A rising interest in online learning courses will result in the value of the global e-learning sector hitting $107 billion (£67.47 billion) by 2015, a study has reported.
The investigation, from Global Industry Analysts (GIA), found distance learning is becoming more commonplace due to the development of modern innovations, including broadband internet, digital videos and personal computers.
It is the combination of all of these technologies that has led e-learning to become so commonplace, the company stated.
Furthermore, educational facilities such as colleges can also discover growth opportunities through the rise in e-learning, while businesses in sectors including financial services, retail, marine, IT, telecommunications and healthcare are also finding a range of applications for these courses.
Employees can be kept up-to-date with the latest trends and information, allowing businesses to keep talented staff members by training them and helping them to expand their skill set.
Substantial declines in the budgets of many corporations has made online training a particularly viable and attractive alternative and is helping firms to cope with the need to boost productivity during financial difficulties, the GIA added.
It brings advantages to students, including those living in remote areas or studying part-time, by allowing them to access educational materials from anywhere in the world and at any hour of the day.
GIA had previously argued that online learning "holds an edge over other computer-based training initiatives" as a result of its lower logistic costs, centralised content, ongoing storage solutions and uniformity within the delivery of content.
The primary market driver for this burgeoning industry is the convenience of distance learning courses and the self-determined nature of this mode of education, the organisation stated.
"Corporate e-learning market is set to witness rapid growth, driven by rising demand from corporate clients," it claimed, pointing to "improved content and resolution of localisation issues" as primary contributors to this growth.