 0.8
7.15% 4.0%
0.6
3.0%
0.4
2.0%
0.2 1.0%
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 0.84 0.90 0.96 1.03 1.10 1.18 1.27
Growth Rate 7.14% 7.17% 7.18% 7.02% 7.24% 7.18%
Source: Arizton
The e-learning market in Mexico was valued at $0.84 billion in 2018 and is expected
The growth of the e-learning market in Mexico is likely to decline as students in the
country are leaving the country in pursuit of higher education. However, e-learning
will be of immense help to those students that cannot afford to travel abroad for
higher studies. E-learning will help these students to gain knowledge and learn from

prestigious institutes. Mexico is the ninth largest country of origin for students
studying in the US. In the academic year 2018, over 17,000 Mexican students were
enrolled in US schools, mostly for undergraduate programs, and contributed $617
million to the US economy. In general, Mexican students choose to study in the US
because of the strong ties and proximity between the countries. The reputation of the
American higher education system is also a major influencing factor for students.
However, this can be a major challenge for the e-learning market.
According to the Mexican Education Reform, the new education structure aims to be
transformative, building the knowledge, skills, values, and attitudes that help
students to contribute toward a global environment. Technology and innovation play
a key role in providing learning tools to educators and students for a more interactive
experience in classrooms. Thus, the growth of the e-learning market is likely to
increase during the forecast period.
E-learning in the fields of corporate, vocational, and government is rapidly increasing

in recent years. With only 65% internet penetration in the country, students cannot
realize the benefits of e-learning, which is a major challenge for the growth of the
market over the next few years. In industrial automation, e-learning is helping
professionals to learn about the process and solutions for machinery breakdowns in
an easy tutorial format in the local language. This helps to solve the problems easily,
effectively, and efficiently. In 2018, the K-12 and higher education segments were the
leading end-users of e-learning in Mexico and were expected to grow at the highest
rate during the forecast period.
Learning the English language is one of the popular courses because it helps Mexicans
in getting jobs domestically and abroad. According to The British Council, the leading
motivation among beginner students for the English language is to improve their
employment prospects (26%), to enhance their quality of life (16%), and to travel
abroad (16%). On average, 58% of English learners view the language as a means for
greater employability. Thus, only English tutorials are one of the popular courses in
Mexico.

18.6.3 Argentina: Market Size & Forecast
Argentina has started to recover from financial instability witnessed during the
Peronist rule. Until 2015, the inflation was soaring, creditors were avoiding long-term
investments, and consumers were refraining from taking short-term loans due to
uncertain interest and tax rates. The economic and foreign policies implemented by
the current government are shaping the economy in a positive outlook. The GDP of
the country has recovered since 2016 as the inflation has been witnessing a gradual
decline, thereby increasing consumer confidence.
Argentina is liberalizing its political and economic policies to reform the economy,
increase free trade, develop the IT infrastructure to attract foreign investors to the
country, and develop opportunities for businesses. Also, the government is
developing educational policies and encouraging students to study. Further, with the
use of technology and globalization, the government and private firms are training
and teaching the student to use online platforms.
Exhibit 92 E-learning Market in Argentina 2018–2024 ($ billion)
1.2 6.0%
1.0 5.0%
0.8 4.0%
CAGR
5.12% 0.6 3.0%
0.4 2.0%
0.2 1.0%
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 0.71 0.75 0.79 0.83 0.87 0.92 0.96
Growth Rate 4.93% 5.06% 5.15% 5.05% 5.30% 5.25%
Source: Arizton
The e-learning market in Argentina was estimated at $0.71 billion in 2018 and is
expected to reach $0.96 billion by 2024, growing at a CAGR of 5.12% during the
forecast period.

The government, provincial authorities, and the autonomous city of Buenos Aires
have the major responsibility of ensuring high-quality education. They are also
responsible for planning, organizing, and monitoring finances for the national
education system. The government spent 5.6% of the total GDP on education in 2018.
Argentina’s annual expenditure per student is expected to be $4,240 over the next
few years. For primary education, Argentina spent 1.9% of the GDP in 2018.
The growing internet penetration, increasing urbanization, rising investments in the

educational sector, and growing smart users are driving the growth of the e-learning
market in Argentina. Argentina has the highest internet penetration rate of 93.1% in
Latin America. In 2018, 67% of the population were using smartphones, and 63% of
the population was using laptops, PCs, and tablets to access the internet in Argentina.
Argentina strives at increasing the scope of public services and aims at promoting the
development of physical, language, communication, cognitive and socio-emotional
skills of children in the age group of 0−5 years, with a $200 million loan approved by
the Inter-American Development Bank (IDB) in 2018.
In Argentina, the corporate segment is the fastest growing segment and is expected
to lead the e-learning market by increasing its share from 26% in 2018 to 32% in
2024. It will also be the fastest growing segment with a CAGR of over 8% during the
forecast period.
The high concentration of international corporate offices and an increasing number

of business start-ups are driving the corporate e-learning market in Argentina. The
ease of doing business is also attracting many entrepreneurs to establish their
business in the country. Further, companies are using technology as a medium to
train and educate their professionals as it is easy and cost effective for them.

18.6.4 Chile: Market Size & Forecast
Chile is one of the most stable developing markets in Latin America with a constant
5% average GDP growth rate over the last 20 years. However, the economy has slowed
in recent years, growing at just 2.1% in 2015 and 1.6% in 2016. In 2017, the GDP
growth was still weak at 1.49%, and this trend continued in 2018. Chile and the US
entered a Free Trade Agreement in 2004, which increased bilateral trade by 340%.
Chile is also progressive in its development and is continuing to liberalize economic
activities through FTAs and support the flow of open markets.
In Chile, internet penetration is 77.5%, which is helping to drive the growth of the e-
learning market. With better connectivity and ease of technology, people have better
access to e-learning courses to help them improve their skills. In 2018, the e-learning
market in Chile was valued at $0.45 billion and was expected to reach $0.64 billion
by 2024, growing at a CAGR of 5.99% during the forecast period.
Exhibit 93 E-learning Market in Chile 2018–2024 ($ billion)
0.7 7.0%
0.6 6.0%
0.5 5.0%
CAGR 0.4 4.0%

5.99%
0.3 3.0%
0.2 2.0%
0.1 1.0%
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 0.45 0.48 0.51 0.54 0.57 0.60 0.64
Growth Rate 5.74% 5.88% 6.00% 5.92% 6.21% 6.20%
Source: Arizton
E-learning is a new technology that simplifies the learning processes and provides
great opportunities for educational institutions. Adopting technology effectively often
leads to casting aside traditional, analog teaching methods, and gradual

implementation of new tools that offer teaching staff, students, and management
speed and greater satisfaction.
The e-learning market in Chile has been growing at approximately 40% since 2008,
and this trend continued to continue due to the country's economic situation and its
infrastructural development. The e-learning market in Chile was dominated by the
K-12 segment, followed by the higher education and vocational courses segments in
2018. The K-12 and higher education segments together accounted for a market share
of over 65% in 2018. The corporate and government segments are the fastest growing
with CAGR of around 9% each, during the forecast period.
The National Training and Employment Service (SENCE) reports that every year,
numerous companies start using e-learning courses. This growth is mostly from
national companies since it is believed that all companies of foreign origin already
use it. According to reports from ACEL (Chilean Association of E-Learning),
universities and companies expect this growth rate to double over the next two years,
mainly due to the change of market perception regarding virtual teaching. Some of
the universities using e-learning solutions include Catholic University, Adolfo Ibañez
University, University of Chile, University of the Americas, University of Los Lagos,
and Santo Tomas University.
According to the Chamber of Commerce of Santiago, 33% of Chilean companies

impart training for their workers through the internet, and it is considered that they
use 30% effective e-learning models. In Chile, the percentage of companies is still low
(4−6%). However, it offers significant growth potential for the e-learning market,
especially among medium-sized companies.

19 MIDDLE-EAST AND AFRICA
19.1.1 E-learning in the Middle East: Overview
The Middle East has been playing a pivotal role in the global economic growth in the
past two decades as the region increasingly leveraged the positive economics of crude
trade to build a record budget surplus. There has been a dramatic improvement in
the quality of living and infrastructural set up in the region driven by spending of
these budget surpluses on public infrastructure. With oil prices at a low and having
realized the risk of being economically reliant on oil, many Middle Eastern economies
are increasingly turning to alternative avenues of growth including tourism,
education, and manufacturing. An envisaged $1 trillion worth of ambitious
infrastructure expansion plan in the region warrants a fundamental rethink on its
strategies pertaining to human capital and their skills and resources. There has been
an enhanced focus of governments in the region to invest in educational reforms and
continuous skill development of the workforce to gain and retain a competitive edge,
especially in the services sector.
Some of the factors that characterize the education sector in the region are as follows:
• The average level of schooling since 1960 has quadrupled over the past four decades, and
illiteracy dropped by more than half since 1980. For instance, adult literacy in the region
rose from 60% in 1980 to over 78% by 2018. The same is driven by aggressive public
spending on education, especially on schooling and higher education. An estimated $14
billion is earmarked as expenditure to improve the quality of educational infrastructure
and professional qualifications of tutors and deploy tech-enabled tools and resources, of
which smart classrooms are the major planned avenues.
• The gender gap, which traditionally was cited as a major issue in the region, has been
reduced with the progressive outlook of the existing regimes. The male literacy rate in the
region is estimated at 85%, while the female literacy rate is 74%; however, there has been
a dramatic improvement in primary enrolments with several countries on the verge of
achieving universal primary education. Some interesting trends persist, such as the
prevalence of “reverse gender gap,” wherein girls have outperformed boys in mathematics
in primary education. Similarly, secondary enrolments also have shown significant
improvement in countries such as the UAE, Saudi Arabia, Qatar, Bahrain, and Oman.

E-learning in the region is primarily driven by secondary education, corporate

training, and language learning. Governments in the region are set to collectively
commit more than $1.2 billion during the forecast period to improve the curriculum
in both primary and higher education with aggressive adoption of LMS systems.
About 6 of 10 global universities in the region have indicated an undergoing initiative
in the implementation of e-learning in their existing course framework.
Some other drivers for the growth of the e-learning market in the region are as
follows:
• The region is gradually coming out of its conservative mindset; wherein women are
increasingly coming into the mainstream, assuming participatory roles in commerce and
administration. This has led to the opening up of a new user segment for e-learning, which
otherwise remained dormant
• Establishment of world-class universities that attracts students from across the world,
thereby enabling the need for cultural exchange, language acclimatization, and global
pedagogy. There has been a rise in the number of global universities that offer a wide
variety of courses and are attracting students across the world in order to better groom
the region into a talent incubation hub
• These universities stand as a center for the adoption of e-learning pedagogy driven by a
multicultural outlook and due realization over the advantages of technology-enabled
teaching. A majority of these universities indicated having at least 10 corporate
partnerships, each in closely working to bridge the skill gap for job requirements of the
potential employers in their campuses. These universities view e-learning platforms as
indispensable in this context to accomplish it in a faster and cost-effective manner
Over the past few decades, the region has attracted migrants from Asia and Europe
for that they played a key role in this economic growth story. Despite the region
holding different people from several cultures, ethnicities, and religions, language
stands as a major barrier for the native people while interacting with the migrant
population. Arabic is predominantly spoken in the region with only 30% of the native
population termed as “reasonably comfortable” in English. Governments in the
region have understood the strategic importance of less dependent on energy exports
for economic growth have drawn ambitious plans to expand the countries’
capabilities into other realms of commerce. In doing so, the prerequisite identified to
be is to have a seamless mode of interaction in a language, which the world is
comfortable to use, i.e., English. Having realized the importance, governments in the

region have rushed to establish e-learning and language training programs across the
entire learning value curve. Partnerships have thus been realized, such as those of
Oman’s Ministry of Education and AMIDEAST with SIT Graduate Institute to enable
English learning and facilitate certifications and training programs.
Exhibit 94 MEA E-learning Market 2018–2024 ($ billion)
5.0 14.0%
4.5
12.0%
4.0
3.5 10.0%
CAGR 3.0
8.0%
11.98% 2.5
6.0%
2.0
1.5 4.0%
1.0
2.0%
0.5
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 2.38 2.64 2.93 3.26 3.67 4.15 4.68
Growth Rate 10.97% 11.29% 11.14% 12.66% 13.07% 12.76%
Source: Arizton
The e-learning market in MEA was valued at $2.38 billion in 2018 and is expected to
reach $4.68 billion in 2024, growing at a CAGR of 11.98% during the forecast period.
The high CAGR in the region is attributed to smaller base values as well as
unprecedented growth in the overall education sector in the region. The increasing
number of expats in the region is also underpinning the demand for e-learning in the
region.
E-learning platforms, especially those that are gamified and SaaS-based, have gained
much attention in the Middle East on account of their ease of use and interactive
mode of pedagogy. About 64% of the corporates polled in the region reported the
dearth of requisite talent with well-equipped professional and language skills and
have indicated their interest in adopting e-learning platforms to bridge the same.

