The latest technological developments have made it easy to disperse education to students all across this globe via world wide web (internet). Online education is a type of educational instruction that is distributed via the internet to students using their home computers. During the last decade, online degrees and courses have become a popular alternative for a wide range of nontraditional students, include those who want to continue working full-time or raising families. Most of the time, online degree programs and courses are offered via the host school’s online education platform, although some are delivered using alternative technologies. Although there are detailed differences, the main difference between online and traditional learning is the fact that online education frees the student from the usual binding of on-campus degree programs including planning their schedule around classes, driving to school and being physically present for each sequence of their coursework
Global Online Education Industry Projections-
- Today, it’s expected that about 46% of college students are taking at least one course online. However, by 2019, roughly half of all college classes will be based on eLearning.
- According to a report issued by KPMG, the Indian online education industry will register a 6X growth in 2021. From approximately 1.6 million users in 2016, it will grow to 9.6 million users by 2021. It will also be worth $1.96 billion.
- Corporations currently report that e-Learning is the second most valuable training method that they use. This is no surprise, on condition that e-Learning saves businesses at least 50% when they replace traditional instructor-based coaching with e-Learning. Not to mention that e-Learning cuts down training time by up to 60%.
- E-Learning is also very Eco-friendly. Recent studies conducted by Britain’s Open University have found that e-Learning consumes 90% less energy than the regular courses. The amount of carbon acid gas emissions (per student) is also reduced by up to 85%.
- Over 41.7% of worldwide Fortune 500 companies now use some form of educational technology to instruct employees during formal learning hours, and that figure is only going to regularly increase in future years.
- The world’s most rapidly growing e-Learning markets are most of the Asian countries. In fact, the supposed 5-year annual growth rate for the Asian e-Learning market is 17.3%. That is the best compound annual growth rate of any global region. Here are a number of more key e-Learning stats for other parts of the world:
- Self-paced e-Learning’s growth rate in the Middle East is 8.2%, and its revenues are expected to touch $560.7 million by 2016.
- The self-paced e-Learning market growth rate in Western Europe is 5.8%, and it’s expected that their revenues will be at $8.1 billion by 2015.
- Africa’s compound annual growth rate for self-paced e-Learning is 15.4%, and their revenues are supposed to reach $512.8 million by the year 2016.
- As per the study conducted by IBIS World, the global online education industry will reach up to a whopping $37.8 billion till 2020.
- According to a report issued by IBM, companies who utilize e-Learning tools and techniques have the potential to boost productivity by up to 50%. For every $1 that the company spends, it’s estimated that they can receive $30 worth of productivity.
- According to a recent study carried by The Research Institute of America, e-Learning has the ability to increase information retention rates by up to 60%. That means that not only is e-Learning lot of cost-efficient but also it’s also much more effective (in terms of what amount of knowledge is truly acquired during the learning process).
- It’s been expected that nearly 25% of all employees leave their job because there simply aren’t enough training or learning opportunities. On the other hand, companies who offer e-Learning and on-the-job instruction generate about 26% more revenue per employee.
- About 72% of companies who were included in a recent survey stated that e-Learning helps them to keep up-to-date with changes in their industry, which helps them to remain competitive within their niche. It was further found, in a study led by Bersin & Associates that companies and organizations that did have a strong learning culture did great in their market than those who do not. For example, these organizations are 46% more likely to be the leader in their industry, noted a 34% increase in their capacity to respond to the needs of the customer and they are 17% more likely to become the market share leader.
- About 33% of college students are taking at least one course online, according to a survey by the Babson Survey Research Group. Schools and employers are recognizing that online study can be just as effective and sometimes more efficient than classroom courses.
- This allows online colleges and universities to allow cheaper tuition rates compared to traditional brick-and-mortar colleges and universities. The average student will typically spend anywhere between $100 to $400 per credit hour.
Ultimately, online education is better in many aspects as students have the freedom to juggle their careers and school because they aren’t tied down to a fixed schedule. While in a traditional classroom setting, class meeting times are set and the student has no power over this, forcing them to work their schedules around these dates. Also, online education is more cost effective as compared to the traditional education system. These are the main reasons why the students are searching for alternatives (Online education) in the traditional education system.