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September 09, 2019 | Information & Technology
Rising inclination for adoption of Bring Your Own Device (BYOD) policy by companies will be the key driver in the global Learning Management System Market growth during the forecast period. Fortune Business Insights provides a detailed analysis of the market in its report, titled “Learning Management System (LMS) Market Size, Share and Global Trend By Component (Solution, Services), By Deployment (On-Premises, Cloud), By Organization Size (SME’s, Large Enterprises), By End User (Academic, Corporate) and Geography forecast till 2026”. According to the findings of the report, from its current value of US$ 7206.7 mn, the global LMS market value is projected to touch US$ 29,742.0 mn by 2026.
Learning Management System (LMS) is designed with a view to enable enhance learning experiences by exploring new ways of learning. An active LMS model can deliver analyze skills, deliver courses, track and report on developments, and so on. Organizations seek for their employees to learn new and upgrade existing skills, thereby creating a need for LMS tools and mediums.
Increasing Application of Internet of Things (IoT) Technology to Fuel the Market
The global learning management system market growth is predicated on the rapid adoption of IoT across the industrial spectrum. Interestingly, IoT is finding rising demand from the field of education. For example, many educational textbooks are integrating IoT in their learning material in the form of Quick Response (QR) code, making accessing videos and other study sources easy for the students. Coupled with Artificial Intelligence (AI) and Machine Learning (ML) tools, IoT has aided the development of E-learning platforms, amplifying learning opportunities for teachers and students. This will broaden the global learning management system market size in the near future.
Cloud Computing to Open New Vistas in the Global Market
Cloud-based LMS solutions offer a range of benefits to companies and employees in varying degrees. Employees wanting to improve their performance, upgrade their skills, or track their progress can make efficient use of cloud-based LMS software and tools. Employers who wish to engage their employees more deeply can use LMS models to acquaint employees with different aspects of the company. It will also enable organizations to implement the BYOD policy more effectively. Using LMS with BYOD can boost productivity, which opens up new avenues in the global market.
Acquisition and Innovation to be the Operative Words for Market Players
A few players in the global LMS market are focusing their energies on acquiring other companies. For example, in August 2019, Absorb Software, a renowned LMS provider, acquired Florida-based eLogic Learning to expand its scope of operations. Other players are investing in innovation to develop novel products. For instance, Cornerstone has created a learning software that enables managers to track the progress and performance of employees through a centralized monitoring system.
Fortune Business Insights profiles some of the key players in the global learning management system market:
Demand from UK and Germany to Drive the Market in Europe; North America to Have a Dominant Presence
In 2018, North America generated a revenue of US$ 3306.6 mn in the global LMS market and will continue the trend as IoT technology becomes more widespread. In Europe, the UK and Germany are expected to grease the global learning management system revenue. Asia-Pacific contributed US$ 1437.4 mn in 2018 in terms of revenue. The region will exhibit considerable growth as India and China are rapidly adopting cloud computing tools. The Middle East, Africa, and Latin America are emerging regions with promising opportunities for the global learning management system market to expand.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/learning-management-system-lms-market-101376
The Global LMS Market Has Been Segmented as Follows:
By Organization Size