Learning Management Systems (LMS) Market Scope, Size, Share, Trends, Forecast by 2024
Global learning management systems is projected to amount to US$18.8 bn by 2024, rising from a valuation of US$3.4 bn in 2015.
[UKPRwire, Wed Aug 07 2019] MRRSE notes that the global learning management systems market has several large and small players. The rivalry among the players is likely to increase as they aim at offering cloud-based software management systems.
Among the multiple strategies adopted by companies in the global learning management systems market to stay ahead of competitors, cloud and on-premise deployment models are the common ones. Key players in the market are SkillSoft Limited, SAP SE, Saba Software, Oracle, Cornerstone OnDemand, and others, to enhance learning management solutions among the users.
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The MRRSE report projects the global warehouse management systems market to register a promising CAGR of 19.9% from 2016 to 2024. By the end of 2024, the market will be worth US$ 18.8 bn predicts the report.
Out of various services, the demand for maintenance is expected to remain high in the next few years due to the constant need for monitoring and controlling various complex reporting and skill analysis activities. Geographically, North America is expected to lead the global learning management systems market in the coming years. This is attributed to the flourishing software companies and the demand for extended learning management system solutions to support cloud integration.
Growing Adoption of BYOD Fuels the Global Learning Management Systems Market
Globally, organizations are opting e-learning services for educating and training their employees owing to the incurring expenses of the traditional teaching methods. Adoption of bring your own device (BYOD) in the organization culture facilitates benefits such as cost saving, innovation and productivity, along with access to online training materials, directly to the employees’ devices supporting smart learning. Furthermore, the increased compatibility of learning management system with mobile devices and social learning have mandated corporates to adopt BYOD culture. These trends are expected to drive growth in the global learning management systems market.
The cloud-based deployment model is expected to lead the market over the forecast period, owing to the increasing adoption among large enterprises and SMEs. Companies are switching to cloud-based model so that they can focus more on their core competencies and worry less about their assets becoming obsolete with fast-evolving technology. Moreover, cost efficiency is another reason that adds value to cloud-based deployment model. For instance, rapid adoption of LMS (learning management systems) in the education sector due to the growing awareness of distance learning and quality education are also contributing to the growth of the cloud-based deployment model.
Lack of Standardization Challenges Warehouse Management
The factors restraining the growth of the global learning management systems market are limited customization feasibility options for end-users, lack of integration, and lack of skilled subject matter personnel. Moreover, lack of awareness and inadequate information technology infrastructure in underdeveloped regions are expected to hinder the global learning management system market growth. Nonetheless, rapid technological advancement is expected to help overcome some of these challenges in the near future.
This review is based on the findings of a MRRSE report, titled, “Learning Management Systems (LMS) Market (Deployment - On-premise and Hosted; Module - Administration, Content Delivery and Management, Progress Management, Interaction and Integration Technologies, and User Management; User Group - Education and Corporate) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
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The report segments the Global Learning Management Systems (LMS) Market into the following:
- Content Delivery and Management
- Progress Management
- Interaction and Integration Technologies
- User Management
- Higher Education
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
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