Learning Management Systems (LMS) Market to Rise at Solid 19.9% projected to amount to US$18.8 bn by 2024- Survey
The global LMS market is projected to witness steady growth over the forecast period. This can be attributed to factors such as the increasing preference for distance learning, developing network infrastructure in developing regions, the adoption of cloud-based LMS by SMEs, and corporate sectors offering online trainings to its employees.
The market for learning management systems is projected to amount to US$18.8 bn by 2024, rising from a valuation of US$3.4 bn in 2015. If these values hold true, the market is expected to develop at an impressive CAGR of 19.9% therein.
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Hosted Deployment of LMS to Surpass On-premise Deployment by 2024
On the basis of deployment, on-premise deployment dominated the market in 2015, especially in the Middle East and Africa and South America. This can be primarily attributed to the adoption of learning management systems by large enterprises. However, analysts predict that hosted deployment is expected to lead the market in the coming years, with the increasing adoption of LMS by small and medium enterprises due to its cost benefits over on-premise deployment.
By user group, the education and corporate sectors account for nearly the same share in the global LMS market and are likely to witness high growth during the forecast period. In recent years, corporate sectors have been emphasizing on online corporate trainings and orientation programs for employees. On the other hand, growing educational awareness in developing countries and government initiatives to provide quality education is expected to benefit the education segment of the global LMS market.
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Rapid Adoption of Learning Management Systems in Developing Countries of APAC
Learning management systems are predominantly adopted in education and corporate sectors in North America, because of which, the region accounted for the leading share in the global LMS market in 2015. The U.S. has been the major contributor to the LMS market in North America, considering the established network facilitating e-learning in the country. The presence of a large number of universities offering online courses also contributes to the high adoption of LMS in the U.S.
The rise in technological investments in the corporate sector has also supported the rapid adoption of online training and subsequently learning management systems. The proliferation of smart devices such a smartphones, laptops, and tablets has further influenced the LMS market in North America.
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The Asia Pacific market for LMS is projected to present high scope for growth during the forecast period. Developed countries such as Japan are the leading contributors in terms of the adoption of learning management systems in the region. Ongoing network infrastructure developments in India and Philippines and growing investments in the commercial sector are also anticipated to favor the LMS market in Asia Pacific. Government initiatives to promote digital education is another factor expected to create potential opportunities for LMS vendors in the coming years.
The major companies in the global LMS market include ACS Technologies Group, Inc., Blackboard Inc., Cornerstone Ondemand, Inc., IST AB, IBM Corporation, McGraw-Hill Education, Oracle Corporation, Saba Software, Inc., SAP SE, Skillsoft Limited, Upside Learning Solutions Pvt. Ltd., and Instructure, Inc.
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