Market Trends of Learning Analytics Industry
This section covers the major market trends shaping the Learning Analytics Market according to our research experts:
Increasing Learning & Development Budget towards Online Learning is Fueling the Market Growth
- In recent years, MOOC has gained traction among employees, especially in the IT sector. At its core, MOOC was always meant to be a flexible learning platform. With employees engaged in multiple tasks throughout the day, formalized training often becomes a challenge. MOOCs allow employees to brush up on existing skills and familiarize themselves with new ideas at a time of convenience.
- Thereby, organizations have indicated the increased budgets and executive support for employees to play a more strategic role. According to the recent study by LinkedIn Learning, In the period of 2017 to 2019, 59% of talent developers spend more of their budget on online learning, and 39% Learners spend less on instructor-led training (ILT). Hence, companies have been adopting learning analytics solutions.
- The Learning and Development professionals have been expanding their budget towards online learning to close the vital gaps to stay competitive. In 2019, only 27% of the L&D professionals had mentioned budget as a roadblock. While the online learning models cannot completely replace the in-person training, organizations have mentioned that it is important to enabling the next generation to upskill when and where it is needed.
- Kellogg has mentioned investing in an online learning program for empowering its more than 10,000 employees. Along with this, the company has also adopted learning analytics solutions to gain value-added insights on the learners. With this adoption, the company was able to upskill at the moment with online learning, right within the flow of work.
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North America is Expected to Witness Significant Market Growth
- North America is expected to dominate the market in the coming years. The US government has played a major role in the acceptance of eLearning products. According to the latest data, the US government has spent more than USD 2.59 billion on self-paced e-learning products for its staff and administrators.
- Further, the United States leads the North American market for predictive and prescriptive analytics, owing to early and heavy usage of advanced analytics across the majority of its industries. According to the Digital Change Survey done by IFS in 2019 to assess the maturity of digital transformation in the education sector, 46% of the companies are looking to invest in big data and analytics.
- According to the EDUCAUSE IT workforce report 2019, "Business Analyst" has been one of the most commonly added new positions to organizations in the United States. The organizations are highly interested in engaging with and taking responsibilities required and educational potential offered through analytics.
- The universities in the region are increasingly making investments for adopting advanced technology, which is estimated to drive market growth. For instance, in June 2020, California-based Anaheim Union High School District has partnered with The Absolute Control Solutions for intelligent management of their fleet of almost 30,000 student devices for analytics.
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