Albany, NY -- (SBWIRE) -- 05/17/2018 -- Around 40% of the total market was held by the top five players within the global in learning management systems (LMS) market. The names of these players are SAP SE, SkillSoft Limited, Oracle, Saba Software, and Cornerstone OnDemand. According to Transparency Market Research (TMR), players within the market are not only offering a wide range of innovative learning solutions but are actively focused on developing a strong customer base expansion of the capabilities. One of the key strategies adopted by key players within the market is to up their returns on investments made on employee training and development receive considerable business results.
According to Transparency Market Research (TMR), the global learning management system market is anticipated to be worth US$18.8 bn by 2024. On the basis of user group, it is anticipated that education and corporate sectors will be the two segments that will witness promising growth in the years to come. The emphasis on online corporate trainings and orientation programs by companies so as to develop and train their employees will be a key factor boosting the growth of the corporate sector segment. Similarly, growing awareness regarding the importance of education in developing nations as well as government initiatives for providing good quality training and education so as to bring about the progress of the nation will drive the growth of the education segment within the global learning management system market.
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Hosted Deployment Witnessing Higher Traction
On the basis of deployment, the on-premise segment has been leading on account of the rising adoption of learning management systems by large enterprises. In the years to come however, this trend is expected to change and the lead author of this report states that the hosted deployment sector will emerge as the leading segment. The rising adoption of LMS by both small and medium enterprises on account of the cost benefits of hosted deployment as compared to on-premise deployment. By geography, North America has been leading in the market. However, Asia Pacific is anticipated to expand at a rapid pace during the forecast period.
Use of Analytics in Education and Businesses Boding Well for Learning Management Systems Market
One of the key factors boosting the growth of the global learning management system is the rising focus on learning tools of late, which are data-driven. There is a rising use of analytics in education as well as business in order to facilitate better decision-making and this is expected to feel the adoption of learning management systems. Digital training programs in order to develop the staff as well as for evaluating the working staff have become extremely common in the corporate world and this is also a driving force for the growth of the market.
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Need to Improve Performance of Employees Pushing Demand for Learning Management Systems
Large organizations and even the small and medium enterprises have given up conventional methods of learning and adopting innovation and advanced technology in order to improve the performance of the employees through effective and efficient learning solutions. In the educational sector, analytical practices are being used extensively for helping students to develop reports as well as learn in a more improved manner. Also, the growing use of smart devices is anticipated to create a favourable environment for learning management systems. in addition to this, these systems reduce learning and development costs which works in favour of the learners. All these factors are driving the adoption of learning management systems.
Lack of Proper Management of Learning Software to Affect Growth
One of the key factors affecting the market's growth is poor internet connectivity in underdeveloped nations. Improper management of the learning software is another challenge faced by this market. In addition to this, the lack of motivation among learners on account of the unavailability of trainers or instructors will also be a factor which will deter students from adopting learning management systems. Further, difficulty in stimulating hands on courses will also act as a challenge and restrict the market's growth. The lack of customization and personalization will also affect the adoption rate of learning management systems.
This review is based on the findings of a TMR report titled "Learning Management Systems (LMS) Market (Deployment - On-premise and Hosted; Module - Administration, Content Delivery and Management, Progress Management, Interaction and Integration Technologies, and User Management; User Group - Education and Corporate) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."
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