The global LMS market is projected to witness steady growth over the forecast period. This can be attributed to factors such as the increasing preference for distance learning, developing network infrastructure in developing regions, the adoption of cloud-based LMS by SMEs, and corporate sectors offering online trainings to its employees.
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. If these values hold true, the market is expected to develop at an impressive CAGR of 19.9% therein.
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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.
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 learning management systems market is also fueled by the growing use of smart devices and a reduction in learning and development costs.