According to the report, global learning management system market was valued at around USD 5.19 billion in 2016 and is expected to reach approximately USD 19.05 billion in 2022, growing at a CAGR of slightly above 24% between 2017 and 2022.
Learning management system (LMS)is a software application for the administration, tracking, documentation, reporting, and delivery of electronic educational technology courses or training programs. Software used in e-Learning programs helps in administration, documentation, and recording. Learning management systems also help to maintain online collaboration over the internet.By learning management solutions, users can access the learning content and administration from remote locations at any time. Learning management system acts as a central hub of learning for distributed learners enabling training and information sharing in the complicated process of imparting knowledge.
The major drivers which are impelling the market growth of learning management systems are increasing adoption of digital learning among corporate and academic sector. Another factor like increased compatibility of mobile devices with learning management system will fuel the market growth. Many organizations are adopting an m-learning (mobile learning) system which allows user learning across multiple contexts such as social media and context interaction through personal electronics devices. However, lack of integration in using LMS functionality is major restraining factor of learning management system market. Nonetheless, technological advancement, continuous innovation in e-learning and delivery methods will propel the growth of learning management system market over the forecast period.
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Learning management system market is segmented by delivery mode, user type, vertical, application, and region. By delivery mode the market is segmented into distance learning, instructor- led training and others. User types of learning management systems market are academic and corporate. Corporate segment dominated the learning management system market across the globe due to continuous up gradation of the corporate sector in terms of technology. Replacing conventional system with LMS system to create digital learning such as video-based training and presentation is escalating the market growth of learning management system. By vertical, learning management system is bifurcated into BFSI, healthcare, telecom and IT, retail and others. Application wise the learning management system is segmented into performance management, communication, and collaboration, administration, and others.
North America is leading the learning management system market due to increased emphasis on digitalization in school and cost reduction policy adopted by a business organization to provide training to their employee. Europe and Asia Pacific are also anticipated to show significant growth due to the adoption of e-learning technology.
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Major participants in learning management system market are Technologies Group, Inc., Blackboard Inc., Cornerstone Ondemand, Inc., ACS Oracle Corporation, IST AB, SAP SE, IBM Corporation, McGraw-Hill Education, Saba Software, Inc., Skillsoft Limited and Upside Learning Solutions Pvt. Ltd., among others.