Learning Management Systems (LMS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/20/2018 -- Leading five players in the global learning management systems (LMS) market are SkillSoft Limited, SAP SE, Saba Software, Oracle, and Cornerstone OnDemand. They account for around 40.0% share in the market. Some of the strategies that have enabled them to steal a march over their rivals are thrust on innovative learning solutions in order to rope in more customers and retain existing ones. They are also seen working towards improving their returns on investments (RoE) through employee training to make them more efficient.
In one of its recent reports on the market for global learning management system, Transparency Market Research states that the market will make impressive strides by clocking a solid 19.9% CAGR during the period between 2016 and 2024. At this pace, the market's valuation will rise to US$18.8 bn by 2024 from US$3.4 bn in 2015.
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Depending upon the mode of deployment, the on-premise ones are seeing maximum demand in the global learning management system (LMS) market at present due to the soaring adoption of learning management systems by large-sized entities. From a geographical perspective, the market at present is being led by North America. The region is mainly being powered by the U.S. which has a solid network to support e-learning. Besides, the numerous colleges present in the region offering online courses are also catalyzing growth in demand. Rise in technological investments by big and small corporates which has necessitated online training has served to stoke the market in the region as well.
Both Educational Institutions and Corporations Contribute to Demand
Learning management systems (LMS) are useful for both educational institutions and corporations. Extended enterprise online training, in which companies deploy online training resources to external sales channels, customers, and franchises, is one of its major applications. Adds the lead analyst of our report, "Large and small and medium enterprises are increasing supplanting conventional methods of learning with innovative technology-driven ones to improve performance of employees. In the educational sector too, analytical practices are being leveraged extensively to enable students learn more effectively."
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However, all the aforementioned would not have been possible with the smart devices that are getting sophisticated by the day. Smartphones, tablets, and other handheld smart gadgets are majorly driving the market for learning management systems (LMS) since they lower the learning and development costs.
The market is also being fueled by the popularity of data-driven learning tools. "There is soaring uptake of analytics in both businesses and education to enable better decision-making and this is expected to fuel adoption of learning management systems (LMS)," observes our in-house lead analyst.