The global learning management system market is projected to attain US$ 29,742.0 mn in terms of market valuation by 2026, a four-fold jump from its current valuation at US$ 7206.7 mn in 2018. Fortune Business Insights has come out with a report, titled Learning Management System (LMS) Market Size, Share and Global Trend By Component (Solution, Services), By Deployment (On-Premises, Cloud),By Organization Size (SME’s, Large Enterprises), By End User (Academic, Corporate) and Geography forecast till 2026”, in which a detailed analysis of trends and factors that will develop and influence the market is contained. The report predicts the learning management system market to exhibit an impressive 19.1% CAGR during the forecast period.
Learning Management System (LMS) is a term used to describe a software platform that facilitates an organization to manage and deliver e-learning programs to its employees. These systems can be deployed in the field of education where they can enable remote learning for students who cannot access conventional educational infrastructure. Thus, the main objective of LMS solutions is to enhance learning and strengthen existing capacities of individuals and organizations.
Integration of Artificial Intelligence (AI) Tools with E-Learning to Drive the Global Learning Management System Market Growth
Artificial Intelligence technology is gaining momentum with growing adoption across industries. E-learning platforms are also being increasingly adopted by organizations to deliver effective and efficient learning tools to employees and students. The global learning management system market benefits from the integration of these two technologies owing to the dual advantages that they offer. For example, an AI-based e-learning platform can help learners to ask real-time questions to the AI machine and receive immediate answers. This integration can also serve a social purpose. For instance, Microsoft’s Seeing AI is an application that can describe the world to blind people.
Rise of Digital Media to Propel the Demand for On-Demand Content
Digital media players, such as Netflix and Hulu, are delivering on-demand content to users. Tailoring content for individual consumers requires high grade learning management systems such as Machine Learning (ML). ML and AI together enable companies to engage in predictive analysis of consumer behavior and make recommendations customized to the consumer’s needs. The rising usage of digital media will spur the global learning management system market revenue, especially with increasing penetration of smartphones, laptops, and tablets all over the world.
However, factors such as high cost of AI and ML tools and lack of accessibility to modern technology in low income countries may limit the global learning management system market growth.
Increasing Attention to Innovation to Characterize Market Competition till 2026
Major companies are espousing different strategies to gain an edge in the global learning management system market. Most of the competitors are increasing their investment in innovation and launching novel products. For example, in June 2019, Pune-based Upside Learning launched an eBook to help organizations resolve their compliance training issues. Similarly, D2L launched the updated version of Brightspace called ‘Indigo’ as a cloud-based learning portal which enhances the ability of employees to learn from their own experiences.
North America to Exhibit High Revenue Generation; Asia-Pacific to Follow
North America generated a revenue of US$ 3306.6 mn in 2018 in the global learning management system market. Rising adoption of IoT in various industries and growing demand for e-learning platforms for deeper employee engagement are factors that will drive the market in North America. Asia-Pacific, too, generated a substantial revenue of US$ 1437.4 mn in 2018. The sales graph is expected to climb till 2026 as India and China are increasingly adopting cloud-based technologies. In Europe, the market will primarily be driven by UK and Germany where LMS technology is being utilized by small and medium businesses. Emerging markets in Latin America and the Middle East and Africa are expected to expand the global learning management system market size till 2026.
- D2L Corporation
- IBM Corporation
- McGraw-Hill Education
- Saba Software Inc.
- Upside Learning Solutions
- Oracle Corporation.
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