The major reasons for their interest are as follows:
• The dearth of well-qualified professionals to conduct professional training as per the

dynamic needs of the organization with e-learning catering to the shortage through
remote access to qualified instructors
• Several countries in the region such as the UAE, Saudi Arabia, Oman, Bahrain, Qatar, and
Egypt are well-equipped in terms of internet connectivity and smartphone adoption, with
the same growing in the region by 17% YoY. The employers in the region are looking
forward to implementing continuous learning programs that can easily engage the
audience and are multi-modal in terms of delivery. Thus, they are offering highly gamified
learning applications for both internal and general use that offer various courseware and
tests to improve contextual, language, and general analytics skills of employees

19.1.2 E-learning in Africa: Overview
E-learning in Africa can still be termed as in the earlier stage of growth with much of
the potential yet to be realized. Internet connectivity in Africa, with limited
penetration and bandwidth, is confined in terms of access compared to the global
average. However, it is undergoing major growth with the telecom revolution,
wherein aggressive investments have been earmarked by increasing data connectivity
and public Wi-Fi access. The same was also supported by a rise in smartphone
penetration, wherein with the advent of smartphones in the $50–100 category
enabled easy access to the internet for a wide range of audience. With more than half
a billion people in the region having access to the internet, this number is set to grow
to 780 million by 2022. Further, the average monthly data usage, which currently is
0.4 GB, is set to increase to 5 GB by 2022, driven by high data costs and improved
infrastructure with the advent of transcontinental fiber-optic networks. Better
internet connectivity is ensuring the proliferation of new learning methods and access
to a wide repository of open tools and resources for academic learners in the region.
E-governance is another major opportunity for the implementation of e-learning with

several governments in the region adopting innovative cloud programs to better train
the state workforce, illustrate role models, and establish better communication and
connectivity with various stakeholders of interest. Workforce training for
governments in the region alone represents a $280-million opportunity during the
forecast period. E-learning is often viewed as the fastest and cheapest skill delivery
mode in this context with minimal reliance on instructors.
The continent comprising 54 countries and one billion population is often viewed as
the next largest growth opportunity. Supported by sound economic policies, debt
relief, strong institutions, and robust FDI, many countries in Sub-Saharan Africa are
now sustaining 5–6% growth rates. The region remains an attractive destination for
FDI with an estimated capital investment of $65 billion in 2015 alone spread over
700 projects. These projects demand the enrolment of skilled and unskilled labor.
Western Europe, especially the countries of Italy, France, and the UK followed by the
US, the UAE and Bahrain that together constitute 50–55% of the FDI sources. The
execution of these projects entails the migration of expats into the region and
warrants the need for skill development and language training for effective
communications. While instructor-led training is often most preferred in this context
driven by limited computer literacy, e-learning is often viewed as the most effective

channel over the medium to long-term learning enabling individuals to continuously

build their functional and language skills with minimal cost impact to the employer.
Exhibit 95 Segmental Overview of E-learning Market in MEA
Source: Arizton
Universities in the region, after due recognition of their skill gap, are launching online
language learning and functional courses to precisely suit the employer requirements.
Cross-border collaborations and MoUs, especially in terms of content creation and
delivery, stand to be key to achieving the same. For instance, Kenya's largest
universities - Kenyatta and Nairobi, have announced new courses in Chinese and
Korean, respectively, and hosted branches of China's Confucius Institute.
Kenya, which is a key economy in the African continent, is soon emerging to be a

major trade partner with countries including the US, the UK, India, and China, which
collectively host more than 40% of the trade value. There has been an influx of skilled
labor from these countries into Kenya that is propelling a fundamental
transformation concerning language and skill exchange. Online language learning is
the preferred mode for these expats to get well-versed with the local languages, while
the same is equally valid with corporates emphasizing that mid-level managers be
well trained in English, French, or Arabic to effectively communicate with their
overseas counterparts.

Table 40 MEA Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 0.44 0.53 0.63 0.76 0.94 1.15 1.40 21.10%
Others 0.20 0.22 0.26 0.30 0.35 0.40 0.46 15.19%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton
Table 41 MEA Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 0.92 1.06 1.22 1.42 1.68 1.98 2.33 16.69%
Instructor-led 1.45 1.58 1.71 1.84 1.99 2.17 2.36 8.38%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton

Table 42 MEA Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 1.93 2.13 2.36 2.60 2.90 3.26 3.64 11.12%
Testing 0.44 0.50 0.58 0.66 0.77 0.90 1.05 15.38%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton
Table 43 MEA Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 0.40 0.43 0.47 0.52 0.58 0.64 0.71 10.28%
Corporates 0.82 0.93 1.06 1.21 1.40 1.62 1.86 14.58%
Government 0.28 0.30 0.33 0.36 0.40 0.44 0.49 9.66%
Vocational 0.14 0.16 0.18 0.20 0.23 0.26 0.29 12.17%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton

19.6 KEY COUNTRIES
Exhibit 96 Incremental Growth in MEA 2018–2024
GCC $1.27 Bn $2.60 Bn 12.66%
South Africa $0.33 Bn $0.73 Bn 14.06%
Source: Arizton

TOP 2 CONTRIBUTORS
$5 Bn
South
$0.40 Bn
$2 Bn Africa
97%
ABSOLUTE
GROWTH
2018 2024 $1.33 Bn
GCC

19.6.1 GCC: Market Size & Forecast
GCC or the Gulf Cooperation Council is a political and economic alliance of six
countries based in the Middle East: Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain,
and Oman. The GCC countries witnessed high economic growth in 2018, and this
trend is expected to continue in 2019. Higher oil prices, improved output, and
growing industrial demand are driving market growth. The overall GDP growth of the
GCC countries in 2018 was 2.3% and is projected to reach 2.7% in 2019. Oman
recorded the highest GDP growth of 3.4% in 2018 among the GCC nations.
The e-learning market in GCC was valued at $1.27 billion in 2018 and is expected to
reach $2.60 billion in 2024, growing at a CAGR of 12.66% during the forecast period.
Exhibit 97 E-learning Market in GCC 2018–2024 ($ billion)
3 16.0%
14.0%
3
12.0%
2
10.0%
CAGR
12.66% 2 8.0%
6.0%
1
4.0%
1
2.0%
0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 1.27 1.42 1.58 1.76 2.00 2.28 2.60
Growth Rate 11.21% 11.51% 11.75% 13.61% 13.92% 14.03%
Source: Arizton
Dubai and Abu Dhabi are the most prominent markets as they have transformed from
being deserts to sustainable cities by rapidly enhancing the infrastructure, industries,
and education sector. The development of alternative industries such as tourism in a
bid to reduce the dependence of oil is expected to increase recreational and
entertainment space, thereby further boosting the demand for infrastructure
development and new construction projects. This is primarily because tourism
infrastructure is being given a boost via investments such as the Dubai Water Canal,

World Expo 2020, and Dubai Parks and Resorts. The rising oil prices and government
spending supported the growth of the construction industry in the GCC region in
2018. The construction contracts in the GCC was worth approximately $148.7 billion
in 2018. The UAE leads the construction industry output, accounting for about 33%
share of the construction contracts in the GCC countries worth $50.4 billion, followed
by Saudi Arabia with a 27% share worth $40 billion. The growth in construction
activities in the UAE is mainly due to the reduced cost of construction following the
intense competition and low wages in the industry. The government investment in
infrastructure construction has increased in the UAE, mainly due to the upcoming
Dubai Expo 2020. In Saudi Arabia,
The massive growth across
the Public Investment Fund is the
industries and corporate sector in
largest project developer with an
the region, bolstered by an
approximate value of $533 billion.
improving education sector, is
The largest construction project in
demanding serious investments on
Saudi Arabia is Project Neom worth
workforce training, which in turn
$500 billion, followed by the Nuclear
is prognosticating growth avenues
Power Reactor project worth $60
for e-learning in the region.
billion in King Abdullah City for
Atomic and Renewable Energy.
In recent years, the unprecedented growth of the global e-learning market has been
linked with North America and Europe. Following suit, as countries in several cities
in the Middle East are finding newer opportunities to develop economically and make
the base for international infrastructure, advancements in the field of e-learning have
been no different. The market for e-learning in MEA is expected to witness
continuous growth owing to increased investments from state governments and
unprecedented popularity and demand for e-learning, especially among higher
education and corporate professionals.
The education sector in the GCC has been buoyant, and there is even higher optimistic
outlook for the education industry in the UAE. Several factors including population
growth, the upcoming Expo 2020, government policies to support investments in
education sector, megaprojects in the region inviting skilled and labor class
workforce, rising participation from private sector, and improving quality standards
to surpass competition among the GCC states and the Middle East are the driving
forces for the e-learning market in the region.

The education sector is facing challenges on several fronts including recruitment of

quality staff, student retention, safeguarding quality and reputation decided by
regulatory ratings, resilience by balancing fee income and costs, discounts and
rebates, as well as the requisite for schools to redefine their differentiating points in
the competitive market. These factors mentioned above are success points for e-
learning vendors in GCC countries.
There is a growing preference for international curriculum, especially the British

curriculum. This, coupled with trends including a shift in technology, increasing
confidence, new ICT infrastructure to bridge the demand-supply gap, linking the
education chain of schools, tertiary institutions, universities, and potential
employers, will attribute to the growth of e-learning in the region.

19.6.2 South Africa: Market Size & Forecast
In South Africa, political uncertainties and high level of unemployment resulted in

the low economic growth of 1% in 2018. However, owing to the increasing
urbanization and government investment in low-cost housing, transport, and
infrastructure projects, the construction industry output in the country is expected to
grow in the coming years. The construction sector is expected to grow at a CAGR of
1.5% over the next five years. The Government has announced a plan to spend $68.63
billion on infrastructure development.
The e-learning market in South Africa was valued at $0.33 billion in 2018 and is
forecast period.
Exhibit 98 E-learning Market in South Africa 2018–2024 ($ billion)
0.8 16.0%
0.7 14.0%
0.6 12.0%
0.5 10.0%
CAGR
14.06% 0.4 8.0%
0.3 6.0%
0.2 4.0%
0.1 2.0%
0.0 0.0%
2018 2019 2020 2021 2022 2023 2024
Revenue 0.33 0.38 0.43 0.48 0.55 0.64 0.73
Growth Rate 13.36% 13.55% 13.31% 14.62% 14.98% 14.58%
Source: Arizton
The hospitality industry in the country is expected to witness steady growth over the
next five years, with major expansions likely to be concentrated in the Cape Town
area. The growing tourism industry mainly fuels the development of hospitality. The
improvement in tourism is driving the hotel industry as well, driving up occupancy
rates. Several hotel chains are renovating their properties and upgrading their
existing facilities. The construction of new hotel rooms is also increasing in recent

years. The number of hotel rooms increased from 60,800 to approximately 63,600 in
2018, and the growth is likely to continue during the forecast period.
The rising tourist traffic in the country has propelled the need for a higher number of
hotels and guestrooms, restaurants, and other hospitality facilities, which, calls for an
increase in the number of skilled workers across these segments, especially with the
knowledge of English and other languages to service their international tourists and
delegates. With increased guest footfall, a skilled workforce becomes a requisite,
which, in turn, is likely to drive the demand for e-learning platforms in the corporate
and government segments.
Riding on the growth of industries and increasing investments from public offices to
educate their employees in several segments, as well as an increased presence of
students in the schools and higher education institutes, the demand for digital
learning or online education is finding steady grounds for growth in the country. As
the country is witnessing the rise of local businesses and entry of international
companies, online learning and education are rapidly becoming an important
instrument to add and enhance the skill set of students as well as working
professionals. In South Africa, LMS, especially massive open online courses, are the
most demanded platforms for online education. The massive open online courses
have witnessed enrollment of over 81 million users in 2011–2018, and this trend is
likely to continue during the forecast period.

