LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global corporate learning management systems (LMS) market to grow at a CAGR of over 22% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global corporate LMS market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of the LMS products and services.
The global corporate LMS market, which accounted for over 74% of the global LMS market in 2016, is expected to post healthy growth during the forecast period. This is mainly due to the growing demand for cost-efficient training solutions among companies. This has paved the way for development and delivery of many online courses, both standardized and customized across industries. With constant pressure on corporates to ensure technical upgrades, organizations are adopting LMS as well as replacing old systems to create and deliver all kinds of digital learning material, including video-based training and presentations, to their employees to encourage their participation and feedback.
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Technavio education analysts highlight the following four factors that are contributing to the growth of the global corporate learning management systems market:
- Automating assessment functionalities
- Implementation of cloud-based LMS
- Replacement of legacy LMS
- Improved delivery system
Automating assessment functionalities
In any organization, LMS is used to streamline training and for the evaluation of training conducted for employees. Prior to the adoption of LMS, many organizations followed the traditional methods to provide training and evaluate the employees like paper handouts, PowerPoint presentations, and quizzes. These methods have raised concerns regarding the accuracy and timely delivery of results.
Jhansi Mary, a lead education technology research analyst at Technavio, says, “Vendors offering LMS have introduced software that has advanced features to suit the needs of corporate stakeholders. The assessment system and standards for the employees vary from company to company. The content creation through LMS can be aligned with the company standards, which are inbuilt in the software.”
Implementation of cloud-based LMS
The global corporate LMS market is expected to register exponential use of cloud-based LMS. Cost benefits associated with the use of cloud-based LMS is one of the primary factors accounting for this trend. Numerous vendors, including TalentLMS, Haiku Learning, Scholar LMS, and WizIQ, offer cloud-based LMS service.
“The use of cloud services helps companies reduce cost as they do not require servers to install LMS services. This cloud-based LMS software is mainly helpful for the small and mid-size enterprises that lack skilled staff and the expertise in managing the operations,” adds Jhansi.
Replacement of legacy LMS
LMS services have undergone radical changes with the introduction of breakthrough technologies and expansion in the user base. These technologies have shortened the life cycle of LMS. The system providers are focused on offering new features and applications to serve the evolving demands of customers in the corporate sector. Organizations that have deployed LMS five to six years before are facing difficulties in terms of outdated features and compatibility issues with third-party software and applications.
Improved delivery system
LMS offer superior content management functionalities that include content creation and delivery to the learners. It is crucial for companies to create or procure relevant course content for their employees. Alongside other activities such as updating the content, rapid delivery, and strong connectivity with all the stakeholders, corporate learning and training management systems are required. Companies with the help of LMS are empowered to handle a large amount of content and user connectivity.
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