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Corporate Learning Management System (LMS) Market Report 2024 - LMS Market Size And Growth
Corporate Learning Management System (LMS) Market
According to The Business Research Company's, The corporate learning management system (LMS) market size has grown exponentially in recent years. It will grow from $9.92 billion in 2023 to $12.25 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to talent development and employee engagement, rise of blended learning, cost reduction and efficiency , globalization of workforces, e-learning and digital transformation.
The corporate learning management system (LMS) market size is expected to see exponential growth in the next few years. It will grow to $28.21 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to vendor consolidation and platform evolution, globalization and multilingual support, integration with HR and talent management, continuous learning culture, focus on employee well-being. Major trends in the forecast period include ai and personalization, immersive technologies, data privacy and security, automation and chatbots, integration with HR tech.
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Market Drivers and Trends:
The increasing demand for skill-based and goal-driven training is expected to propel the growth of the corporate learning management system LMS) market in the coming years. Skill-based and goal-driven training entails focusing on developing specific skills while aligning learning objectives with predetermined goals or outcomes. LMS facilitates skill-based and goal-driven training by providing a structured platform for organizing, delivering, and tracking learning content tailored to specific skills and objectives. For instance, in April 2022, according to a survey of 2,840 respondents by Met Life Inc., a US-based life insurance company, 45% of employees expressed a demand for employers to prioritize employee development, training, and advancement opportunities in the workplace, a significant increase from the 3% reported in 2020. Therefore, the increasing demand for skill-based and goal-driven training is driving the growth of the corporate learning management system LMS) market.
Major companies operating in the corporate learning management system market are focusing on technologically advanced tools such as digital, self-service, and educational tools to gain a competitive advantage. Digital, self-service educational tools refer to online resources or platforms that empower learners to independently access and engage with educational content, fostering a self-directed learning experience. For instance, in September 2023, Hermes Logistics Technologies (HLT), a UK-based cargo management system provider company, introduced the Hermes Learning Management System (LMS), a unique digital self-service educational tool. This platform, containing structured courses, FAQs, instructional videos, and guides, serves as a centralized hub for HLT customers and employees, ensuring consistent training. The LMS aims to enhance staff knowledge, streamline onboarding processes, and optimize software implementations, contributing to more efficient operations and improved utilization of the Hermes Cargo Management System (CMS).
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Systems Incorporated, Xerox Corporation, Aptara Inc., Zoho Corporation Pvt. Ltd., Cornerstone OnDemand Inc., Blackboard Inc., PowerSchool, Seismic Software Inc., HealthStream Inc., D2L Corporation, Paylocity Holding Corporation, Docebo Inc., Paycor HCM Inc., Instructure Inc., G-Cube LMS, Moodle, City and Guilds Group, Axonify Inc., Intellum, Tovuti LMS, iSpring Solutions Inc., Thought Industries, Rustici Software (SCORM Cloud), SkyPrep
Corporate Learning Management System (LMS) Market 2024 Key Insights:
• The Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Adobe Systems Incorporated, Xerox Corporation, Aptara Inc., Zoho Corporation Pvt. Ltd., Cornerstone OnDemand Inc., Blackboard Inc., PowerSchool, Seismic Software Inc., HealthStream Inc., D2L Corporation, Paylocity Holding Corporation, Docebo Inc., Paycor HCM Inc., Instructure Inc., G-Cube LMS, Moodle, City and Guilds Group, Axonify Inc., Intellum, Tovuti LMS, iSpring Solutions Inc., Thought Industries, Rustici Software (SCORM Cloud), SkyPrep is expected to grow toCorporate Learning Management System (LMS) Market 2024 Key Insights:
• Surge In Demand For Skill-Based Training And Its Impact On Corporate Learning Management Systems (LMS)
• Digital Self-Service Educational Tools Revolutionize Corporate Learning
• North America was the largest region in the corporate learning management system (LMS) market in 2023.
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