According to a new market research report “LMS Market by Component (Solution and Services), Delivery Mode (Distance Learning, Instructor-Led Training and Blended Learning), Deployment Type, User Type (Academic and Corporate), and Region – Global Forecast to 2023″, published by MarketsandMarkets™, the global LMS market size is expected to grow from USD 9.2 billion in 2018 to USD 22.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
The major growth drivers for the market include increasing adoption of digital learning, growing inclination towards, Bring Your Own Device (BYOD) policy and enterprise mobility, extensive government initiatives for growth of LMS, growing usage of Artificial Intelligence (AI), and Machine Learning (ML) in LMS is increasing significance of eLearning in corporate and academic setups.
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The cloud deployment type is expected to show the highest growth rate during the forecast period
In the cloud deployed LMS, services are hosted over internet connection and users can log in into the service provider’s site. Instead of installing the required management software, the teachers or trainers can upload course content, create new courses, and interact with the learners via their internet browsers. The instructional designers can store any information on the cloud and this can be remotely accessed by approved users in any location. This deployment mode is preferred for its features like better and enhanced security, lower setup costs, easy accessibility, quicker deployment, highly scalable, customizable, more storage space, ease of maintenance, automatic upgrade of course materials, and automatic licensing done by vendors. In this form, the learning is delivered to the learner, anywhere and anytime via the browser.
The corporate user type segment is estimated to grow at the highest CAGR during the forecast period
As businesses have become more competitive after the second wave of globalization, the importance of human resources has increased significantly over the time and employee training and development has become a new norm in various corporate organizations, in many industries different methods used for training and development are used. Based on corporate industry type, the global LMS market has been segmented into, software and technology, healthcare, retail, BFSI, manufacturing, government and defense, and Telecom.
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North America is expected to hold the largest market size during the forecast period
North America has is a mature market when it comes to technology. The increase in the usage of eLearning tools and technological advancement in learning methodologies have boosted the overall LMS market for the North American region. The increased adoption of handheld devices, such as tablets and mobile phones, is also driving the LMS adoption trend in North America. This region is strongly controlled by government standards and regulations. Effective collaboration with universities and organizations between network arenas and institutions has helped the educators in this region to be more receptive towards technological change.
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