The US-based Ambient Insight survey said global revenue is expected to grow to $49.9 billion by 2015 (£31 billion). In 2010, western Europe as a region accounted for the second highest e-learning expenditure after North America.
However, by 2015, Asia is expected to have replaced western Europe in terms of total disbursement.
"The global market is transitioning from a corporate story to an academic narrative," commented chief executive Tyson Greer of Ambient.
"Expenditures were once highly concentrated in the corporate segment. This is no longer the case," he added stressing that it is now specific countries' public sector educational systems that have fuelled growth.
Highlighting this, the report stressed that it is down to an individual state's educational policies, rather than their adoption of technology, that is responsible for the implementation of self-paced learning.
Government digital strategies and charities such as the e-Learning Foundation in the UK have added to the acceptance of the internet as one of the most effective mediums for assisting in education strategies.