Industry research firms, like IDC and Gartner, predicted in 2018 that the Learning Technology market would grow from $5.7B to $14.6B by 2023. Then the pandemic hit, and many companies had no choice but to figure out how to develop and deliver online training and the market instead hit $14.6B by the end of 2020, now predicted to skyrocket to $25.7B by 2025 (or more than that!).
Learning Management System (LMS) companies throughout North America were HOT, posting growth of 50% quarter over quarter.
There was also fast adoption of eLearning production that is used to build animations, simulations, test questions using templates, and videos for online self-learning.
Artificial Intelligence started making a serious appearance which is being used to automate aspects of learning.
Learning analytics also had a facelift, driving a lot of insight and value for learning organizations.
These are all fantastic advances for learning organizations and there is definitely more to come!
Ok great! How do I navigate all of this technology?
I get asked all the time to explain the learning technology market and advise companies how to navigate it to understand what they need to invest in and when. I also get asked how the LearnExperts technology fits, compared to all the other products and solutions available.
The market is made up of 3 main categories which I will summarize in this blog and expand on over the next 3 blogs. These are:
Most organizations today are using traditional word processing or presentation tools like Microsoft or Google docs to build their storyboard of content before deciding how to they want to deliver that content to learners. There are some tools that allow for more formal publishing, but the industry trend is moving away from this formal framework.
Once the learning content is designed and written, organizations who want to create professional and engaging eLearning will use eLearning production tools to build videos or animations from templates.
Now the eLearning is built and ready for a learner and organizations can use learning delivery tools (there are lots to choose from) to load the eLearning into and deliver that training to their learners.
Where does LearnExperts fit in all of this?
LearnExperts fits into category one. Most organizations today follow a traditional, people-based model using word processing tools to design and develop content for their learning programs and I hear all the time that this traditional process is slow as you need the right expertise and you have to rely on Subject Matter Experts. They always feel behind.
Our goal is to help companies design and develop their learning content in days, not months. We do this through our AI-enabled learning content creation tool. We call our tool LEAi and it allows businesses to use the content that they already have to create well-structured knowledge-sharing and training programs. What does this mean? Take existing product documentation, presentations and meeting scripts and let LEAi instantaneously change it into step-by-step learning materials.
In later blog posts, we dive into the technologies in each of the categories and share some of our favorite features and products to help you navigate the learning technologies available. You can also contact us if you are interested in learning more about LearnExperts and how we can help you!