DUBLIN--(BUSINESS WIRE)--The "Learning Management System (LMS) Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Learning management system market is expected to reach USD 25.4 billion by 2024, at a CAGR of 23.8%
Adoption of BYOD policies by corporates is driving the market growth. Globally, organizations are opting e-learning services for educating and training their employees owing to the incurring expenses of the traditional teaching methods. The increased compatibility of learning management system with mobile devices and social learning have mandated the corporates to adopt BYOD culture.
As e-learning is evolving, there is a need for skilled workforce to further develop the services and tools. In a report titled 'The Future of Jobs 2018', the World Economic Forum (WEF) said around 54 % of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world.
Scope of the Report
Online learning management systems are typically used in the business and education sectors, be it distance learning or instructor-lead Partnerships with popular software and messaging platforms are making LMS in the corporate setting more and more common. It simplifies things for both learners and trainers by making it easy to create, deliver, and consume course content.
Key Market Trends
Distance-Learning to Dominate the Market
- According to 2019 Online Trends in Education Report, 69% of online students identified employment as their primary goal for entering a program.
- Colleges are also offering distance learning program to cater to all demographics, irrespective of location. As students with more diverse characteristics enter online programs, schools must provide services that meet a wider variety of student needs.
- Students prefer distance learning because they can set their pace of study and also it costs less.
- Flexibility of learning is the major factor which is leading to students and corporates opting for distance education thereby significantly driving the market growth.
North America to Witness Highest Growth
- The driving factor for the growth of LMS market in North America is the presence of LMS platform pioneers like Docebo and iSpring, which are successful in offering their services to big and SMEs.
- The 2017 UNESCO report on mobile learning initiatives and policy implications in America indicated that mobile learning efforts in Canada and the United States are generally school or district led.
- Samsung's North American Regional Head Office, in collaboration with Discovery Education, an NGO dedicated to coding education, offers an extra-curricular program to fourth and fifth-grade girls. Offering a wide range of hands-on computer programming and electronic training activities, emPOWER Tomorrow helps girls develop an interest in science, technology, and coding.
The market is concentrated with existing vendors rolling out latest version and new offering of their LMS software for both corporate and academic purpose.
- May 2019 - D2L introduced 'Indigo', the latest version of its Brightspace learning platform which empowers employees to take control of their own learning paths in a competitive global economy.
- March 2019 - Blackboard announced that the University of Ferrara (Unife) implemented Blackboard Collaborate to enhance its online teaching and learning offering. Through Blackboard Collaborate, Unife is providing up to 13 virtual classrooms every day, for a total of 70 hours of online lessons.
- February 2019 - McGraw-Hill launched SmartBook 2.0 as a major enhancement of its market-leading McGraw-Hill Connect learning platform. It is an adaptive learning engine, which helps students to achieve at higher rates.
- Adoption of BYOD Policies by Corporates is Driving the Market Growth
- Lack of Skilled Workforce to Further Develop the LMS
Industry Attractiveness - Porter's Five Force Analysis
- Blackboard, Inc.
- Cornerstone Ondemand, Inc.
- D2L Corporation
- IBM Corporation
- McGraw-Hill Companies
- Oracle Corporation
- Pearson PLC
- SABA Software, Inc.
- SAP SE
- Xerox Corporation
For more information about this report visit https://www.researchandmarkets.com/r/28vtn