20 COMPETITIVE LANDSCAPE
20.1 COMPETITION OVERVIEW
Expectations and learning requirements of academic and corporate end-users are

different, with both hosting different marginal utilities for services subscribed.
Further, buyers and end-users are different for both academic and corporate end-
users. While academic courseware should involve highly customizable platforms that
can enable instructors to customize content dynamically as per the student
requirements, corporates usually involve a set of courseware and content structure
periodically delivered online to a larger
Vendors must keep a continuous
audience. LMS, packaged content, and
track of pricing of new entrants;
amplified learning all demand different
while price-based competition is
marketing and operational resources,
not recommended, attractive
and thus, it is highly advisable for
prices can well detract buyers and
medium-sized vendors not to chase all
the same must be effectively
the customer segments and emphasize
mitigated with innovation and
on a few.
product development. Achieving
The e-learning market in Latin America scale is another challenge that
has witnessed several mergers and can be only addressed by gaining
acquisitions over the last seven years. a reasonable degree of
Several companies, which started with a popularity.
focus on one or two segments such as

K12 or secondary education, have strengthened their offerings and portfolios by
acquiring smaller start-ups active in the field of distance learning, on-campus post-
secondary education, and corporate or public sector workforce skill training.
Setting the price right to effectively gauge and capture the marginal utility of the
potential consumer is another strategic challenge for vendors in the e-learning
market. Since there are little safeguards to protect intellectual property, especially in
terms of content copyright, it is necessary for vendors to constantly innovate and offer
better engaging content through effective ways. This will enable them to better deal
with the price-based competition that arises as a result of the growing concentration
of players. In view of a large number of players, and the face of rapidly evolving
learning preferences, it is imperative for vendors to not only focus on customer

acquisition but also their retention. While freemium offerings with attractive short-
term subscription pricing can help garner a large customer base, continuous
investments in product development, especially through gamified and contextualized
interfaces, can help them engage and retain the learning audience. Further, vendors
also have to keep a continuous track of pricing of new entrants; while price-based
competition is not recommended, attractive prices can well detract buyers, and the
same has to be effectively mitigated with innovation and product development.
Achieving scale is another challenge that can be addressed only by gaining a
reasonable degree of popularity.
Exhibit 99 LMS Products: Factors for Gaining Userbase
LMS Be scalable with other platforms that are likely to be used

Products by the targeted audience
Must:
Provide hassle-free and seamless sharing of references
Effectively leverage social platforms to increase the

familiarity of system among online users
Incentivize tiered and multiuser purchases
Source: Arizton
Over the past few years, there has been a consistent rise in price-based competition
among vendors with the advent of small and medium-scale players that can efficiently
optimize their cost structure, especially through crowdsourcing the content or co-
creating the same with an engaged audience. The same will also ensure the
engagement of a large section of the audience, including instructors, opinion makers,

learners, and industry experts that can also act as great brand ambassadors. Some of
the strategies that can be deployed by packaged content vendors to gain increased
adoption are as follows:
Exhibit 100 Packaged Content: Factors for Gaining Userbase
Packaged Have an engaging & interactive feedback system

Content
Must:
Reward referral systems
Cross-sell and bundle with products with stronger brand

identities
Effectively leverage social networks through engaging

posts and gamified challenges
Increase the accessibility & availability over mobile devices
Source: Arizton

20.2 STRATEGIC RECOMMENDATIONS
• E-learning courses and portals over mobile devices and through applications to
witness growth prospects due to high penetration of smartphones
• The economic uncertainty in several regions such as the UK, Brazil, Argentina,
and India has led to job reduction for those who have secondary level
education. Recruiters in the public and private sector prefer candidates with
higher education, thus increasing the enrolment in distance learning and
campus courses
• Incentives from state agencies are reducing due to economic turmoil. This has
opened avenues for private and for-profit education companies
• The fragmented market is compelling vendors to indulge in innovative teaching

and learning methods. The market will witness an increased demand for
customized e-learning modules
• The inclusion of audio/video content and gamification is highly recommended

for the K12 segment
• The major players in the e-learning market are acquiring or merging with active
players having different competencies to increase their portfolio
• Kroton, a leading education company in Latin America, offers Canal Conecta,

which is essentially a job placement platform for both present and ex-students
of the company. This has helped the company to get and retain a greater
number of students
• The firms in the private education sector are likely to maintain a leading
position during the forecast period
• The dearth of adequate trainers and faculties both in terms of quality and
quantity. While countries such as India, China, and Indonesia represent a
significant potential market in terms of learners, there is a shortage of qualified
and certified instructors, thus warranting the need for platforms that can
facilitate a broader reach of the curriculum

• Skill development is another focus area for governments with the long-term
implementation of continuous e-learning programs, supplemented by
instructor-led models. Ensuring the workforce’s skill upgrading and better
productivity will help countries build medium to long-term business
competitiveness

21 KEY COMPANY PROFILES
21.1 APOLLO EDUCATION GROUP
21.1.1 Business Overview
Apollo Education Group is a private educational corporation founded in 1973 by Dr.

John Sperling in the US. This group owns and operates high-profile colleges and
universities such as the University of Phoenix, Western International University, Axia
College, and the College of Financial Planning. Apollo Group has another venture
called Apollo Global, which carries out the international operations of the
corporation. It provides professional development, undergraduate, graduate, and
other non-degree education programs and services. These programs and services are
provided on-campus and online and across the world, including the US, Europe, Asia,
Australia, Africa, and Latin America.
University of Phoenix: It is a private university founded in 1976 in the US and has

graduated more than 950,000 students. The university provides undergraduate and
graduates degrees in a wide range of program, including education, business, and
nursing through its schools and colleges. The university has a significant majority of
students who attend classes exclusively online, and it also provides many of its
educational programs and services online across different locations in the US. It also
provides non-degree education programs and services to improve a particular skill
for employment or advancement in careers. In 2016, the University of Phoenix
generated 78% of the consolidated net revenue.
Apollo Group: It is a wholly owned subsidiary that provides educational programs

based outside of the US. It delivers effective and flexible education to working
professionals in underserved international markets. In 2016, Apollo Global served
more than 175,000 learners in short-term and non-degree programs, and most of the
students purchased certain self-study and asynchronous programs.
Others: Others includes:
• The College for Financial Planning Institutes Corp. – Founded in 1972, the college is the
creator of the Certified Financial Planner, referred to as the CFP designation. It provides
online financial services and education programs including degrees in three major areas

of certificate programs, continuing education courses, and Financial Industry Regulatory

Authority securities license training
• Western International University Inc., provides undergraduate and graduate degrees in

various programs that include behavioral science, business, and information technology
• TIY Academy LLC: The Iron Yard provides various non-degree boot-camp programs,
which provide intense and immersive skills training, designed to provide direct pathways
to associated careers in the information technology sector. These programs are typically
of 12 weeks or lesser in duration
• Apollo Professional Development: It provides employees to help better them recruit,

develop, and retain a qualified workforce
21.1.2 Major Product Offerings
The company offers the following product offerings:
Table 44 Apollo Education Group: Product Offerings
Particulars
Learning Platforms  Apollo Global
 College for Financial Planning
 University of Phoenix
 Western International University
Professional Development  Employee Learning and Development

Solutions  Global Learning
 Talnet Management
Source: Company websites and Arizton
21.1.3 Key Strengths
• Apollo Education Group has been a pioneer in the education space worldwide
for over 40 years. It leverages its long history and deep expertise in providing
innovative education offerings. It enables employees to accelerate their returns
on home capital
• Apollo Education Group plays an important role in higher education through

its advanced learning methods, technological investment, and international
reach

• Apollo Education Group has a strong global presence across the globe including
the US, Europe, Asia, Africa, Australia, and Latin America
• Apollo Learning Lab provides learning and development programs and services
in one place. It provides useful information, innovative advice, insights and
solutions for professional development, global learning, and talent
management
• The company has one of the widest portfolios of courses that range from
university courses to vocational courses including web development,
positioning it as a well-integrated full-stack player among its peers
21.1.4 Key Strategies
Apollo Education Group seeks to focus on improving the lives of working adults
through higher education. It also focuses on making unemployed learners job-ready
and employed learners more productive in their careers. The strategy of the Apollo
Education Group includes the following key themes:
• Drive improvement in student progression and career outcomes: To maximize

the value for students from their education. It focuses on continuously
improving educational programs and services and providing the support
essential for completion of the programs and achieving their goals
• Diversification and targeted growth: To focus on diversification through growth

at international institutions and increase the professional development and
other non-degree programs including business-to-business product and
service
• Operational Excellence: This helps the company in streamlining operations,

improving efficiency, and ensuring that the cost structure is in line with the
enrollment levels. It provides education more effectively and affordably to
sustain the long-term organizational strength and the ability to reinvest

21.1.5 Key Opportunities
• The company can look forward to some key strategic acquisitions in emerging
markets of India and China that are hotbeds of growth in the realm of education
expenditure
• Opportunities persist in these markets, especially in term of LMS installation

for vocational courses and universities, with the latter ramping up their capital
expenditure in order to stack up against their world rankings
• The company can look forward to launching its learning platforms such as Iron
Yard in these countries on its own or through collaborations with local ed-tech
players such as NIIT and Educomp that have made some decent inroads into
the Indian market
• Further, Apollo can look forward to consolidating all its offerings through a
single parent brand strategy to gain leverage over peers. The company’s
offerings are marketed on a standalone basis, with the company deriving the
little benefit of the brand leverage of the parent company

21.2 BLACKBOARD LEARN
BlackBoard Learn is a digital course management system developed by BlackBoard

Inc., an education technology company. It was primarily developed in 1998 but had a
stable release in 2010. It is a web-based software solution that constitutes course
management, customizable open architecture, and scalable design in which
information systems and authentication protocols are incorporated. BlackBoard’s
LMS is one of the most sophisticated digital learning platforms in the global e-
learning market.
It offers courses and solutions to different sectors that include the following:
• K-12
• Higher education
• Government
• Business
Table 45 BlackBoard Learn: Product Offerings
Particulars
K-12  LMS
 School and district websites
 Mobile communications app
 School social media management
 Synchronous collaborative learning
 Learning object repository
Higher Education  Accessibility planning
 Platform training and technical services

 Competency-based education (CBE)
 Course quality
 Strategic marketing and recruiting
 Student services and technology support
 Online training
Government  Online learning
 Online training
 Mass notifications and communications
 Professional services
 Open source learning
 Data-driven outcomes
Business  Extended enterprise learning solutions
 Open source learning
 Learning professional
 Learning performance
• Smooth online platform and an interactive user interface
• The current online learning software market is dominated by BlackBoard’s e-

learning system. The company’s LMS is simple to operate with an easy
interface. The key component in the LMS is the way how the course materials
are presented and accessed, which is basic in BlackBoard’s system. The
communication process, i.e., the interaction between the instructor and the
learner in its systems BlackBoard 8.0 and BlackBoard CE6, is well designed.
The company’s LMS is often perceived to be very well maintained and updated
from time-to-time with continuous upgrading for better user experience
• Huge customer base in its home market: BlackBoard is undeniably the leader
in the US market. Its diversified product portfolio and easy-to-operate LMS are
some of the factors for its success

• Updates its LMS regularly
• Incorporates the latest technology from time-to-time to update its LMS for an
easy approach to its core teaching and learning products. Centralized view,
consistent usability, and an enhanced interface are the key areas of the
company. The latest update is the Ultra version, which has an optional interface
apart from the existing one in BlackBoard Learn 9.1 for a better user experience
• A diversified digital education solutions provider
• BlackBoard Learn is possibly the only digital educational system with a wide
range of product courses in the global e-learning market. From K-12 to higher
education to corporate learning to government sections, it contains everything.
This is one of the key strategies implemented by the company is to dominate
the market and always stay at the top of its game
• Need to increase its base in the international market
• BlackBoard has everything from a credible LMS to a diversified product

portfolio and a dominant share in its home market, but it lacks presence in the
international markets. The company can look for collaborations with
indigenous e-learning companies in the emerging economies such as India,
China, and Africa that host huge potential markets and high prospective growth
for digital learning

