DUBLIN--(BUSINESS WIRE)--The "Microlearning Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The microlearning market is expected to register a CAGR of 14.2% over the forecast period (2021- 2026).
Companies Mentioned
- Mindtree Limited
- IBM Corporation
- SwissVBS
- Axonify Inc
- Bigtincan
- Saba Software
- iSpring Solutions Inc.
- Epignosis
- Qstream, Inc.
- Cornerstone OnDemand, Inc.
Key Market Trends
Gamification of Training and Education to Drice the Market Growth
- The expedited growth of microlearning is due to an increase in the number of smartphones and mobile devices that have directly created a vast base for gamification in the microlearning market. This growth is supported by the high recognition of gamification systems as a method to architecture human behavior to induce innovation, productivity, or engagement. ?
- An HBR article identifies that gamification also helps in customer retention and increases customer retention rates by 5%, increases profits by 25% to 95%, and can fetch better results for the businesses. Brands can provide scannable codes on the products, and on scanning the code, the customer can avail of a certain number of loyalty points.?
- Enterprise gamification in training, productivity, and skill enhancement are expected to witness substantial growth during the forecast period. Organizations have shown a heavy inclination toward collaborative systems, which do not create a competitive environment, as they are widely considered counterproductive. ?
- Gamification in microlearning solutions is also functioning as a handy tool for increasing the overall productivity of employees by using various methods, such as rewards for task completion in case of project management or data contribution or access, in case of knowledge management. However, the industry is also facing an absence of standardized guidelines for the application of gamification due to the lack of a substantial amount of academic research in the area. ?
North America is Expected to Hold Major Share
- The North America eLearning market accounts for nearly 40% of the industry share. It is increasing due to the fast-technological adoption by numerous organizations to provide adequate training to its employees. The growth of e-learning will provide immense opportunity to microlearning providers in the region.
- The organizations in the region are attracted by gamification's ability to raise engagement and loyalty, measured in time, on-site, repeat visits, and viral distribution by an average of 30%. Apart from participation, gamification's revenue effects are also impressive. American multinational software company, Autodesk, raised its trial usage by 40% and conversion rates by 15% while Extraco Bank raised its customer acquisitions by 700%.
- Another influencing factor is the increased penetration of digital devices. According to GSMA, the number of smartphone subscribers in North America is expected to reach 328 million by 2025. Moreover, by 2025, the region may witness an increase in the penetration rates of mobile subscribers (86%) and the internet (80%), the second-highest in the world. Increased device penetration will have a positive impact on the virtual reality market in the region.
- According to a report from IBM, 75% of Gen Z'ers prefer to use a smartphone as compared to other mobile devices. So, a mobile-focused training strategy in microlearning will grow in the future to interest them in learning. Changing economic, social, and behavioral aspects such as these leading to acceptance of technology at an exponential rate will only boost the market growth of microlearning in the region, making them sustainable solutions.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Increasing Demand for Training Deskless and Mobile Workers
4.4.2 Growing Need for Skills-Based and Result-Oriented Training
4.4.3 Gamification of Training and Education
4.5 Market Restraints
4.5.1 Reluctance of enterprises to spend huge amount on transforming existing training content into microcontent
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Solution
5.1.2 Services
5.2 By Organization Size
5.2.1 Large Enterprises
5.2.2 Small and Medium-Sized Enterprises
5.3 By Deployment Mode
5.3.1 On-Premise
5.3.2 Cloud
5.4 By End User
5.4.1 Retail
5.4.2 Manufacturing
5.4.3 Banking, Financial Services and Insurance
5.4.4 Telecom and IT
5.4.5 Other End Users (Healthcare and Life Sciences, Logistics)
5.5 By Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/9bo58y
