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(Wireless-NewsWire.Com, May 22, 2020 ) The major growth drivers for the market include increasing adoption of digital learning, growing inclination towards, Bring Your Own Device (BYOD) policy and enterprise mobility, extensive government initiatives for growth of LMS, growing usage of Artificial Intelligence (AI), and Machine Learning (ML) in LMS is increasing significance of eLearning in corporate and academic setups
As per report "LMS Market by Component (Solution and Services), Delivery Mode (Distance Learning, Instructor-Led Training and Blended Learning), Deployment Type, User Type (Academic and Corporate), and Region - Global Forecast to 2023", The global LMS market size is expected to grow from USD 9.2 billion in 2018 to USD 22.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
Browse 75 market data Tables and 39 Figures spread through 159 Pages and in-depth TOC on "LMS Market"
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The cloud deployment type is expected to show the highest growth rate during the forecast period
In the cloud deployed LMS, services are hosted over internet connection and users can log in into the service provider’s site. Instead of installing the required management software, the teachers or trainers can upload course content, create new courses, and interact with the learners via their internet browsers. The instructional designers can store any information on the cloud and this can be remotely accessed by approved users in any location. This deployment mode is preferred for its features like better and enhanced security, lower setup costs, easy accessibility, quicker deployment, highly scalable, customizable, more storage space, ease of maintenance, automatic upgrade of course materials, and automatic licensing done by vendors. In this form, the learning is delivered to the learner, anywhere and anytime via the browser. The LMS market has undergone a great shift from on-premises to cloud LMS solutions due to advantages of easy deployment, easy integration, minimum cost, and no requirement of preliminary capital outlay for purchasing the software. Due to these aforementioned advantages, most of the vendors are switching from on-premises deployment mode to cloud-based solution. Cloud-based LMS providers are actively delivering continual innovation with security in priority.
The corporate user type segment is estimated to grow at the highest CAGR during the forecast period
As businesses have become more competitive after the second wave of globalization, the importance of human resources has increased significantly over the time and employee training and development has become a new norm in various corporate organizations, in many industries different methods used for training and development are used. Based on corporate industry type, the global LMS market has been segmented into, software and technology, healthcare, retail, BFSI, manufacturing, government and defense, and Telecom. The LMS applications are accepted across verticals by organizations of all sizes as they provide robust features of training, analytics, and reporting. The corporate users implement LMS solutions as a tool for training and assessment of employees as well as to provide various instructions and suggestions. Instantaneous mass notification solutions help the management for faster communication about new policies and other instructions among the employees. In various corporate organizations, industrial methods used for training and development are different. For instance, the success of a software and technology company largely depends upon the skill/ability of the employees in the organization. Skill and knowledge required in the software and technology companies change at a faster pace compared to other industries. Research and development also play a key role in software and technology companies. To keep improving the skills of the employees, LMS in the software and technology companies is of key importance. Medical practitioners need to update their knowledge and skills to provide the latest treatment to the customers/patients. Keeping employees updated with new medical devices and pharmaceutical products is another key aspect of the training and development module in the healthcare sector.
North America is expected to hold the largest market size during the forecast period
North America has is a mature market when it comes to technology. The increase in the usage of eLearning tools and technological advancement in learning methodologies have boosted the overall LMS market for the North American region. The increased adoption of handheld devices, such as tablets and mobile phones, is also driving the LMS adoption trend in North America. This region is strongly controlled by government standards and regulations. Effective collaboration with universities and organizations between network arenas and institutions has helped the educators in this region to be more receptive towards technological change. LMS is expected to be the next step in the evolution of a more interactive learning experience and this is being deployed by several organizations in the North American region. The LMS market in North America is highly progressive, since several organizations are implementing this to enable improved learning and participation with the educators. North America, especially the U.S. and Canada, is expected to integrate LMS solutions to increase collaboration in the learning environment and taking initiatives to renovate the ineffectiveness of conventional learning methods. Moreover, the implementation rate in North America is considerably much higher as compared to other regions, as enterprises here are more open and receptive to the implementation of LMS solutions.
Key players in the global LMS market include Cornerstone OnDemand (US), Blackboard (US), Saba Software (Canada), D2L Corporation (Canada), Adobe Systems US), CrossKnowledge (US), Oracle (US),SAP SE (Germany), Docebo (Canada), Schoology (US), IBM (US), Epignosis (US), MPS Interactive (India), Pearson PLC (UK), McGraw Hill (US), SumTotal Systems LLC (US), Absorb Software LLC (Canada), Instructure Inc (US), iSpring Solutions, Inc. (US), G-Cube (India), Latitude CG, LLC (US), UpsideLMS (India), Paradiso (US), SkyPrep Inc (Canada), and Knowledge Anywhere (US).
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