This paper pinpoints the areas where the e-learning technology can be improved like Learning by doing, Intelligent Classroom, Just-in-time, Dynamic Content Management System, Learning Management System, Live learning, Reusable Learning Objects, performance optimization techniques, ROI and many more. It highlights the need of the hour and the lacunas of present e-learning technology. It also discusses the latest technological developments, research activities and emerging technologies, which may change the entire scenario of e-learning technology dramatically.