Learning Management System (LMS) Market to Grow USD 40360 Million by 2028 at a CAGR of 17.1% | Valuates Reports
BANGALORE, India, July 18, 2022 /PRNewswire/ -- The Global LMS Market is Segmented by Type (On-premises, Cloud Based), by Application (Academic, Enterprise): Opportunity Analysis and Industry Forecast, 2022–2028.
The global Learning Management System (LMS) market size is projected to reach US$ 40360 million by 2028, from US$ 13150 million in 2021, at a CAGR of 17.1% during 2022-2028.
Major Factors Driving the Growth of the LMS Market
The ease of convenience, cost-effective nature and flexible learning modules is leading to the rapid adoption of eLearning LMS systems amid covid 19 pandemic, and growing use in higher education institutions, corporate training, etc will boost the growth of the market.
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TRENDS INFLUENCING THE GLOBAL LMS MARKET
The global coronavirus pandemic has caused the temporary closure of schools, colleges, and other educational institutions. The pandemic has significantly changed the education ecosystem increasing the demand for online learning platforms. Strict lockdown regulations have forced teachers and faculty members to adopt proactive teaching solutions to cater to the needs of students' learning process. This raises the demand for eLearning platforms which in turn will fuel the growth of the LMS market during the forecast period.
Higher Educational institutions are adopting online interactive learning models in order to stay relevant. With growing internet penetration and cloud adoption, the LMS model offers user-friendly content creation and distribution across social platforms, mobiles, and websites. Learners can learn at their own pace. The platform helps to administer, track and automate the entire learning process. Such factors are expected to drive the growth of the Learning Management System Market in the coming years.
Companies having staff all across the world find it difficult to bring together people in one place for offline training. The cost of hosting in-person meetings is huge along with additional expenses for printed training materials. An LMS system provides training content at their fingertips. It fits flexibly into the busy work schedules of employees thereby increasing convenience. Everything from user registration, to course attendance, and statistics can be managed from a centralized dashboard. Learning analytics track the progress of each individual user and provide personalized support. This in turn will surge the growth of the LMS market in the forthcoming years.
eLearning saves up a considerable amount of time in comparison to classroom learning. Learners can do their training at their own preferred time. Regardless of location, or language, each user gets a consistent learning experience. The ton, nature, and culture of the training modules can be customized and incorporated into their daily schedules. These factors will boost the growth of the Learning Management System Market during the forecast period.
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LMS MARKET SHARE
Based on type, the cloud-based segment is expected to maintain the lead in the LMS market share owing to flexible pricing, ease of operation, scale, and secure infrastructure. Several organizations and educational institutions are shifting towards cloud-based deployment models.
Based on application, the academic segment will witness significant growth due to the rapid adoption of LMS systems by schools and colleges for providing interactive training to students.
Based on region, North America will grow the highest due to early adoption of technology, high affordability, rising investments, and commercialization.
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Top Players in the LMS Industry:
- Absorb
- Adobe
- Axonify
- Cornerstone OnDemand
- D2L
- Docebo
- EFront
- EPath Learning
- Expertus
- G-Cube
- IMC
- Instructure
- Intellum
- ISpring Learn LMS
- LearnUpon
- Litmos (SAP)
- NetDimensions (Learning Technologies
- Group)
- PeopleFluent
- Saba
- Skillsoft (SumTotal Systems)
- SkyPrep
- TalentLMS
- Totara Learning.
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