21.3 BRITISH COUNCIL
The British Council is a British organization specializing in international cultural and

educational opportunities. Founded in 1934, the organization primarily focuses on
English language and promotes its skills, culture, and society across the world.
Headquartered in the UK, British Council operates in over 100 countries worldwide
and has over 148 million online audiences.
The goal of this organization is to help people gain access to trusted qualifications
which support their career and study prospects. The primary business of the British
Council is to promote the English language all over the world through various media
such as web, TV, and radio broadcasts. Its E-Learning digital platform “Learn
English” is popular across the world
Table 46 British Council: Product Offerings
Particulars
Grammar & Vocabulary  English Grammar
 Quick Grammar
 Vocabulary Games
Fun & Games  Games
 Jokes
Business & Work  Professionals Podcasts
 Business Magazine
Writing  Writing for a Purpose
 English for Emails
IELTS  ELTS Interview Skills
 IELTS Tips

Listen & Watch  Word on the Street
 Starting Out
 Elementary Podcasts
 Premier Skills
 Magazine
 Stories and Poems
 UK Culture
• Functions more like a charity than a business and thus holds significant brand
identity and recall as a standard entity with an unbiased approach and non-
skewed business interests
• Huge experience in its work with the entity often rated among the finest
institutions conducting English proficiency tests. Also, it has extensive
experience in conducting user research for English language use and
proficiency
• The organization is one of the oldest, operating in this realm enjoys extensive
collaborations and hosts several learning and testing centers across the world
that give it ready offline access to a larger learner audience. British Council also
has a reasonable physical presence in key growth markets across Asia and
Africa
• British Council seeks to increase the value of its offerings by forging

collaborations with cultural organizations and multinational companies such
as TCS and Vodafone, offering it the best of insights of language learning needs
in both general education and corporate learning realms
• It also looks to enhance its physical reach in several of the growth markets
offering it the best of advantage in terms of blended learning and better learner
experience

• British Council is on the path to gain a strong foothold through its centers in
key growth markets of Asia and Africa that also host some of the rapidly
growing markets for English learners and test seekers
• IELTS, one of the flagship international standardized tests of English language

proficiency for non-native English language speakers, which British Council
hosts and conducts along with IDP and Cambridge English Language
Assessment, is emerging to be one of the most prominent English proficiency
tests along with TOEFL, TOEIC and Pearson Test
• British Council can look forward to improving the acceptability of the test as a
standard by a larger audience of universities and corporates
• The company can also look to leverage its existing framework to create
proficiency testing frameworks for other widely spoken languages in the world
including Spanish, Arabic, French, and Chinese

21.4 ORACLE
Oracle is a multinational software technology company founded in 1977 in California,

US. The company specializes in database software systems, cloud-engineered
systems, and enterprise software products. Oracle ventured into the e-learning
business when it acquired Taleo in 2012, and the company also has its own e-learning
suite application called Oracle iLearning, an enterprise learning management system.
Oracle Corp. is a pioneer in cloud-based software products and solutions where it has
its own web solution for its own business module called the Oracle e-business suite,
developed completely by the SaaS technology. The company initially developed it in
the 1980s as a financial services application, but the offering is later transitioned into
human resource management, supply chain management, customer service
application, etc. This business application covers all the solutions that a corporation
requires by incorporating the SaaS model. Oracle has also acquired Taleo, a talent
management system, which programs through the cloud-based services.
Table 47 Oracle: Product Offerings
Particulars
Asset Lifecycle Management  Asset Tracking
 Property Management
Enterprise Resource Planning  Financial Management
 Human Capital Management
 Project Portfolio Management
Procurement  Oracle Advanced Procurement
 Oracle Sourcing
Supply Chain Management  Supply Chain Planning
 Logistics and Transportation Management

 Order Management
 Price Management
Manufacturing  Discrete Manufacturing
 Process Manufacturing
Financial Applications  Oracle Assets
 Oracle General Ledger
 Oracle Payables
 Oracle Receivables
 Oracle Cash Management
 Oracle Tabs
• Strong R&D abilities
• Oracle offers a complete range of software products that a business corporation

requires, and this is achieved only through its strong research capabilities. This
is one field where the company is far ahead over its competitors
• Geographically diverse business
• From cloud-based services to mobile applications to business modules, Oracle

has its fair share in every sector of the web-based solutions. Its business does
not just confine to one particular region but across the world. In 2015, Oracle
was named the second largest software companies in the world after Microsoft
• Acquisitions and collaborations in the cloud-based service field
• Oracle, since its inception strategically has planned its expansion into every
aspect of the web-based software solutions. It is one of the first companies that
incorporate cloud-based technology into its services. Its acquisitions and
collaborations with various e-learning companies such as Taleo, Learn.com,
and PeopleSoft show its caliber in the global e-learning market

• Strategically planned inorganic growth
• This is one of the key strategies and strengths of the company to attain its
current position in the market. Investments in similar businesses and
collaborations with various companies make it a leader in the industries it
operates
• The company can look forward to growing its presence in the Indian and
Chinese markets, which promise a high opportunity in terms of rapidly growing
consumer and federal expenditure on education. Oracle can look forward to
leveraging its strong presence in the corporate services sector to further gain a
stronghold in the corporate learning segment
• Oracle can look forward to either unbundle its learning and training offerings
in order to lend strong credibility and focus on otherwise IT-services laden
business portfolio of the company. Strategic mergers with a stronger focused
player in digital learning or divesting the interests into another entity may offer
it an advantage for it to better leverage on market growth and opportunity
• Significant opportunities also exist for the company to look at the next
generation technologies such as AR and VR to imbibe the same into the existing
learning models to derive an advantage over the conventional offerings of its
competitors

21.5 PEARSON
Pearson PLC is an educational publishing company founded in 1844 in the UK. It

started as a construction business but later shut down and shifted to publishing.
Pearson is now the world’s largest publishing company and is home to many digital
educational brands such as Revel, eCollege, Pearson Vue, etc., providing courses from
Pre K-12 to higher education to career opportunities.
Its digital learning products include the following:
• REVEL – an interactive learning management system that blends the educator’s

narrative, media, and assessment for students in one continuous experience
• MyLab and Mastering – a higher education e-learning solution that consists of online
homework, tutorial, and assessment products
• Pearson VUE – a step further to the educational community wherein it provides

individuals options for a career opportunity. From online material for various sectors such
as IT, government, healthcare, banking, and military to practice tests, it is one of the
industry’s most secure testing environments
• Wall Street English – a digital global English school for adults
• Pearson Online Program Management – an online tool for people to access higher
education
• UK Qualifications – offers academic and vocational qualifications
• TestNav – an online test delivery solution for K-12 schools
• Pearson Online and Blended Learning – digital learning platform for school children
Pearson International is headquartered in London, and it maintains offices across

Europe, North America, Asia, and South America. Its online chat support is based in
the Philippines, and it has a total employee base of over 50,000 all over the world.

Table 48 Pearson: Product Offerings
Particulars
K-12  Assessment
 Online and Blended Learning Solutions
 Curriculum Resources
 Professional Development and Consulting Services
 Grants and Funding
Higher Education  Services
o Consulting Services
o Curriculum Services
o Grant Help
o Help Desk Services and Technical Support
o Online Tutoring from Smarthinking
 Solutions
o Alternative Credentials
o Competency-Based Education
o Managed Services for Community Colleges
o Online Program Management
 Course Content and Digital Resources
o Interactive Learning and Assessment
o Online Courses
o Learning Applications
o Course Content
Professional  Assessment
 Custom Content and Curriculum Development
 Custom Training Courseware
 Informal Learning Programs
 Knowledge Capture
 Language Training
 Talent and Leadership Development
 Online Mentoring
 Workforce Education

• Extensive distribution network
• Pearson is the biggest educational publishing company in the world, and so is

its business network. The company operates in all the continents and has its
subsidiaries in every important country. Hence, this is one of the key strengths
for all the e-learning brands associated with the company
• Strong brand name with experience
• Pearson has over 40 years of experience in digital education publishing and is

a strong brand name in every industry it operates like the media and the
educational sectors. With a strong brand name and an impressive product and
service portfolio, Pearson is undoubtedly the leader in the global e-learning
market.
• Calculative targeting of customers with a varied range of services
• Pearson’s e-learning products and services cover a varied range of sectors, from
pre-K-12 to the professional section. This gives customers a chance to seek a
career opportunity through which the traction towards its online system
increases. This is one of the key strategies implemented by Pearson
• Concentration on the publishing of languages other than English as learning

resources for them can be still be termed to be in the nascent stage both in terms
of growth and quality
• Pearson, being a UK-based company, primarily focuses on the English

language throughout its product portfolio. To gain market credibility in the
emerging economies such as China, Africa, and India, Pearson can consider
further investments in translators for native languages in key growth markets
to gain further inroads into them

22 OTHER PROMINENT VENDORS
22.1 DOCEBO
Docebo is a cloud learning management system, which is a single platform that

incorporates formal, informal, social, and experiential learning. Founded in 2005, the
company was primarily used for corporate learning, HR systems, and constitutes of
interfaces for video conferencing purposes. It is one of the most extensively used
SAAS platforms for e-learning.
The vendor’s offerings include the following:
• APIs
• Advanced Reporting
• UI and User Experience
• E-Commerce
• Audit Trail and CFR Part II
• Integrations
• Gamification
• White-Labelling and Customization
• Languages and Localization
• Automated Admin Tasks
• Scalability
• Certifications and Retraining
• Mobility
• Notifications
• Content Marketplace
• Import and Create Courses
• ILT Classroom
• Extensions

22.1.2 Product Offerings
Table 49 Docebo: Key Product Offerings
Particulars
E-Learning Platforms  Learning Management System
 Social Learning Platform
 LMS for Extended Enterprise
22.2 MCGRAW-HILL E-LEARNING GROUP
McGraw-Hill is a US-based educational company founded in 1888 and is one of the

largest educational publishers in the world. McGraw-Hill E-Learning Group is a part
of a company that offers web-based technology and content solutions. This group is
known for its high quality, affordable, and easy-to-learn digital learning solutions. It
partners with renowned universities, schools, and organizations across the world by
providing professional and executive education, workforce development programs,
etc. McGraw-Hill’s digital solutions include IT training, certification courses, virtual
classroom tools, electronic publishing, and others.
Table 50 McGraw-Hill E-Learning Group: Key Product Offerings
Particulars
E-Learning Platforms  E-Learning Solutions
 Technology Solutions
 Government Solutions

22.3 APTARA
Aptara is a digital content development company founded in 1980 in the US. Founded
as TechBooks Inc., Aptara specializes in digital content production and publishing, e-
learning and technology development, legal content solutions and business process
outsourcing. The company’s wide range of solutions reveal new revenue streams,
improve operations at market-leading companies worldwide. It has its expertise in
the following industries:
• Banking and finance
• Healthcare and pharmaceuticals
• Information technology
• Legal and publishing
Table 51 Aptara: Key Product Offerings
Particulars
E-Learning Platforms  Digital Content Development
 Corporate Learning and Performance
 Custom Content Services
 Customer Lifecycle Management
 IT Services
22.4 DESIRE2LEARN
Desire2Learn, simply D2L, is a digital education technology company founded in

1999 by John Baker. The company was started with an idea to ensure the access of
best possible learning experiences to everyone. Starting with the digital e-learning
platform, D2L’s technology is now widely used in the healthcare, government, and
enterprise sectors.

D2L has developed a learning management system, Brightspace, which provides

solutions to topics such as competency-based education and analytics. The company’s
solutions incorporate the latest technologies from time-to-time in the K-12, higher
education, and enterprise fields. The company has its offices in Canada, the US,
Europe, Australia, Brazil, and Singapore.
Table 52 Desire2Learn: Key Product Offerings
Particulars
E-Learning Platforms  Learning Environment
 Learning Repository
 ePortfolio
22.5 EDMODO
Edmodo is an educational technology company that offers e-learning solutions and

was founded in Chicago, US, in 2008. The company offers communication,
cooperation, and coaching tools to schools and teachers. Edmodo is famous for its e-
learning network, which enables teachers to share content and manage
communication with learners. Its learning management system is a one-stop solution
to the content sharing and interaction between teachers, students, colleagues, and
parents.
Table 53 Edmodo: Key Product Offerings
Particulars
E-Learning Tools  Edmodo Web – K12 network that helps teachers to build a
bond with the students for better training purposes
 Edmodo Snapshot

 Edmodo for Parents – Solution for engagement of parents in the

thread for better interaction purposes
 Edmodo Spotlight – Interaction between educators for better

outcomes
 Edmodo Mobile – Application in conjunction with BYOD trend
 Edmodo Management – A secure, customized domain that

automatically connects the whole of the school community
 Edmodo Insights – A real-time analytics solution that measures

student activity and engagement
 Edmodo PD Tools – A tool that connects educators for better

collaboration
22.6 SKILLSOFT
Skillsoft is a US-based education technology company that develops content and

software of learning management systems. Founded in 1989 as SmartForce, SkillSoft
is now a global supplier of high-quality cloud-based learning solutions and
performance resources.
The e-learning library of SkillSoft consists over 7,000 courses, 65,000 videos, and
46,000 books. Its product portfolio consists of the following:
• Business and leadership skills
• Digital skills
• IT skills and certification
• Compliance
• Content delivery platform
Headquartered in the US, SkillSoft operates in over 160 countries and 29 different
languages. The company also offers e-learning solutions through its subsidiary,
SumTotal Systems.

