Learning Management System Market to Expand at a CAGR of 23% By 2026 | Mcgraw-Hill Companies, Xerox Corporation, IBM Corporation, Netdimensions Ltd., SAP SE, Blackboard, SABA Software, Cornerstone Ondemand, Pearson PLC and D2L Corporation
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Owing to high advantages of BYOD trend such as cost saving, increase in innovation & productivity, employee’s satisfaction and retention have attracted the corporate management to implement the BYOD culture in their organizations. In addition to this, increasing adoption of wearable devices for training has also advanced the LMS market in corporate segment. Due to high advantages of wearable devices such as in depth product knowledge training, instant access to tutorials, real time support resources and effective use of company resources have increased the demand for wearable devices in corporate learning management system.
According to Coherent Market Insights, over 275 million wearable device have been sold up from 232 million devices in 2015 and is estimated to reach 323 million by 2017. Moreover, the increasing adoption of new technologies such as gamification and virtual reality in the learning management systems provide advance features to the LMS products. With the help of virtual technology, the gamification increased the level of enjoyment and engagement by capturing the interest of learners, motivating them for continues learning.
Some of the major players involved in the global learning management system market are Cornerstone Ondemand, Inc., Xerox Corporation, IBM Corporation, Netdimensions Ltd., SAP SE, Blackboard, Inc., SABA Software, Inc., Mcgraw-Hill Companies, Pearson PLC, and D2L Corporation.
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North America held a dominant position in the global learning management system market at a CAGR of 53% in 2016, owing to the growing trend of bring your own devices in North American countries such as the United States and Canada.
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