Learning Management System (LMS) Market Report | Valuates Reports
The global learning management system market size was valued at USD 1.2 Billion in 2020 and is projected to hit USD 3.6 Billion by 2027, at a CAGR of 20.76% from 2020 to 2027. Key drivers of the LMS market include the growing acceptance of digital learning in several end-user industries.
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Trends Influencing the Global LMS Market
Preference for digital learning
Digital content is booming as it gives users the freedom to get access to high-quality content anytime and anywhere around the world. LMS or Learning Management System has changed the functioning of several industry verticals. The main aim is to provide a pleasurable learning environment by boosting the efficiency of learning abilities. Healthcare enterprises are integrating LMS systems into their software as it aids in eLearning and 3D mapping of internal organs along with streaming of live sessions with specialists. Trainees and medical staff can get the right amount of training at their own pace with all the necessary tools. Hosting them into a cloud-based platform is quite affordable and tracking of progress becomes smooth. The hospitality sector needs to keep updating its rules and compliance policies in order to ensure a high level of hospitality to its guests. There is no room for errors. Hence LMS software is flexible and provides adequate training to the staff for keeping the ground running. Further ore the legal industry will benefit as training paralegals will get easier and expenses can be downsized for maintaining the competitive edge of the law firms. It will also get beneficial for product marketing, sales development, communication, customer experience, training, etc. These factors will fuel the growth of the LMS market during the forecast period.
Importance in the corporate sector
The Corporate LMS Market will push the adoption of LMS software systems. In a post, covid-19 world organizations are accepting digital methods of learning for employee training. The Bring Your Own Device or BYOD culture has jumped up in several big and small enterprises across the globe. The traditional instructor-led classroom training is no longer feasible as remote working is going to maintain its dominance. As business policies get agile learning on the go is the only way forward. Corporate LMS allows employees to learn at their own pace with customized preferences. Productivity increases substantially in a flexible model. One gains unlimited access to eLearning materials from any device. The data is stored in a centralized location. This saves up a lot of time for employees as they do not have to scan through multiple drives, documents, or files for finding their exact content. The chances of losing any amount of data are significantly lower. The entire upskilling process gets faster, efficient as tracking individual employee progress is easy. In addition to it, the multimedia features like images, audio, and video make the content more engaging and interactive than classroom teaching files. Companies can sell their digital learning content to other businesses or communities for generating another income stream. Such factors will boost the expansion of the LMS market in the subsequent years.
Schools, colleges, and universities are integrating LMS software for improving the overall learning outcomes in remote environments owing to the aftereffects of the pandemic. By providing digital access to study materials students no longer require the need for carrying bulky textbooks as the notes can be shared quickly. A multitude of resources can be embedded into the platform for making the overall content engaging. Teachers and parents can keep track of every child's progress and share their current position on any topic online thereby keeping everyone in a continuous feedback loop. Student data can be tracked easily with a variety of support systems and easy collaboration through online communities and doubt groups. The entire curriculum gets digitized and can be modified or updated as and when required removing the hassles of recreating the entire work. This in turn will surge the growth of the LMS market during the forecast period.
Lack of technical knowledge
Teachers and instructors still prefer the old classroom-style teaching. Getting them to adapt to the LMS system is quite a task due to excessive resistance to change. Additional training is required for them to get acquainted with the software along with other administrative costs to maintain the proper functioning of the system.
LMS Market Share
Based on type, the cloud-based segment is expected to dominate the LMS market share due to its ease of use, flexible pricing, and quick scalability feature.
Based on application, the corporation segment will witness considerable growth in the LMS market share due to growing demand from several end-user industries for training their workforce as per their own learning requirements and policies.
Based on region, North America will grow the highest in the LMS market share due to the growing adoption of innovative learning pedagogies by businesses and educational institutions and growing awareness. However, the Asia-Pacific region will witness the fastest growth due to increasing investments in LMS products by key players and the growing contribution of emerging economies like China, India, Japan, etc.
LMS Market by Type
• Cloud Based
LMS Market by Application
Top Players in the LMS Industry
• Cornerstone OnDemand
• EPath Learning
• ISpring Learn LMS
• Litmos (SAP)
• NetDimensions (Learning Technologies
• Skillsoft (SumTotal Systems)
• Totara Learning
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