Table 54 SkillSoft: Key Product Offerings
Particulars
E-Learning Platforms  Percipio
 Percipio ELSA
 Percipio Compliance
 Percipio Experience Services
 SumTotal Learning Management
22.7 CENGAGE LEARNING
Cengage Learning is a leading provider of innovative teaching, learning, and research

solutions for the academic, professional, and library market worldwide. Founded in
2007 as Thomas Learning, Cengage is headquartered in Boston, US. Cengage
Learning offers print and digital textbooks, instructor supplements, online reference
databases, distance learning courses, test preparation materials, corporate training
courses, career assessment tools, materials for specific academic disciplines, and
custom solutions.
Its product portfolio includes the following e-learning solutions:
• Academic and professional
• Test prep
• English language teaching
• Library reference
Headquartered in Boston, US, Cengage operates across the world with a workforce of
over 5,500.

Table 55 Cengage Learning: Key Product Offerings
Particulars
E-Learning Platforms  CourseMate
 MindTap
 Aplia
 Course360
22.8 MACMILLAN
Macmillan Education is the division of Holtzbrinck Publishing Group and is based in

the UK. Holtzbrinck is one of the world’s largest leading media companies and has
three global divisions:
• Macmillan Publishers
• Macmillan Science and Education
• Holtzbrinck Digital, Information, and Services
Macmillan Education launched its digital education platform in 2012 that primarily
focuses on English language skills and science. Headquartered in London, UK,
Macmillan operates in over 40 countries across the world.
Table 56 Macmillan: Key Product Offerings
Particulars
E-Learning Platforms  Macmillan Education eBooks
 Macmillan English Campus
 Macmillan English Dictionary Online
 Onestopenglish.com

 Macmillan Education Apps
22.9 CORNERSTONE ONDEMAND
Cornerstone OnDemand Inc. (CSOD) is a cloud-based learning and talent

management solutions provider founded as CyberU in 1999 and headquartered in
California, US. It is an innovator in the cloud technology providing its services to
various corporates and other organizations. The company now delivers its SaaS
modules to various corporates, hotels and resorts, government agencies, schools, and
hospitals.
It primarily helps companies recruit, train, and manage their employees. Its SaaS
program helps companies reduce their IT maintenance costs, hassle-free software
usage in any device. Its LMS provides training programs for students, corporates, and
includes talent management applications. Its services include the following:
• Support packages
• Client success framework
• Content and implementation services
• Technical and business consulting
• LMS– Cornerstone University and Cornerstone Edge
The company operates a wide range of industries such as healthcare, hospitality,

government, education facilities, and business services. Its most prolific clientele
includes the following:
• TGI FRIDAYS
• New Belgium Brewing
• Virgin Media
• Walgreens
• PENNSTATE HERSHEY Medical Center
• Commonwealth Bank
• Hyatt

• Carilion Clinic
Based in the US, it operates in over 192 countries in 42 languages, and its software
services are used by over 29 million users worldwide.
Table 57 Cornerstone OnDemand: Key Product Offerings
Particulars
E-Learning Platforms  Cornerstone Recruiting
 Cornerstone Learning
 Cornerstone Performance
 Cornerstone HR
22.10 EDUCOMP
Educomp is a digital education company founded in 1994 and is based in India. This
company covers the whole of the educational ecosystem from pre-school to
competitive exam courses. It started as a business of setting up and maintenance of
computer labs in private and government schools and later went on to launch a digital
platform eCampus in 1998 and PlanetVidya.com, an educational portal, in 1999.
These online platforms were the start of a new phase in the Indian educational
system.
One of its solutions, Educomp SmartClass, which is a teacher-led education content

program, is highly adopted by most of the private schools in India. Educomp works
with the K-12 digital content library and provides 3D multimedia educational content
to its network. The company classifies its chain of end-users into the following
sections:
• Little Millennium – Its pre-school network which has over 350 centers
• Brick and Mortar – Its K-12 chain which has over 45 schools
• 63 Test Prep centers

Educomp partners with the Indian government and provides digital education
solutions to the government schools in the country. Headquartered in Gurgaon,
India, the company has its offices across 23 states in India, two in the US and one in
Singapore, with over 30 million learners across the world.
Table 58 Educomp: Key Product Offerings
Particulars
E-Learning Platforms  Educomp  MathGuru

SmartClass  EduLearn
 English Mentor  WizLearn
 3D Lab  Pave
 Educomp  Singapore Learning
Insight
 Aha! Math
 Educomp Smart
 EasyTech
School
 Aha! Science
 League India
 TechLiteracy Assessment
 Uniclass
 Uniclass
 SmartClass Pro
 Vidya Mandir Classes
 SmartStem
 Genius Box
22.11 KROTON
Kroton, founded in 1966 and headquartered in Brazil, is a private online education

company. The company started with partnering with schools to offer educational
materials and courses for primary and secondary education. It also offers courses for
technical education, courses of government service and jobs, financial services to
students, teaching software, and management software to institutes.
Kroton offers its products and services in the following segments:

• Primary and Secondary Education: This segment offers digital and physical books,
training to the faculty, and testing portals through its learning systems in private schools
• On-Campus Education: This segment offers learning systems for post-secondary

students. Kroton offers its on-campus education systems in 88 cities and 128 institutes
• Distance Learning: This segment offers distance learning programs at the post-secondary
level. Distance learning provides students with affordable course fees and has thus seen
an increasing number of enrollments in such programs. Kroton operates 1,210 MEC
accredited distance learning centers
Kroton has als0 launched an installment portal, which allows students to pay for their
monthly tuitions in installments. This measure was carried out to reduce the number
of bad debts. Kroton is the leading e-learning provider in Brazil. The company has
operations in 88 cities of 19 states in Brazil. It manages 128 higher secondary
campuses, 2.27 thousand primary and secondary students, 9.97 thousand post-
secondary students, and 1,210 centers for distance learning. The major e-learning
brands of the company are:
• Anhanguera • Uniderp
• Fama • Unime
• Pitagoras • Unopar
• Unic
22.11.2Product Offerings
Table 59 Kroton: Key Product Offerings
Particulars
E-Learning Platforms  K12
o Publishing
o Learning Systems
o Teacher Training
o Evaluation
o Online Monitoring
 Higher Education
o Public Service Exams
 Language

o Red Balloon
o Anglo 21
22.12 TELEFONICA
22.12.1Business Overview
Telefonica, incorporated in 1924 and headquartered in Spain, is a

telecommunications company. The company has more than 340 million active users
and has operations in over 17 countries and presence in over 24 countries. In 2018,
the company had a workforce of 122,718 employees.
The company operates through the following segments:
• Mobile: This segment deals with mobile communications to individual and corporate
customers. Mobile-related services include voice calls and related services, VAS, mobile
data, and conference calling. This segment also deals with establishing mobile
infrastructure incorporates, roaming services, and paging services throughout Latin
America
• Fixed-line: This segment deals with fixed telephones line, broadband internet services,
and services to telecom operators. This segment also deals with services such as VPN,
PSTN lines, ISDN, ADSL, FTTH, and VDSL. Through this segment, the company also
offers VoIP services in several Latin American countries. The company also engages in the
rental of fixed lines and network to other telecom operators
• Digital Services: This segment offers an array of digital services to customers, including
video, IoT, payment gateways, cloud computing, advertising, network security, and digital
advertising. This segment also deals with digital content through Telefonica brand
Movistar
Telefonica is also keen on investments in its R&D capabilities and invested over $1
billion in 2017 and 2018. The company also has 643 patents to its name and has
accelerated close to 1,700 start-ups in the fields of technology and online learning.
Telefonica is one of the leading providers of e-learning systems, platforms, and

portals in Latin America. The company offers portals for online learning and systems
to improve and implement pedagogy methods, training to teachers, and language
learning. Through its digital education vertical, it is active in the following e-learning
segments:

• K12
• Higher education
• Vocational training
• Corporate
Table 60 Telefonica: Key Product Offerings
Particulars
E-Learning Platforms  Miriadax  Siele
 Scolartic  Stembyme
22.13 INSTRUCTURE
Instructure, founded in 2008 and headquartered in the US, is one of the most
renowned companies spreading its roots in the field of online education. It is known
as a functional and the most active educational technology company.
The company develops the Canvas learning management system, which is a

comprehensive cloud-native software package that holds the background of
Instructure. It is majorly a learning technology company that has been the creator of
the most functional Canvas learning management system used for the education
system of K-12 and higher education. Its network offers several free online courses
and classes from across the world's leading universities. It is a service that helps in
replacing the paper form and process by the efficient education-based mobile
business applications and forms that save both money and time.

Table 61 Instructure: Key Product Offerings
Particulars
E-Learning Platforms  Canvas LMS  Arc
 Bridge  Gauge
 Canvas Network
22.14 EDX
edX was founded in May 2012 by collaborative work of Massachusetts Institute of

Technology and Harvard University. The company hosts a number of online
university-level courses in a wide range of disciplines. Giving access to the worldwide
student body it offers many of the courses free of cost. About 14 million users joined
the educational body as of December 2018.
Working under the umbrella of Massachusetts Institute of Technology and Harvard

University, edX works as a non-profit and open-source enterprise that provides free
online courses for universities across the world. Some of the private companies also
use Open edX for providing training to the target populations. edX is a major provider
of flexible purchase options, including bulk purchase and LMS integration.
Table 62 edX: Key Product Offerings
Particulars
E-Learning Platforms  Self-paced  Vocational
 LMS  Corporate
 Academics  Free Courses

22.15 ENGLISH ATTACK
English Attack was found in 2009 and is headquartered in Paris, Italy. It is an online
English language learning resource that was designed with the motive to engage the
current digital generation of the aspiring English language learners. It works in a
combination pattern of the related exercises based on the short-format video clips out
of the latest films, music video, TV series, and documentaries holding visual
dictionaries.
The company offers its service in about 27 different interface languages. It works on
an innovative pedagogy towards creating an authentic world of authentic English
learning. The platform has been created, keeping in mind the needs of teachers,
schools, universities, and several companies willing to train their staff for the English
language. The platform already witnesses over one million people enrolled with them
for gaining the most interactive English learning.
Table 63 English Attack: Key Product Offerings
Particulars
E-Learning Platforms  English Language Learning Platforms
22.16 ESTACIO
Estacio is a privately held educational company that aims at working with universities
across the world. Founded in 1970 in Brazil, the company was established with a
motive of creating an innovative pedagogical project for education on a broader scale.
The company soon achieved its aims within a brief time, and the course became a
teaching model in the entire area of Law in Brazil.

It is a well-known player in the higher education sector in Brazil as per the number of
students enrolled and revenues earned, after Kroton. It is known to be Brazil's second
largest university with over 311,900 students across 57 campuses around the country.
Table 64 Estacio: Key Product Offerings
Particulars
E-Learning Platforms  High School
 Post Graduation & Higher Education
 Corporate
 Free Courses
22.17 COURSERA
Coursera was founded in 2012 by computer science professors of Stanford University.

