Albany, NY -- (SBWIRE) -- 12/11/2017 -- In 2015, the top five players in the global learning management systems (LMS) market, namely SkillSoft Limited, SAP SE, Oracle, Cornerstone OnDemand, and Saba Software, accounted for less than 40.0%, indicating at a rather fragmented nature of the competitive landscape.
In addition to offering a wide range of innovative e-learning solutions, Transparency Market Research has noted that companies in the LMS market have been focused on building a strong customer base by expanding its capabilities through acquisitions and partnerships. For instance, in June 2015, ACS Technologies acquired Solomon Learning Management System from Mersoft Corporation to extend its offerings in learning management systems.
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Companies are increasingly adopting learning management systems to up their returns on the investments made on employee training and development and to receive measureable business outcomes.
The market for 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 at an impressive CAGR of 19.9% therein.
APAC LMS Market to Witness Remarkable Growth
On the basis of deployment, hosted deployment is anticipated to dominate the global learning management systems market, accounting for over 60.0% by 2024. The segment is also projected to register the highest growth rate throughout the forecast period. By module, content delivery and management accounted for the leading share in 2015 while user management is projected to exhibit a CAGR higher than any other LMS module. By user group, the education and corporate sectors account for nearly the same share in the global LMS market and are likely to witness high growth during the forecast period.
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North America has proved to be a prominent market for learning management system vendors, accounting for more than 50% of the market in 2015. Exhibiting an astounding CAGR of over 26% from 2016 to 2024, Asia Pacific is perhaps the most attractive market for LMS.
Effective Learning Enabled by LMS a Major Growth Booster
There has been a growing focus on data-driven learning tools in recent years. The use of analytics in business as well as education aids in better decision making. In the corporate world, digital training programs are conducted to develop and evaluate the working staff. Technology innovations have compelled organizations to abandon traditional methods of learning and adopt more efficient and effective learning solutions that can engage talent and improve performance.
"As far as the education sector is concerned, those in higher education have begun to adopt analytical practices to help students learn more effectively and to develop reports that can track students' progress over a period of time," the author of the study reports.
The global market for learning management systems is also fueled by the growing use of smart devices and a reduction in learning and development costs.
Lack of Customization and Personalization a Deterrent
One of the biggest restraints on the global LMS market is the host of challenges faced by the e-learning market. These include poor internet connectivity in developing and underdeveloped countries, improper management of learning software, the lack of motivation among learners owing to non-availability of instructors, and difficulties in simulating hands-on courses.
Another factor hampering the adoption of learning management systems is the lack of personalization and customization presented. "Although learning management systems enable virtual access to online courses on a plethora of topics, this information is usually generic, which hampers the learners' interest in learning," the author finds.