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But that is another story, today we just want to talk about reduced education cost with the help of Kajabi blog and some useful statistics via thrivemyway.com Let’s start from the statistics.
State of Global Online Learning Stats and Facts
– Estimates are that the worldwide eLearning market will be worth $325 billion by 2025.
– 77% of US corporations used online education in 2017, but by 2020, 98% were incorporating it into their learning program.
– Between 2020 and 2024, the US online learning market will grow by $12.81 billion.
– Retention rates are increased by 25% to 60% when eLearning is available.
– Between 2020 and 2024, the corporate e-learning market could increase by $38.09 billion.
– 42% of US organizations attribute an increase in income to eLearning.
– When 2,500 companies were surveyed, it was found that those with “comprehensive training programs” have 218% higher revenue per team member and 24% higher profit margins.
– When IBM switched to eLearning, it was able to save approximately $200 million.
– In 2019, 67% of US companies offered learning opportunities via smartphones.
– Global Online Learning Industry Statistics The massive open online course (MOOCs are free learning online platforms that allow for unlimited participation from students worldwide) market could be worth $25.33 billion by 2025.
– The MOOC market is currently worth $5.16 billion and is projected to grow at an annual rate of 32.09%.
– The eLearning sector will be driven forward over the next couple of years by the key trends of augmented and virtual reality (AR/VR).
– The largest section of the global eLearning industry is located in the US and Europe (70%).
– The European frontrunner in the eLearning industry is Germany, which has the highest market share in Europe.
– Only 47% of students are aware of MOOCs in many parts of the world.
– A study of 2,700 randomly selected medical students found that only one-fifth of them knew about MOOCs.
– 40% of the most popular MOOCs belong to categories that are easy to monetize such as business and technology.
– Germany’s eLearning market is growing by 8.5% each year.
– The online education market in India is expected to grow by $14.33 billion by 2024.
– The fastest-growing eLearning market in the Asia Pacific region has a growth rate of 17.3% while the global growth average is 7.6%.
– In China, the K-12 online learning market has grown by 20% since 2017. 99% of students taking US online degree programs are physically located in the US.
– More than 30% of American students enroll in at least one online program.
– 39% of American undergraduate students consider online college-level education to be superior to classroom learning. – Nearly all top US universities offer eLearning courses.
– 48% of K-12 students globally have online classes available to them.
And now, let’s continue talking about Benefits of Online Learning.
6. Reduced education costs
Scholastic achievement comes at a significant cost—at least, it does if you take the traditional route.
Did you know that a single course at the University of Chicago costs an average of $4,489? If you stick around to earn a four-year degree, you’ll pay an astonishing $188,556.
Online courses come at a much lower rate for a few reasons.
Reduced overhead: Teachers, professors, and instructors don’t have to pay for classroom space, student materials, building utilities, or the other overhead costs that come with teaching in a physical classroom.
Diversity of courses: You can choose an online course that fits your budget. When you’re stuck with one institution, you must select from its course catalog.
Unconventional (but qualified) teachers: When you want to learn a language or how to do a craft, you don’t need a university-level instructor. People who have specialized experience might not work in academia, but they teach valuable courses at extremely low costs.
No supplies needed: Online courses don’t require paper handouts, desks, chairs, paper, writing utensils, or any of the other supplies a physical classroom demands.
Reusable material: Teachers who create online courses can recycle the same content for future students. They don’t have to continually administer the course over and over in person.
If you save money on education, you can put it toward other expenses, whether you’re saving for your next vacation or planning to buy a home.
Plus, educators who create online courses don’t have to save up money to open their own programs. They can get started right away with the right online tools.
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