Coursera, with the help of over 150 partner universities, offers more than 2,700
courses and four degrees in higher education. The company has online education
content, which includes subjects of more than 250 specializations, including
language, science, arts, commerce, and e-governance.
Coursera ventured in Latin America in 2014 and now offers over 100 courses in
English and Spanish to cater to Spanish-speaking users. The company also provides
MOOCs over Android and iOS applications.
Table 65 Coursera: Key Product Offerings
Particulars
E-Learning Platforms  Academics  Language Learning

 Higher Education  Personal Development
 Corporates

22.18 LATITUDE CG
Founded in 2009, Latitude has been a multi-vertical service offering body since then.
The company is an HR consulting firm with its headquarters in the US. It has been
known to offer a wide range of consulting services across industries including
technology, engineering, scientific, and communications both in the public and
private sectors. The company offers a range of skilled professional training to
employees. The company offers LatitudE-Learning LMS for corporates and have also
launched its website, a cloud version of the LMS for some of its clients. As of 2018,
the over 3 million business users have done training on the company’s LMS.
Table 66 Latitude CG: Key Product Offerings
Particulars
E-Learning Platforms  Enterprise LMS  LatitudE-Learning Tools
 Industry Solutions  LMS Customization
22.19 LITMOS
Litmos is known as the e-learning SAAS/Cloud platform for e-learning that operates
the learning management system or LMS. It is based in Silicon Valley, CA, US, with
the idea of creating an LMS that could be quickly set up, easy to manage, and easy to
use.
Litmos is currently used for processes such as employee training, customer training,
channel training, and compliance training. In addition to the individual user's tracks,
groups and teams can also be set up under this platform to track performance.
Administrators of the software can easily schedule and track the registration and
attendance for live training or offering any online courses. A variety of rich media
content can be easily uploaded to Litmos, which includes flash, video, PowerPoint,

audio to support learner uploads (assignments), course discussion boards, and

gamification over iOS and Android mobile applications.
Table 67 Litmos: Key Product Offerings
Particulars
E-Learning Platforms  LMS  Off the Shelf Content
22.20 OPEN ENGLISH
Open English, founded in 2007 and headquartered in the US, works as an online
English school. The company offers a number of online English support functions
such as live sessions, study advisors, personalized interactive content, progress
reports, and several other tools for online English education. In 2014, the school had
already enrolled around 100,000 students in the Spanish speaking world. Open
English has been highly recognized as a well-established “Education Technology”
company that focuses on English language learning across Latin American and the
US. The company was co-founded in Venezuela in September 2006, which later
moved to Miami, Florida, in 2009. The other subsidiary of the brand is Next
University Inc.
Table 68 Open English: Key Product Offerings
Particulars
E-Learning Platforms  Language Learning Courses for Adults, Children, and

Corporates

22.21 VEDUCA
Veduca was founded in March 2012 by Carlos Souza, Eduardo Zancul, Marcelo
Mejlachowicz, and Andre Tachian. The company was founded with the purpose of
democratization of the top-quality education system in Brazil using an innovative way
of using video-lectures from across the world-class universities. It is one of its kind
agencies supporting all sorts of the online education system. Veduca is an online
Brazilian education platform that believes in transforming the education system and
making high-quality content that is produced and distributed in a pretty sustainable
and collaborative way.
Each of the educational solution offered by the company is simple, affordable, and
educational. The company offers such solutions that support an overall education
system regardless of the physical barrier. This online platform was completely re-
launched in December 2016. Since then, it has added over 500,000 new students,
offering them access to the content for free and choose a certificate.
Table 69 Veduca: Key Product Offerings
Particulars
E-Learning Platforms  Courses for Corporates
o People Management
o Project Management
o Pounds
o Leadership

22.22 LINKEDIN (MICROSOFT)
LinkedIn, founded in 2003 and headquartered in the US, is a provider of recruitment

solutions, sales advertising, and a social platform for working professionals as well as
job seeking prospects. The company was acquired by Microsoft Corporation in 2016.
LinkedIn ventured into e-learning through its acquisition of Lynda.com, an open

online course website serving primarily the corporate sector, in 2015. The company
now offers its e-learning solutions under the subsidiary brand LinkedIn Learning.
The company offers over 13,000 courses from LinkedIn and Lynda.com, which are
prepared and presented by industry veterans and experts.
Table 70 LinkedIn: Key Product Offerings
Particulars
E-Learning Platforms  Higher Education
 Corporates
 Government
 Libraries
22.23 SIMPLILEARN
The company was founded in 2009 and is based in the US. The company started with
blogs and shared ideas related to project management and offered tips and
information to aspirants of project management courses and certifications. The
company soon launched blended learning content for PMP certifications in 2010. In
the following year, the company added five additional categories to its PMP learning.
Currently, the company offers online learning and training in several disciplines,
including cloud computing, cyber security, project management, data science, and

digital marketing. As of 2018, the company offers over 400 courses and have over 40
accreditations worldwide.
22.23.2 Product Offerings.
Table 71 Simplilearn: Key Product Offerings
Particulars
E-Learning Platforms  Higher Education
 Corporate Training
22.24 THINK AND LEARN (BYJU’S)
The company, based in India, was founded in 2011. The company started with a focus
on the K-12 segment and worked along with experts from the media, content, and
technology sectors to create international caliber learning material. The company
primarily offers its products on the mobile application called BYJU’S The Learning
App. The company has partnered with a top celebrity from the Indian movie industry
to promote its applications among students and parents. As of 2018, the company
offers e-learning courses for K-12 segment and competitive exams.
Table 72 Byju’s: Key Product Offerings
Particulars
E-Learning Platforms  K-12
 Higher Education
 Competitive Exams

22.25 SWEETRUSH
The company was founded in 2001 and is based in the US. Initially, the company
started with web development and strategic marketing consulting as prime offerings.
The company then branched into offering solutions related to performance
improvement and development of communication and learning solutions. As of 2018,
the company operates in the field of consulting services and the development of
customized content.
Table 73 SweetRush: Key Product Offerings
Particulars
E-Learning  Corporate E-Learning Solutions
22.26 UPGRAD
upGrad, the India-based digital education company, was founded in 2015. The
company offers online training and testing education materials as well as
certifications in several professional courses that are aimed to improve the skillsets
of working as well as job-seeking candidates. The company has partnered with several
education and online universities as well as industry partners to offers learning
materials online for higher education and corporate segments.
Table 74 upGrad: Key Product Offerings
Particulars
E-Learning  Higher Education

 Data Science
 Management
 Technology
22.27 LEQUEST
LeQuest, based in the Netherlands, is engaged in offering learning and training

solutions for healthcare professionals to improve their understanding and operating
of medical technology and equipment. The company offers a full package of e-
learning solutions including defining learning goals, using equipment, certifications,
renewing certificates, as well as design, validation, and roll out of e-learning modules
and solutions.
Table 75 LeQuest: Key Product Offerings
Particulars
E-Learning  Customized and Guided Simulation
 Training and Certification
 Collaboration with Hospitals and Manufacturers
22.28 FUTURELEARN
FutureLearn, a private ed-tech company, is collectively owned by the SEEK Group

and the Open University. The company launched its first online courses in 2013 and
since had over a million users who have used its e-learning platforms.

Table 76 FutureLearn: Key Product Offerings
Particulars
E-Learning  Short Courses
 In-depth Programs
 Online Degrees
22.29 LEARN2PLAY
The company was founded in 2016 in Russia and is engaged in offering e-learning
material for gamers to improve their skills. The company garnered investments of $2
million from Microsoft in 2018 and in the same year, the company launched its
platform in several new languages including English, Russian, Chinese, and Spanish.
By May 2018, the company was producing over 100 videos in four languages and had
over 100,000 users by June 2018. The company also offers AI-based analysis of
several games to its users. As of December 2018, the company has over 1.7 million
users on its Moremmr and More Legends platforms and analysis of over 50 million
matches. The company also introduced a stem bot and offered item build
recommendations for Moremmr, its online platform for skill enhancement in several
games.
Table 77 Learn2Play: Key Product Offerings
Particulars
E-learning  Moremmr
 More Legends

22.30 CHEGG
The company is engaged in offering digital education, course materials, and access to
online tutors and classes as well as e-books for rent or purchase. The company offers
e-learning solutions in forms of straight-to-student platform. The company primarily
offers e-learning solutions for students covering the academics sectors in the e-
learning industry. As of 2018, the company has over 3.1 million subscribing students
on its platforms. In the same year, over 5.1 million consumers paid for company’s
services and products. The company also acquired Germany-based company Math 42
in 2017.
Table 78 Chegg: Key Product Offerings
Particulars
E-Learning  Chegg Services
o Chegg Study
o Chegg Writing
o Chegg Tutors
o Chegg Math Solver
o Other Services
 Required Materials
o eTextbooks and Print Textbooks
o Supplemental Materials
o Textbook Buyback
 Technology and Platform Integration

22.31 BRIGHT LITTLE LABS
The company, founded in 2014 and based in London, started with a program called
Detective Dot, a cartoon book emphasizing on improving technical and computer
skills among children. The company also has an online program which offers gamified
learning to coding and intelligence.
Table 79 Bright Little Labs: Key Product Offerings
Particulars
E-Learning  The Children’s Intelligence Agency
22.32 AULA EDUCATION
The company offers education platforms in the digital environment where the
educators, teaching staff, and students can communicate with each other. The Aula
Education platforms are designed to encourage and increase collaboration and
interaction among the learner and educators.
Table 80 Aula Education: Key Product Offerings
Particulars
E-Learning  Communication Platform

22.33 WHITEHAT SECURITY
The company was founded in 2001 and is headquartered in the US. The company
primarily engages in offering cloud services for corporates to close the gap between
development and security for delivery of secure applications. The main business lines
are DevSecOps, Web Application Security, Software Composition Analysis, and e-
learning content. The e-learning solutions offered by the company deals with
explanations, development, reinforcement, and assessment of coding practices. The
company offers interactive and self-paced learning sessions.
Table 81 WhiteHat Security: Key Product Offerings
Particulars
E-learning  WhiteHat eLearning
22.34 BLINKIST
The company was founded in 2012 and is engaged in offering concise learnings from
best selling books for higher education and corporate professionals. The company
collaborates with authors and book experts to convert the textbooks into powerful
excerpts with read time of 15 minutes or less. The company offers these insights on
its mobile application. The focus of the company is to offer learnings of books on
online mediums to enhance learning of all possible smartphone users.
The company has over 10 million users and offers insights in 15 minutes for over
3,000 titles.

Table 82 Blinkist: Key Product Offerings
Particulars
E-Learning  Online Book Insights
22.35 AVETI LEARNING
Aveti Learning, based in India, is engaged in providing e-learning solutions to

students in regional languages with the aim of improving overall education standard
especially maths and science. The company’s flagship e-learning program offers
digital education to underprivileged students. The educational content is offered in
over 15 regional languages in form of personalized and project-based e-learning
content.
Table 83 Aveti Learning: Key Product Offerings
Particulars
E-Learning  Content
 Platform
 Implementation Services

22.36 AGE OF LEARNING
The company is engaged in the creation and distribution of e-learning content

primarily for K-12 students. The company offers blended solutions of education
practices, insightful creativity, and innovative technologies to design and develop
effective and engaging educational experience for the students. The company has
several award-winning education platforms for digital learning for children aged
from 2 to 8 years.
Table 84 Age Of Learning: Key Product Offerings
Particulars
E-Learning  ABCmouse.com Early Learning Academy
 ABCmouse English Learning Academy
 ABCmouse for Teachers
 ABCmouse for Schools
 ABCmouse for Community Centers
 ABCmouse Assessment Center
 Adventure Academy
22.37 LEARNETIC
Learnetic, founded in 2010 and headquartered in Poland, is a publisher of

educational software and provides e-learning technology solutions. The company
offers educational content, e-learning platforms, and content publishing tools that
are used by students, teachers, as well as publishers in over 30 countries the UK, the
US, Poland, Spain, Holland, Malaysia, Portugal, Australia, Chile, and Singapore,
among others.

