The introduction of learning management systems (LMS) have transformed the learning and development landscape. It has not just made learning and training more fun, but has also made it more effective. With online education and eLearning tools and technologies breaking barriers in the learning and development (L&D) vertical, the LMS industry is set to scale new heights in the coming years. And, if the LMS forecast is anything to go by, trends indicate robust growth.
The LMS market study and forecast for 2018 – 2023 is out
The Global Forecast to 2023 – the Research and Markets report on the LMS market – covers every segment: component (solution and services), delivery mode (distance learning, instructor-led training, and blended learning), deployment type, user type (academic and corporate), and region.
According to PR Newswire, the global LMS market share is projected to grow from 9.2 billion U.S. dollars in 2018 to 22.4 billion U.S. dollars by 2023 at a CAGR of 19.6% during the forecast period.
The main factors fueling the LMS growth include increased adoption of Bring Your Own Device (BYOD) policies and enterprise mobility, major government initiatives for the growth of LMS; increase in demand for gamification; and growing usage of artificial intelligence (AI) and machine learning (ML). These factors have augmented the adoption of digital learning and increased the significance of eLearning in corporate and academic settings. But low motivation and engagement by organizations can impede the market growth of LMS.
Cloud-based LMS will garner the largest LMS market share during the forecast period
Cloud-based LMS adoption in the training and development structure is growing at a rapid pace. Vendors throughout the world are switching from on-premise LMS deployment to cloud-based solutions. Cloud-based LMS service providers are continually delivering on innovations, and they have also prioritized security. In the next five years, the global cloud-based LMS market is expected to increase substantially.
Also, during the forecast period, the academic user type is expected to garner the largest market share. The academic sector is expected to perform the best in the LMS market during the forecast period. The academic vertical includes all the standard courses which cover education from K-12 to higher education. The use of LMS in academics improves the efficiency of the learning process. Many universities around the world are using the LMS to improve their academic standards.
Further, during the forecast period, the Asia-Pacific region (APAC) is expected to grow at the highest compound annual growth rate (CAGR). The education industry across the APAC region is expected to do very well because it covers a large area and is one of the major regions for software providers. Growing population, high LMS adoption rate and increasing economic development make this region the fastest-growing LMS market.
The report defines corporate LMS as the type of system preferred by companies to educate their employees. It offers various online materials that can easily manage and monitor your employees’ progress and performance. It can also analyze skills gap analysis and provide pre-testing. During the training period of the employees, it analyses spot difficulties in the learning period.
According to the learning management system market research report – global forecast to 2022 by Market Research Future, the market is expected to grow at a CAGR of more than 22% from 2016 to 2022, and will reach 17 billion U.S. dollars by 2022. The major factors fueling growth include the expanding eLearning industry, a rapidly increasing cloud computing market and the growing demand for cost-effective training solutions.
The global LMS market can be segmented into the following:
Services – content management, performance management, administration, communication and collaboration, etc.
Deployment – cloud and on-premise
Application – corporate, academics, etc.
The global LMS market is dominated by North America because of increasing awareness and growing adoption rates, and is expected to generate the highest revenue by 2022. Europe is expected to generate the second-highest revenue by 2022.
The fastest-growing region for the LMS market is Asia-Pacific because there is an increased demand for cost-effective LMS to train employees – which is expected to offer better ROI in the future.
Growth in gamification
With an increase in demand for gamification, an increasing number of gamified solutions are coming onto the market. According to the 2018 TalentLMS Gamification at Work Survey, 80% of employees enjoy using gamified software at work. Gamified solutions make employees more productive, engaged, and happy at the workplace – which is why gamification in LMS provides a massive opportunity to LMS vendors.
AI machines use ML algorithms to successfully perform various tasks. Integration of AI and ML in LMS applications can take the eLearning industry to greater heights. The growing use of AI and ML facilitates personalization, enables optimization of course content and delivery, enhance the effectiveness of course content and helps identify the need for new courses.
If you want to enhance the learning and training experience of your students and employees, eServe offers industry-leading LMS education tools that help you to create and redistribute your course content over various outlets and formats.
Contact us to learn more about the benefits of our educational tools.
