Online Training Is Not Going Away
If you’re looking for a way to add more income streams to your business, if you have a book, your a writer or a content creator, then creating online training is perfect for you.
And there has never been a better time for you to break into the rapidly growing online training market, with its huge potential for creativity and entrepreneurship.
Not forgetting that it has a customer base that is still largely untapped.
The market for online training may have only been around for 12 years, but it’s showing no signs of slowing down. Quite the reverse in fact.
The technology is easier
As the technology gets easier there has been a dramatic shift in the training and education landscape.
Where creating online learning programmes used to be available only to the early adopters and the few who had access to programming skills, now they are becoming the standard for training, skilling and reskilling everyone from corporate executives, to university students across the world.
Companies and individuals are shifting their priorities from stand-alone training courses and are looking at ways to diversify the skills of their workforce easily, and affordably.
Online training is the natural solution for them. Which makes it the natural business shift for you.
If you’re considering taking the plunge, than here are eight reasons why creating online training is a lucrative way to expand your products and services.
It’s the right answer, and now is the right time to do it.
1. Exponential Growth
The online training and eLearning market in 2015 is estimated to be worth over US$107 billion, far surpassing most previous predictions.
With growth, year on year, compounding at over 9 percent, the market size has tripled since the 2010 base of US$32 billion, and it doesn’t look as if it’s about to stop there.
Although there has been a huge growth in consumer-facing training, with sites such as Udemy, and Lynda (recently bought out by LinkedIn for an estimated $1.5bn), it’s actually corporate online training that is one of the fastest growing and most promising areas within this online training market.
And, as more corporations make the switch, there is more scope for training providers and authors, just like you, to help provide content.
2. Branching Out
But it’s not just about corporate training. Self-paced independent online training saw a two-fold increase in learners between the years of 2005 and 2006 and and has continued to grow at 5-10% a year, now accounting for 15% of all online training delivered.
It’s easy to reach these independent learners both through small, trusted online training providers, and the larger retailers like Lynda, Udemy, Coursera, Skillshare, and many more. Whether a learner wants accountability and personalised training choices, or affordability without the bells and whistles, the choice is there.
3. Lack of saturation
Although the rates of growth paint a picture of complete market saturation, this couldn’t be further from the truth.
Despite the obvious advantages to online training, 55% of all formal learning hours are still undertaken in an instructor-led classroom and only 24% of formal training hours are undertaken online.
Which means that there is still scope for the expansion of online training for major corporations, as well as for small companies and individuals.
Continued growth is almost certain.
4. Emerging markets
And one of the most exciting areas that the expansion of online learning has opened up, is access to the markets of the developing and middle-income countries. Or markets previously closed to entrepreneurs and small businesses in Europe and the US, for language, technology, or lack of information about how to access — countries like China and Russia.
If you have the skill and fortitude to tap into the markets of developing economies, than you’re looking at a virtual goldmine.
Although the US and Europe currently account for 70% of the online training market, the future of the market is in developing economies.
The rapid adoption of online training, and the growing access to mobile technology in developing countries, as well as the explosion of suppliers has created a truly global eLearning eco-system.
According to New Ambient Insight Report, the 10 countries with the highest online training growth rates in the world are Myanmar, Thailand, Malaysia, Vietnam, Ethiopia, Slovakia, Nepal, Mozambique, Indonesia, and Pakistan. All have growth rates of 30% (6 times the world-wide aggregate growth rate), with Myanmar and Thailand topping the growth rates at 50% and 44% respectively.
This is a HUGE market that, as it stands, is virtually untapped.
5. De-formalisation of higher education
Online certification has become more common and more robust over recent years, particularly when it comes to advanced skills. This has led to a de-formalisation of higher education, meaning that employers and universities are now, more than ever, likely to accept and even encourage online training as a legitimate means of acquiring skills and accreditation.
MOOCs (Massive Open Online Courses) reached maturity in 2014, with an estimated 20 million students in 2015, registering for online courses at over 400 online learning platforms and universities, including 22 out of the top 25 universities in the US.
While the most prestigious online degrees are offered by renown universities such as Stanford University and the University of California Berkeley, independent, online-only learning centres are leading the way in democratising higher education and training, and by tapping into the large populations and under-exploited markets of developing economies.
6. What the customer wants
You only succeed in business if there is enough demand for your services. And this is one market where evidence of demand is well documented.
According to the National Research Business Institute, 23 percent of employees leave their positions because of a lack of developmental opportunities and training, demonstrating a huge potential opportunity.
In an increasingly customer-orientated market, more and more employers are offering online training as a way to offer an affordable solution to the problem of losing talent, and the investment of money, productivity, recruitment expenses and training that has gone into staff who leave.
As half of the workforce is now made up of Millennial’s, it’s no wonder that online training is increasingly becoming the most viable option for those wishing to re-train and develop new skills over the course of their estimated 15-20 career changes.
7. A Flawless Model
For a company looking to develop their employees’ talents, or an individual looking to upskill, online training is an economical no-brainer.
The cost of online training is just a fraction of in-person training, and the scalability is almost unlimited. 85% of every dollar that is spent on individual or group classroom training is spent in the delivery – instructor costs, travel, venue, etc. When it comes to online training, however, the low costs mean that individual saves money, the company can reduce costs (or train more people).
The flexibility of location means that training does not have to be confined to the hours of 9-5. With no travel to a class, no time lost during working hours, no loss of income for someone taking time off, plus the ability to study from any location, online training offers flexibility and access to courses that could not have been imagined a decade ago.
As we become a more mobile society, putting your expertise and experience into an online training course will become more and more an obvious must-do.
8. Never Ending Growth
And, although it must come, it looks as if there is no end to the growth of the online training market — at least not yet.
Breaking into mobile market has been the most recent development and this offers huge potential. Mobile training not only offers learners the ability to learn on the go, it also allows learners to access information whenever, and wherever they need.
Given that online training is growing fastest in the mobile-first nations of the developing world, and that mobile technology isn’t slowing down soon, this spells it out even more clearly: Never. Ending. Growth.
Exponential growth and a huge potential for profit surrounds the future of online training.
Every year holds more promise of learners turning online for their educational and training needs, and for individuals or business hoping to get their feet wet in a growing industry, now is the perfect time to get on board and set up your business in the online training market.
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