Table 85 Learnetic: Key Product Offerings
Particulars
E-Learning  Platforms & Tools
o mAuthor: eDevelopment Platform
o mCourser: eLearning Platform
o mLibro: eLearning Off-line App
 Servcies
o eContent Development Services
 eContent Packages
o mCurriculum – Math & Science
o 321 math! – Primary School Math
o ABC handwriting! – Primary School Writing
o mobiSkils – English Learning
22.38 ELEARN AUSTRALIA
The company was founded in 2004 and is engaged design and development of digital
learning and training material for mobile and computer platforms. The company
primarily serves small and medium-sized companies operating in the community and
healthcare sector. The company develops learning tools, digital content, and e-
learning strategies. The company also offers services to integrate these offering into
existing LMS that the client has.
Table 86 eLearn Australia: Key Product Offerings
Particulars

E-Learning  Custom Content
 Mobile Solutions
 Healthcare Training Material
 Academics
 Cultural Awareness Content
 Moodle Content
 LMS
22.39 360LEARNING
360Learning, a France-based company, was founded in 2010, and offers Learning

Engagement Platforms for corporates and working professionals. The company deals
with LMS, MOOC, social learning, engagement, learning organization, peer learning,
and authoring tools, among other offerings.
Table 87 360Learning: Key Product Offerings
Particulars
E-Learning  Full LMS
 E-Learning Quick
 MOOC (Massive Open Online Course)
 Social Learning
 Mobile Learning
 SPOC (Small Private Online Course)
 COOC (Corporate Open Online Course)

23 REPORT SUMMARY
23.1 KEY TAKEAWAYS
• Continuous learning requirements for students and professionals driven by

sweeping trends over the past two decades due to globalization, talent
migration, and consistent improvements in corporate competencies and
individual talent grooming have increased the scope of the e-learning market
• Three major learning modes and avenues that constitute e-learning are
Learning Management System (LMS), packaged content, and highly gamified
applications or serious games. Packaged content with a revenue share of 59%
in 2018 constituted a major segment, followed by LMS
• New frontiers for growth for vendors will likely be m-learning, deployment of
augmented reality, and increased adoption of cloud infrastructure for hosting
applications to derive scalability
• The fundamental drivers for the e-learning market are growing internet
penetration and the rising mobile and smartphone penetration. This has not
only revolutionized the delivery mode of content but also evolved the method
by continuously improving bandwidths and reducing data prices
• With the rising internet and smartphone penetration, the demand for seamless
connectivity between electronic devices is also on the rise. Evolving cloud
infrastructure and low data prices driven by huge volumes are turned out to be
major drivers in strengthening connectivity as they eliminate several problems
associated with cost, scalability, security, and efficiency
• A majority of the students move for higher education to the US, Australia, the
UK, and Canada, that host some of the most prominent centers for academic
innovation and exciting professional opportunities. Due to lack of ample cost-
effective technology, implementation skills in the US, Europe, and other
developed nations and high labor cost in regional markets, many of the
corporations tend to outsource their work too low labor cost markets to
improve their bottom-lines and strengthen their balance sheets

• Digitization initiatives have gained importance around the world both in the
government and private sectors. Schools and governments are undertaking
ambitious implementation plans pertaining to online tutoring, digital content
delivery, and conversion of existing learning content into the digital format
• Training and testing constitute a crucial aspect of any pedagogy with emphasis
required on both for a learner to derive the best results. Training involves the
interaction of the user with the courseware or LMS systems and includes a wide
variety of audio and video content that can be streamed or stored as per the
learner’s requirement
• Testing, on the other hand, involves those resources that are meant to gauge
the level of proficiency attained by the learner through professionally organized
or administered, time-bound tests
• The corporate e-learning market, which generated $42.98 billion in revenues

in 2018, is a major market driven by an increased emphasis on talent upgrading
and retention. Also, globalization is mandating a different set of functional and
language skills for the critical workforce as companies expand their business
presence across geographies
• Exchange programs and student exodus in search of academic pursuit to

universities across the world is propelling the demand for functional e-learning
modules and driving the demand for language learning courses and English
proficiency testing services
• Vendors must keep a continuous track of pricing of new entrants; while price-
based competition is not recommended, attractive prices can well detract
buyers, and the same must be effectively mitigated with innovation and product
development. Achieving scale is another challenge that can be addressed only
by gaining a reasonable degree of popularity
• Over the past few years, there has been a consistent rise in price-based
competition among vendors with the advent of small and medium-scale players
that are able to efficiently optimize their cost structures, especially through
crowdsourcing the content or co-creating the same with an engaged audience

• Dearth of adequate trainers’ faculties both in terms of quality and quantity is a

major market challenge. While countries such as India, China, and Indonesia
represent a significant potential market in terms of learners, there is a shortage
of qualified and certified instructors, thus warranting the need for platforms
that can facilitate the broader reach of the curriculum
• Skill development is a focus area for governments with the long-term

implementation of continuous e-learning programs supplemented by
instructor-led models found to be effective. Ensuring the workforce’s skill
upgrading and better productivity will help countries build medium to long-
term business competitiveness

24 QUANTITATIVE SUMMARY
24.1 GLOBAL MARKET SIZE BY GEOGRAPHY (REVENUE)
Table 88 Global E-learning Market by Geographies ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
APAC 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Europe 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Latin America 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
MEA 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton
24.2 NORTH AMERICA MARKET
Table 89 North America Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 14.18 16.34 19.05 22.51 26.68 31.68 37.39 17.54%
Others 10.25 11.35 12.68 14.22 15.81 17.53 19.55 11.36%
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
Source: Arizton

Table 90 North America Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 43.95 46.92 50.09 53.29 56.52 60.16 64.04 43.95
Instructor-led 21.36 24.30 27.73 32.05 37.14 42.82 49.48 21.36
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 65.31
Source: Arizton
Table 91 North America Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 45.18 48.95 53.08 57.68 62.58 68.25 74.37 8.66%
Testing 20.12 22.26 24.74 27.66 31.08 34.74 39.15 11.73%
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
Source: Arizton
Table 92 North America Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 14.21 15.29 16.51 17.83 19.34 21.01 22.87 8.25%
Corporates 18.66 20.89 23.46 26.52 29.86 33.77 38.08 12.62%
Government 8.99 9.65 10.35 11.12 11.93 12.84 13.89 7.51%
Vocational 7.22 7.91 8.62 9.60 10.76 11.91 13.30 10.72%
Total 65.31 71.22 77.82 85.33 93.66 102.99 113.52 9.65%
Source: Arizton

24.3 APAC MARKET
Table 93 APAC Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 11.31 12.85 14.83 17.36 20.45 24.18 28.34 16.54%
Others 7.15 7.86 8.76 9.81 10.93 12.16 13.56 11.25%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton
Table 94 APAC Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 23.65 24.91 26.35 27.75 29.15 30.81 32.37 5.37%
Instructor-led 21.58 24.05 27.04 30.76 35.16 40.16 45.82 13.37%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton
Table 95 APAC Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 35.04 37.71 40.84 44.39 48.30 52.91 57.71 8.67%
Testing 10.19 11.25 12.55 14.12 16.01 18.06 20.49 12.35%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton

Table 96 APAC Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 9.37 10.00 10.77 11.62 12.61 13.74 14.94 8.08%
Corporates 13.90 15.42 17.24 19.44 21.89 24.80 27.92 12.32%
Government 5.25 5.58 5.95 6.36 6.81 7.32 7.88 6.99%
Vocational 4.50 4.89 5.32 5.78 6.33 6.97 7.72 9.43%
Total 45.23 48.96 53.39 58.51 64.31 70.97 78.19 9.55%
Source: Arizton

24.4 EUROPE MARKET
Table 97 Europe Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 8.00 8.31 8.60 8.93 9.36 9.82 10.36 4.39%
Others 5.53 5.76 5.98 6.26 6.58 7.00 7.46 5.11%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton
Table 98 Europe Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 18.88 19.15 19.29 19.37 19.52 19.84 20.19 1.12%
Instructor-led 8.31 9.00 9.71 10.62 11.71 12.91 14.29 9.46%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton
Table 99 Europe Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 19.28 19.86 20.37 20.99 21.80 22.79 23.94 3.68%
Testing 7.91 8.28 8.63 8.99 9.43 9.96 10.54 4.90%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton

Table 100 Europe Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 5.62 5.73 5.83 5.94 6.11 6.32 6.57 2.63%
Corporates 8.08 8.58 9.08 9.66 10.32 11.12 11.97 6.75%
Government 4.06 4.14 4.19 4.25 4.34 4.46 4.62 2.17%
Vocational 2.98 3.10 3.18 3.34 3.55 3.75 4.00 5.06%
Total 27.19 28.14 29.00 29.98 31.23 32.75 34.48 4.04%
Source: Arizton

24.5 LATIN AMERICA MARKET
Table 101 Latin America Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 1.58 1.66 1.75 1.84 1.95 2.06 2.17 5.42%
Others 0.96 1.01 1.08 1.15 1.23 1.31 1.40 6.45%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton
Table 102 Latin America Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 2.34 2.48 2.64 2.83 3.02 3.24 3.50 6.92%
Instructor-led 3.13 3.24 3.36 3.47 3.59 3.73 3.85 3.53%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton
Table 103 Latin America Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 4.36 4.55 4.76 4.99 5.22 5.49 5.78 4.82%
Testing 1.11 1.18 1.24 1.31 1.39 1.48 1.58 5.95%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton

Table 104 Latin America Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 1.31 1.35 1.40 1.45 1.50 1.57 1.63 3.82%
Corporates 1.51 1.62 1.75 1.89 2.05 2.21 2.39 7.99%
Government 0.75 0.78 0.80 0.82 0.85 0.87 0.90 2.93%
Vocational 0.30 0.32 0.33 0.34 0.35 0.37 0.39 4.21%
Total 5.47 5.72 6.00 6.30 6.61 6.97 7.36 5.05%
Source: Arizton

24.6 MIDDLE-EAST & AFRICA MARKET
Table 105 MEA Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 0.44 0.53 0.63 0.76 0.94 1.15 1.40 21.10%
Others 0.20 0.22 0.26 0.30 0.35 0.40 0.46 15.19%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton
Table 106 MEA Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 0.92 1.06 1.22 1.42 1.68 1.98 2.33 16.69%
Instructor-led 1.45 1.58 1.71 1.84 1.99 2.17 2.36 8.38%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton
Table 107 MEA Market by Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 1.93 2.13 2.36 2.60 2.90 3.26 3.64 11.12%
Testing 0.44 0.50 0.58 0.66 0.77 0.90 1.05 15.38%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton

Table 108 MEA Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 0.40 0.43 0.47 0.52 0.58 0.64 0.71 10.28%
Corporates 0.82 0.93 1.06 1.21 1.40 1.62 1.86 14.58%
Government 0.28 0.30 0.33 0.36 0.40 0.44 0.49 9.66%
Vocational 0.14 0.16 0.18 0.20 0.23 0.26 0.29 12.17%
Total 2.38 2.64 2.93 3.26 3.67 4.15 4.68 11.98%
Source: Arizton

24.7 MARKET BY DELIVERY MODE
24.7.1 Global Market by Delivery Mode
Table 109 Global Market by Delivery Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
LMS 35.53 39.68 44.87 51.41 59.38 68.89 79.67 14.41%
Others 24.10 26.21 28.75 31.74 34.89 38.40 42.43 9.89%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton
24.7.2 Packaged Content Market by Geography
Table 110 Global Packaged Content Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 40.87 43.53 46.09 48.61 51.16 53.77 56.57 5.57%
APAC 26.76 28.25 29.80 31.33 32.94 34.63 36.30 5.21%
Europe 13.66 14.07 14.41 14.79 15.29 15.93 16.67 3.37%
Latin America 2.93 3.05 3.17 3.31 3.44 3.60 3.78 4.37%
MEA 1.73 1.89 2.04 2.20 2.39 2.60 2.82 8.45%
Total 85.95 90.79 95.52 100.24 105.22 110.55 116.14 5.14%
Source: Arizton

24.7.3 LMS Market by Geography
Table 111 Global LMS Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 14.18 16.34 19.05 22.51 26.68 31.68 37.39 17.54%
APAC 11.31 12.85 14.83 17.36 20.45 24.18 28.34 16.54%
Europe 8.00 8.31 8.60 8.93 9.36 9.82 10.36 4.39%
Latin America 1.58 1.66 1.75 1.84 1.95 2.06 2.17 5.42%
MEA 0.44 0.53 0.63 0.76 0.94 1.15 1.40 21.10%
Total 35.53 39.68 44.87 51.41 59.38 68.89 79.67 14.41%
Source: Arizton
24.7.4 Other Delivery Modes Market by Geography
Table 112 Global Other Delivery Modes Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 10.25 11.35 12.68 14.22 15.81 17.53 19.55 11.36%
APAC 7.15 7.86 8.76 9.81 10.93 12.16 13.56 11.25%
Europe 5.53 5.76 5.98 6.26 6.58 7.00 7.46 5.11%
Latin America 0.96 1.01 1.08 1.15 1.23 1.31 1.40 6.45%
MEA 0.20 0.22 0.26 0.30 0.35 0.40 0.46 15.19%
Total 24.10 26.21 28.75 31.74 34.89 38.40 42.43 9.89%
Source: Arizton

