Global Learning Management System (LMS) Market - Segmented by User Type (Academic, Corporate), Deployment Model (Cloud-Based, On-Premise), Delivery Mode ( Distance Learning, Instructor-led Training), Application (Administration, Content Management, Learner Management), End-User Vertical (BFSI, Retail, Manufacturing), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global learning management system market was valued at USD 6.92 billion in 2017 and is expected to reach a value of USD 23.21 billion by 2023 at a CAGR of 22.35% over the forecast period of 2018–2023. The scope of the report includes insights on the solutions offered by major players including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study also offers insights on various end-user verticals, application, delivery mode and deployment model, and user type segmentation.
Adoption of BYOD Policies by Corporates
Globally, organizations are opting e-learning services for educating and training their employees owing to the incurring expenses of the traditional teaching methods. Adoption of BYOD in the organization culture facilitates organizations with benefits, such as cost savings, innovation, and productivity, along with access to online training materials, directly to the employees’ devices supporting smart learning. Furthermore, the increased compatibility of learning management system with mobile devices and social learning have mandated the corporates to adopt BYOD culture. These policies are anticipated to drive the growth of the market.
Cloud-based Deployment Model to Lead the Market
The cloud-based deployment model is expected to lead the market over the forecast period, owing to the increasing adoption among large enterprises and SMEs. The organizations are switching to the cloud-based so that they can focus more on their core competencies and have least worries about their assets getting obsolete with fast-evolving technology. Moreover, SMEs are also adopting the cloud-based deployment model due to its cost efficiency. For instance, rapid adoption of LMS in the education sector due to the growing awareness of distance learning and quality education are also contributing to the growth of the cloud-based deployment model.
North America Holds Highest Market Share
North America has dominated the global LMS market, owing to the early adoption of the technology in the education sector. The academic as well commercial adoption has been higher in the region with the technological support reaching earlier and the high affordability ratio in the region. Moreover, flowing investments in technological advancements, coupled with the increasing trend toward e-learning courses in major universities, are affecting the growth of the market. With established networking facility, the United States maintained the majority share of e-learning, which, in turn, is expected to bolster the growth of the North American LMS market.
Key Developments in the Market