For several years now, innovations in educational technologies (edtech) have impacted how business professionals want to learn. Edtechs such as virtual classrooms, mobile devices, digital readers, on-demand video, online gaming, and cloud-based LMSs (Learning Management Systems) have fed a market that has been, and continues to be hungry for innovation. Traditionally, most investment for product innovation in edtech was focused on the higher education market. But recently, investors have looked across the traditional market boundaries beyond higher education and toward corporate training.
A key driver for innovation is the adoption rate of new technologies by the millennial community. Millennials entering the job market bring a new set of expectations on how to learn and collaborate. They are teaching leaders of training organizations that learning is best achieved in small ongoing increments, over time, accessed on-demand, using multiple devices, over multiple forms of media. The greatest lesson millennials have taught us is we need to focus on speed and how to make learning efficient and effective.
Because of these changes, investment is flowing into the edtech market at an unprecedented level. Entrepreneurs and established edtech companies are recognizing the opportunity to leverage innovative products across market boundaries and are designing tools for the “adult” market, instead of education versus corporate.
The key trends for 2017 reflect how the training industry continues to evolve. And the trends we see are not those which are flash in the pan, short term, hot applications – but rather, changes to the market that will have a lasting impact for years to come.
Investment in Educational Technologies Continues to Increase
Fueled by the learner’s ability and need to consume content fast, when and how they want it, investment in educational technologies is translating into a level of innovation we’ve never seen in corporate training. Tools for content development and delivery, digital readers, virtual delivery, reinforcement, content libraries, gaming and cloud-based administration systems, all are bringing a level of innovation that is at an all-time high for corporate training. Much of the investment is coming from companies that have traditionally invested in public and post-secondary education but are now shifting their focus to the corporate market. The main reason for this shift is best practices for developing and consuming knowledge-based content transcends age levels, as well as market boundaries for adult education and corporate training.