The Rise and Rise of Online Education

The COVID-19 pandemic further accelerated the adoption of online education, as traditional in-person learning faced unprecedented challenges. Educational institutions and individuals turned to online platforms to continue learning despite the restrictions brought about by the pandemic.

The concept of online education has evolved over the years, transitioning from a supplemental form of learning to a primary mode of education.

The rise of online education platforms has surged globally, with countries like the United States, the UK, Asia, UAE, and Africa at the forefront of offering accessible and high-quality education. 

Online learning – An important tool to close the global skills gap

Online learning plays a crucial role in closing the global skills gap by offering accessible and flexible educational opportunities to individuals around the world. 

According to a McKinsey Global Survey on future workforce needs, nearly 9 in 10 executives and managers say their organisations either face skill gaps already or expect gaps to develop within the next few years.

Reskilling programs most often focus on building employees’ skills in critical thinking and decision-making, leadership and managing others, and advanced data analysis (Exhibit 4). 

The rise of online education can be attributed to the growing demand for accessible and customisable education. Learners are drawn to the convenience and flexibility offered by online courses, enabling them to balance their studies with work and other responsibilities.

Some interesting statistics:

• The Online Education market is estimated to reach a revenue of US$185.20bn in 2024.
• Among the various markets, Online University Education is anticipated to be the largest, with a projected market volume of US$120.70bn in 2024.

This data clearly shows a rise and popularity in online learning. A very noteworthy fact is that there is a definite increase in the number of online students while at the same time a dip in the onsite enrolments.

In 2013, Lynda.com, the online learning giant and arguably the 800-pound gorilla in the e-learning space, had just accepted $103 million in venture funds. Two years later, in 2015, they were acquired by LinkedIn for $1.5 Billion. It is now called LinkedIn Learning. 

This acquisition and the trends in hiring, workplace skills, and training are the reasons why we are seeing these revenue projections. People need to keep learning to succeed (or just stay afloat) in these times.

For online learning and executive online learning, there is no shortage of platforms and new technologies. Online learning is the future of education. The platform is beneficial for everyone, especially students and working executives.

The case for change in education post-pandemics and why this topic is important to explore

Now the question is!

Why Online Learning?

For starters, there’s the obvious double advantage of programmes taught online: flexibility plus accessibility. For anyone hampered by geographic or time constraints, virtual learning platforms give participants control over the pace and place of their studies.

For some, gaining familiarity with executive programs can also help prepare career goals. For others, the online platforms offer a less intimidating environment more conducive to active participation.

Working professionals especially see the benefits of providing online learning for their professional development. With a strong online learning platform in place, people can identify new skill-gaps, develop content in their respective areas, and deploy their knowledge and skills in their workplace.

Research indicates that, on average, students exhibit greater retention of material, ranging from 25-60%, when engaging in online learning, as opposed to a mere 8-10% in a traditional classroom setting. 

E-learning requires 40-60% less time to learn than in a traditional classroom setting because students can learn at their own pace, going back through the notes and materials whenever they want to. 

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Final thoughts on the rise of online education

In conclusion, the rise of online education marks a pivotal shift in education, unlocking new possibilities for learners globally. The accessibility, flexibility, and diverse course offerings have contributed to its growing popularity. 

As we navigate this transformative era, online learning emerges as a beacon of educational evolution, offering a personalised, efficient, and inclusive approach to acquiring knowledge. 

The future of learning is undoubtedly shaped by the ascent of online education, providing learners with the tools they need to succeed in a rapidly changing world.