eLearning is a term that you see all over the internet these days. It was first coined during a CBT systems seminar in October 1999, which means that it has been in existence for 20 years. Today, we know eLearning is an instantly accessible resource, with sites like edX and Coursera that offer online study materials and training resources, enabling millions of remote learners to intellectually better themselves by broadening their skill sets and advancing their careers.
In addition to traditional educational models, where people log on to earn a degree, modern eLearning is empowering a rapidly growing market of globe-trotting multinational corporations to spread their wings and set up satellite offices and headquarters around the globe. From pharmaceuticals and banking to manufacturing, small businesses, governmental departments and everything in between, eLearning platforms can reach students, professionals, and small businesses around the world wherever they are. eLearning platforms with localized content can transcend culture and language barriers, too.
How Much is the eLearning Industry Worth?
Global Market Insights reports that in 2018 the eLearning market was worth over $190 billion USD and that between 2019 and 2025, the market is predicted to grow by 7% to 13% compounded annually. The report released by Digital Journal also suggests that by 2020 in the corporate world alone, eLearning should reach $30 billion USD.
Why is such exponential growth predicted? Because eLearning costs far less than traditional methods of education, it is accessible on almost all electronic devices, and it can be done at any time, in any place. In addition to its convenience, eLearning is becoming more popular due to the globalization of business. And this leads to the subsequent need to localize training and education to suit the cultures and languages of your foreign assets.
What are the Benefits?
Time:, to start with, eLearning saves a lot of hours. Employees can study outside of the workplace, saving both time and resources that could be spent better elsewhere. It also eliminates the middleman, meaning that the employer doesn't determine the employee's progress. Traditional papers are now documents, which are checked, marked, and advanced on the eLearning platform of your choice. In essence, you’re outsourcing one of the most time-consuming duties that an employer has while simultaneously saving money. Frugality and productivity--two birds with one stone, as they say.
Flexibility: The flexibility of eLearning allows a person to choose when they study. Oftentimes, people have preferred times of working, when focus peaks and the brain is able to retain more information. Subsequently, there is an excellent chance that an employee absorbs more material than they would in a workplace scenario, at the times that suit them, which leads to a better quality of work and an improvement in productivity.
Intellectual engagement: Lastly, it is apparent that the majority of people love to learn and are enthused by the prospect. It is a new project to keep the mind occupied outside of the potentially mundane day-to-day slog of work. However, most people struggle to find the time to learn between busy work schedules and other priorities. Finding balance is hard and eLearning can be a solution to this.
Localization is the process of customizing course content for open eLearning platforms (like Coursera or Udemy) and those hosted by corporations and educational institutions to another specific market ("locale").
Across a majority of countries, 1.5 billion of the world's population speak English--that’s only 20% of the entire population. If your eLearning platform reaches only those who speak English, you have a potential market of 80% of the world’s population left waiting for your service. While it’s not as simple as localizing one time to garner the remaining 80%, think about the locales that can benefit from your educational program and boost your business at the same time.
For example, in Asia there is strong foreign investor interest, a rush of technology startups, an expanding growth of satellite offices, and immense mobile penetration among the people, which means that opportunities for eLearning expansion are rife. Localization and translation into Asian languages could expand the reach of your eLearning platform significantly and you don’t have to recreate the wheel in order to do it.
In the corporate world, localization of eLearning allows companies with globalized networks to assimilate their diverse and dispersed workforce while providing successful global training--each employee can possess an authentic understanding of their business's brand. This level of flexibility and evident progression shows that an employer is willing to assist and support their most significant asset--employees.
Localization provides the foundation of cultural and contextual understanding in addition to the necessary translation. Why is this so important? In a technological era, where companies are expanding out of domestic regions or are choosing to outsource work overseas, it has become imperative that eLearning institutions, the hubs of modern intelligence, also adapt their way of thinking.
Andovar is a global provider of multilingual content solutions. We provide translation and turnkey localization services for websites, software, and eLearning. Our headquarters are in Singapore, with offices across Asia, the U.S.A., and the U.K. Our work is done in-house, and we provide audio, native-speaking voice talents, and competitive pricing thanks to studios located in Bangkok. Offering a real solution for businesses and eLearning institutions that aim to capitalize on the predicted $30 billion USD global market increase, Andovar is a one-stop destination for translation and localization services.
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