24.8 MARKET BY LEARNING MODE
24.8.1 Global Market by Learning Mode
Table 113 Global Market by Learning Mode 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Self-paced 89.75 94.52 99.60 104.66 109.89 116.04 122.43 5.31%
Instructor-led 55.82 62.16 69.54 78.73 89.60 101.80 115.80 12.93%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton
24.8.2 Self-paced E-learning Market by Geography
Table 114 Global Self-paced E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 43.95 46.92 50.09 53.29 56.52 60.16 64.04 6.47%
APAC 23.65 24.91 26.35 27.75 29.15 30.81 32.37 5.37%
Europe 18.88 19.15 19.29 19.37 19.52 19.84 20.19 1.12%
Latin America 2.34 2.48 2.64 2.83 3.02 3.24 3.50 6.92%
MEA 0.92 1.06 1.22 1.42 1.68 1.98 2.33 16.69%
Total 89.75 94.52 99.60 104.66 109.89 116.04 122.43 5.31%
Source: Arizton

24.8.3 Instructor-led E-learning Market by Geography
Table 115 Global Instructor-led E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 21.36 24.30 27.73 32.05 37.14 42.82 49.48 15.03%
APAC 21.58 24.05 27.04 30.76 35.16 40.16 45.82 13.37%
Europe 8.31 9.00 9.71 10.62 11.71 12.91 14.29 9.46%
Latin America 3.13 3.24 3.36 3.47 3.59 3.73 3.85 3.53%
MEA 1.45 1.58 1.71 1.84 1.99 2.17 2.36 8.38%
Total 55.82 62.16 69.54 78.73 89.60 101.80 115.80 12.93%
Source: Arizton

24.9 MARKET BY FUNCTION
24.9.1 Global Market by Function
Table 116 Global Market by E-learning Type 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
Training 105.80 113.20 121.39 130.64 140.80 152.70 165.44 7.74%
Testing 39.78 43.48 47.75 52.74 58.69 65.14 72.80 10.60%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton
24.9.2 Training Market by Geography
Table 117 Global Training Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 45.18 48.95 53.08 57.68 62.58 68.25 74.37 8.66%
APAC 35.04 37.71 40.84 44.39 48.30 52.91 57.71 8.67%
Europe 19.28 19.86 20.37 20.99 21.80 22.79 23.94 3.68%
Latin America 4.36 4.55 4.76 4.99 5.22 5.49 5.78 4.82%
MEA 1.93 2.13 2.36 2.60 2.90 3.26 3.64 11.12%
Total 105.80 113.20 121.39 130.64 140.80 152.70 165.44 7.74%
Source: Arizton

24.9.3 Testing Market by Geography
Table 118 Global Testing Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 20.12 22.26 24.74 27.66 31.08 34.74 39.15 11.73%
APAC 10.19 11.25 12.55 14.12 16.01 18.06 20.49 12.35%
Europe 7.91 8.28 8.63 8.99 9.43 9.96 10.54 4.90%
Latin America 1.11 1.18 1.24 1.31 1.39 1.48 1.58 5.95%
MEA 0.44 0.50 0.58 0.66 0.77 0.90 1.05 15.38%
Total 39.78 43.48 47.75 52.74 58.69 65.14 72.80 10.60%
Source: Arizton

24.10 MARKET BY END-USERS
24.10.1 Global Market by End-users
Table 119 Global Market by End-users 2018–2024 ($ billion)
2018 2019 2020 2021 2022 2023 2024 CAGR
K-12 30.91 32.81 34.98 37.35 40.14 43.27 46.72 7.13%
Corporate 42.98 47.43 52.58 58.72 65.51 73.52 82.21 11.42%
Government 19.34 20.45 21.62 22.92 24.32 25.93 27.77 6.21%
Vocational 15.14 16.37 17.63 19.26 21.23 23.26 25.69 9.22%
Total 145.57 156.68 169.14 183.38 199.49 217.84 238.23 8.56%
Source: Arizton
24.10.2 K-12 E-learning Market by Geography
Table 120 Global K-12 E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 14.21 15.29 16.51 17.83 19.34 21.01 22.87 8.25%
APAC 9.37 10.00 10.77 11.62 12.61 13.74 14.94 8.08%
Europe 5.62 5.73 5.83 5.94 6.11 6.32 6.57 2.63%
Latin America 1.31 1.35 1.40 1.45 1.50 1.57 1.63 3.82%
MEA 0.40 0.43 0.47 0.52 0.58 0.64 0.71 10.28%
Total 30.91 32.81 34.98 37.35 40.14 43.27 46.72 7.13%
Source: Arizton

24.10.3 Higher Education E-Learning Market by Geography
Table 121 Global Higher Education E-Learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 16.22 17.48 18.88 20.26 21.77 23.46 25.38 7.75%
APAC 12.20 13.07 14.11 15.31 16.67 18.14 19.74 8.34%
Europe 6.45 6.60 6.72 6.79 6.91 7.10 7.33 2.15%
Latin America 1.61 1.66 1.73 1.79 1.86 1.95 2.05 4.15%
MEA 0.73 0.81 0.89 0.97 1.08 1.20 1.34 10.53%
Total 37.21 39.62 42.32 45.13 48.29 51.85 55.84 7.00%
Source: Arizton
24.10.4 Corporate E-learning Market by Geography
Table 122 Global Corporate E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 18.66 20.89 23.46 26.52 29.86 33.77 38.08 12.62%
APAC 13.90 15.42 17.24 19.44 21.89 24.80 27.92 12.32%
Europe 8.08 8.58 9.08 9.66 10.32 11.12 11.97 6.75%
Latin America 1.51 1.62 1.75 1.89 2.05 2.21 2.39 7.99%
MEA 0.82 0.93 1.06 1.21 1.40 1.62 1.86 14.58%
Total 42.98 47.43 52.58 58.72 65.51 73.52 82.21 11.42%
Source: Arizton

24.10.5 Government E-learning Market by Geography
Table 123 Global Government E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 8.99 9.65 10.35 11.12 11.93 12.84 13.89 7.51%
APAC 5.25 5.58 5.95 6.36 6.81 7.32 7.88 6.99%
Europe 4.06 4.14 4.19 4.25 4.34 4.46 4.62 2.17%
Latin America 0.75 0.78 0.80 0.82 0.85 0.87 0.90 2.93%
MEA 0.28 0.30 0.33 0.36 0.40 0.44 0.49 9.66%
Total 19.34 20.45 21.62 22.92 24.32 25.93 27.77 6.21%
Source: Arizton
24.10.6 Vocational E-learning Market by Geography
Table 124 Global Vocational E-learning Market by Geography 2018−2024 ($ million)
2018 2019 2020 2021 2022 2023 2024 CAGR
North America 7.22 7.91 8.62 9.60 10.76 11.91 13.30 10.72%
APAC 4.50 4.89 5.32 5.78 6.33 6.97 7.72 9.43%
Europe 2.98 3.10 3.18 3.34 3.55 3.75 4.00 5.06%
Latin America 0.30 0.32 0.33 0.34 0.35 0.37 0.39 4.21%
MEA 0.14 0.16 0.18 0.20 0.23 0.26 0.29 12.17%
Total 15.14 16.37 17.63 19.26 21.23 23.26 25.69 9.22%
Source: Arizton

25 APPENDIX
25.1 ABBREVIATIONS
• ADSL - Asymmetric Digital Subscriber
• AI - Artificial Intelligence
• APAC - Asia Pacific
• AR - Augmented Reality
• B2B - Business-to-Business
• B2C - Business-to-Consumer
• FTTH - Fiber to the Home
• GDP - Gross Domestic Product
• GMAT - Graduate Management Admission Test
• GPS - Global Positioning System
• GRE - Graduate Record Examinations
• ICT - Information and Communications Technology
• IELTS - International English Language Testing System
• IRR - Internal Rate of Return
• ISDN - Integrated Services Digital Network
• LMS - Learning Management System
• MEA - Middle East and Africa
• MOOC - Massive Open Online Courses
• MoU - Memorandum of Understanding
• OECD - Organisation for Economic Co-operation and Development
• PMP - Project Management Professional
• PSTN - Public Switched Telephone Network
• ROI - Return on Investment
• SaaS - Software as a Service
• SAT - Scholastic Assessment Test
• TOEFL - Test of English as a Foreign Language
• UX - User Experience
• VDSL - Very High-Speed Digital Subscriber Line

• VoIP - Voice over Internet Protocol
• VPN - Virtual Private Network
• VR - Virtual Reality

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E-Learning Market - Global Outlook Forecast 2019-2024 Arizton PDF

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GLOBAL OUTLOOK & FORECAST 2019−2024

3 RESEARCH PROCESS ........................................................................................................ 21

4 SCOPE & COVERAGE ........................................................................................................ 22

4.3 SCOPE OF THE STUDY .......................................................................................................................................... 23

MARKET SEGMENTATION BY LEARNING MODE.............................................................................. 24

5 REPORT ASSUMPTIONS & CAVEATS................................................................................ 26

6 MARKET AT A GLANCE .................................................................................................... 30

8 MARKET DYNAMICS ........................................................................................................ 45

HIGH PENETRATION OF INTERNET & INTERNET-ENABLED DEVICES........................................ 45

BLENDED LEARNING TO EMERGE AS NORM IN EDUCATION TECHNOLOGY............................. 75

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9 GLOBAL E-LEARNING MARKET ........................................................................................81

9.2 FIVE FORCES ANALYSIS .......................................................................................................................................84

BARGAINING POWER OF BUYERS .......................................................................................................84

10 BY DELIVERY MODE ........................................................................................................ 87

MARKET SIZE & FORECAST .................................................................................................................. 91

MARKET SIZE & FORECAST .................................................................................................................. 96

11 BY LEARNING MODE ....................................................................................................... 98

MARKET SIZE & FORECAST BY GEOGRAPHY .................................................................................. 102

MARKET SIZE & FORECAST BY GEOGRAPHY .................................................................................. 104

12 BY FUNCTION ................................................................................................................. 105

12.3 TRAINING ............................................................................................................................................................. 108

12.4 TESTING ............................................................................................................................................................... 110

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13.2 MARKET OVERVIEW............................................................................................................................................113

MARKET SIZE & FORECAST .................................................................................................................116

MARKET SIZE & FORECAST ................................................................................................................ 120

MARKET SIZE & FORECAST ................................................................................................................ 122

MARKET SIZE & FORECAST ................................................................................................................ 124

14 BY GEOGRAPHY .............................................................................................................. 129

14.2 OVERVIEW ........................................................................................................................................................... 130

15 NORTH AMERICA............................................................................................................ 133

MARKET BY LEARNING MODE .......................................................................................................... 137

15.5 SEGMENTATION BY END-USERS ...................................................................................................................... 138

US: MARKET SIZE & FORECAST ......................................................................................................... 140

16 APAC ............................................................................................................................... 145

16.2 SEGMENTATION BY DELIVERY MODE ............................................................................................................. 151

MARKET BY LEARNING MODE ........................................................................................................... 151

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MARKET BY TYPE ................................................................................................................................. 152

MARKET BY END-USERS ..................................................................................................................... 152

SOUTH KOREA: MARKET SIZE & FORECAST ................................................................................... 157

INDIA: MARKET SIZE & FORECAST ................................................................................................... 163

17 EUROPE .......................................................................................................................... 166

ERASMUS PROGRAM ........................................................................................................................... 169

17.4 SEGMENTATION BY TYPE .................................................................................................................................. 172

SPAIN: MARKET SIZE & FORECAST ................................................................................................... 182

18 LATIN AMERICA .............................................................................................................184

MARKET BY DELIVERY MODE ........................................................................................................... 187

18.4 SEGMENTATION BY TYPE .................................................................................................................................. 188

MARKET BY END-USERS ..................................................................................................................... 188

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MEXICO: MARKET SIZE & FORECAST ............................................................................................... 194

CHILE: MARKET SIZE & FORECAST .................................................................................................. 198

19 MIDDLE-EAST AND AFRICA ........................................................................................... 200

E-LEARNING IN AFRICA: OVERVIEW .............................................................................................. 204

19.3 SEGMENTATION BY LEARNING MODE .......................................................................................................... 206

MARKET BY TYPE .................................................................................................................................207

20 COMPETITIVE LANDSCAPE ............................................................................................ 214

21 KEY COMPANY PROFILES............................................................................................... 219

KEY STRATEGIES.................................................................................................................................. 221

BUSINESS OVERVIEW ......................................................................................................................... 223