LONDON--(BUSINESS WIRE)--The corporate learning management system market is expected to grow by USD 12.48 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Cloud-based LMS services significantly reduce operational costs as they do not require servers to install the services. This is very helpful for small and mid-size companies that lack skilled staff and expertise in managing operations. Also, cloud-based services ensure hassle-free system upgrades and maintenance which helps companies stay abreast with the continuously changing market dynamics. Many such benefits are increasing the adoption of cloud-based LMS services among companies. To capitalize on this trend, prominent vendors, including TalentLMS, Haiku Learning, Scholar LMS, and WizIQ have started to offer cloud-based LMS services. Therefore, the increasing shift toward the adoption of cloud-based LMS services is expected to fuel the growth of the global corporate learning management system market during the forecast period.
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As per Technavio, the replacement of legacy LMS will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Corporate Learning Management System Market: Replacement of Legacy LMS
Organizations are considering the replacement of their traditional LMS services with next-generation LMS services to cope up with evolving demands in the market. For instance, many companies are adopting wearable technologies to capture employee data to evaluate social and physical parameters. The adoption of such advanced technologies is creating significant growth opportunities for vendors to develop applications that can meet the huge demand. This is also attracting new players to enter the market and explore opportunities. These factors are expected to result in the introduction of advanced applications at competitive prices, thereby boosting the growth of the global corporate learning management system market.
“Increased need for skilled employees and the emergence of mobile learning will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Corporate Learning Management System Market: Segmentation Analysis
This market research report segments the corporate learning management system market by deployment (on-premise deployment and cloud deployment) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the corporate learning management system market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of many MNCs and large organizations in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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