Remote learning technology for both businesses and schools is expected to see exponential growth in 2020, up from $43 billion in 2019, according to a new forecast..
The forecast follows a period of exponential growth over the past five years, that will be furthered by COVID-19 impacts in 2020.
The study by Future Market Insights also forecasts annual growth of 15% in the sector between now and 2030.
Dollars calculated in the study focused on technology to develop course materials and remote learning platform software solutions. Separately, companies that supply servers, cloud access and networking tech for remote learning in schools and businesses have also reported large increases in revenue due to the pandemic.
“Mobile device-based learning, social learning and corporate training are major trends supporting the adoption of remote learning technology spending market revenue,” the analyst firm said in a statement. “Demand from varying sectors such as healthcare and aviation for employee training is supporting industry demand. The coronavirus crisis has further provided impetus to remote learning solutions among students and corporate bodies.”
The study includes online learning software, language apps, video conferencing tools and virtual tutoring, all of which have “soared,” the analysts said.
Some corporations spend on remote learning for reskilling and upskilling workers, a trend expected to continue for the next decade, FMI said. Schools, colleges, universities and enterprises of all sizes have had to close or restrict regular in-person operations as the virus has spread, creating demand for remote learning tech.
Companies operating in the remote learning tech market are among the biggest in global software operations such as Oracle, Microsoft, SAP, Adobe, IBM, and Skillsoft.
FMI said East Asia revenues in the segment will surpass those of North America by 2030 owing to a massive population and use of remote learning during the pandemic.