Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) — The global learning management system (LMS) market is set to gain impetus from the increasing number of millennials in the working population. In 2017, Manpower Group, for instance, mentioned that by 2020, around 35% of the total population is expected to contain millennials. This information is given by Fortune Business Insights™ in a report, titled, “Learning Management System Market, 2021-2028.” As per the report, the market size was USD 10.84 billion in 2020. It is projected to grow from USD 13.38 billion in 2021 to USD 44.49 billion in 2028 at a CAGR of 18.7% in the forecast period.
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A list of renowned providers operating in the global LMS market:
- McGraw Hill (New York, United States)
- D2L Corporation (Kitchener, Canada)
- SAP SE (Walldorf, Germany)
- Saba Software (Dublin, California, United States)
- Absorb LMS Software Inc. (Calgary, Alberta, Canada)
- Blackboard Inc. (Washington, D.C., United States)
- Cornerstone OnDemand, Inc. (Santa Monica, California, United States)
- Oracle Corporation (Redwood City, California, United States)
- IBM Corporation (Armonk, New York, United States)
- Paradiso Solutions LLC (Silicon Valley, California, United States)
REPORT SCOPE & SEGMENTATION:
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||18.7%|
|2028 Value Projection||USD 44.49 Billion|
|Market Size in 2020||USD 10.84 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||140|
|Tables, Charts & Figures||55|
|Segments covered||Component; Deployment; End User; and Region|
|Growth Drivers||Popularity of Online Learning and Training in Higher Education to Escalate Market Growth|
|Rapid Adoption of E-learning amid COVID-19 Pandemic to Drive Market Growth|
|Growing Trend of Multichannel Learning to Augment Market|
|Pitfalls & Challenges||Strong Impact of Traditional Training to Hamper Market Growth|
COVID-19 Pandemic: Closure of Schools and Colleges Have Spurred Demand Dramatically
The COVID-19 pandemic has resulted in the temporary shutdown of colleges, schools, and other educational institutions. The World Economic Forum (WEF), for instance, stated that across 186 countries, more than 1.2 billion students were affected by school closure because of the pandemic in April 2020. Hence, the demand for online learning platforms has surged globally. China’s government has also encouraged educational institutions to adopt LMS software solutions to help students with their studies amid this pandemic.
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IT & Telecom Sub-segment Held 20.2% Share in 2020: Fortune Business Insights™
Based on end-users, the market is bifurcated into academic and corporate. The corporate segment is further sub-segmented into transportation, BFSI, government, IT & telecom, energy & utilities, manufacturing, retail, healthcare, and others. Out of these, the IT & telecom sub-segment earned 20.2% in terms of the LMS market share in 2020. This growth is attributable to the increasing demand for online training and flexible work environments among companies.
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Drivers & Restraints-
Ability to Track, Automate, and Distribute Content will Favor Growth
Nowadays, various educational institutions are utilizing online interactive learning methods because of the rapid adoption of cloud and surging internet penetration across the globe. LMS software solutions provide a user-friendly platform for creating and distributing content throughout social media, smartphones, and websites. At the same time, they help in automating, tracking, reporting, and administering online learning courses. However, some colleges and schools still use traditional teaching and learning practices. It may hinder the learning management system market growth in the near future.
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Increasing Number of Colleges in U.S. to Help North America Dominate
Geographically, in 2020, North America procured USD 4.88 billion in terms of revenue. It is anticipated to remain at the forefront in the upcoming years. This growth is attributable to the rising number of universities and colleges in the U.S. According to the Australian Trade and Investment Commission, for instance, since 2013, the U.S. accounted for around 58% of the global Ed-tech contracts. On the other hand, Europe is likely to show steady growth because of the surging usage of open source LMS in the region.
Key Players Focus on Acquisitions and Product Upgradations to Strengthen Positions
Reputed companies present in the learning management system industry are constantly focusing on the acquisition strategy to enhance their product lines and strengthen positions. A few others are trying to upgrade their existing solutions by adding novel features. Below are the two crucial industry developments:
- March 2021: eLeaP added an on-the-job training (OJT) tracking feature in its LMS to help users track OJT training through a wide range of metrics. It would also allow them to comply with government and industry norms, close skill gaps, and gain significant milestones.
- November 2020: Docebo Inc. acquired forMetris to broaden its product portfolio and strengthen its position in the LMS segment. It would also help the company to fulfil the high demand for full training lifecycles.
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Major Table of Content for Learning Management System Market:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Learning Management System Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
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