New York, U.S., Jan. 25, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “learning management systems market information per Deployment, through Services, by application and region – forecast to 2027the market size to reach $42.31 billion, growing at a compound annual growth rate of 21.20% by 2027.
The global learning management system market is experiencing rapid traction. Distance and online learning has always been an alternative option for education. However, recent coronavirus crises and lockdown and social distancing mandates have made the world aware of the convenience of distance learning. This has created significant market opportunities, completely changing the education and training sector.
The only downside of online education is the lack of human interaction and accessibility. The Learning Management System (LMS) fills this gap in real-time and online learning, facilitating digital education and the teacher-student relationship. As a result, online education is trending and gaining prominence on the global platform. In recent years, students are increasingly opting for online degree programs or taking at least one college course through online platforms.
As disruptions related to COVID 19 may continue for a few years, the market is expected to grow in popularity in the coming years. In this regard, Market Research Future (MRFR) asserts that the Global Learning Management Systems Market will create significant valuation by 2027, rising at a phenomenal CAGR over the assessment period (2020-2027) .
The Dominant Key Players in the Learning Management System Market Covered Are:
- Edmodo (California)
- Blackboard Inc. (USA)
- IBM Corporation (USA)
- SAP SE (Germany)
- Xerox Corporation (USA)
- Oracle Corporation (USA)
- McGraw-Hill Education (USA)
- Cornerstone On-demand Inc. (USA)
- D2L Corporation (Canada)
- Saba Software Inc. (USA)
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Exclusively encompassed USP market:
Learning management systems are also increasingly adopted by companies
Although e-learning has its limitations, it is still preferred by many corporate employees to enhance employability. Also, the many benefits offered by the LMS platform, such as tracking student progress, cost-effectiveness, and convenience, are increasing its adoption in many organizations. LMSs also allow education and training institutes and businesses to customize the platform to match their brand-specific characteristics.
Technological upgrades have an impact on improving the quality of education. The growing penetration rate of smart mobile devices, like smartphones, laptops, and tablets, and improving networking technologies like WiFi and broadband are driving the market value of LMS.
Additionally, increasing investment from education sectors and organizations across industries to train new employees and work on employee development is accelerating the growth of the market. Investments in cloud-based online education infrastructure to gain increased control over the entire range of learning management are increasing market revenue.
Lack of awareness, accessibility and infrastructure hinders market growth
Despite promising growth prospects, the growth of the learning management system market is hampered by certain factors including consumer skepticism or lack of awareness that lead them to rank online education considering that it is not is not good enough or does not provide valid certifications, etc. Constraints and lack of infrastructure like in connectivity issues are significant challenges that are expected to hamper the growth of the market.
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Market Segmentation Covered by Research:
The market is segmented into services, deployments, applications and regions. The services segment is sub-segmented into content administration, executive advice, organizations, correspondence, joint efforts and others. The deployment segment is sub-segmented into cloud and on-premises.
The application segment is sub-segmented into business and scholastics. The regional segment is sub-segmented into North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World.
North America leads the global market for learning management systems. The growth of the market is attributed to the growing awareness of the general learning framework among the people and the increase in demands from associations for a practical learning framework. The region is home to a well-developed IT infrastructure that is increasing the adoption of LMSs in colleges and universities.
Furthermore, increasing adoption of computers and advanced technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and others are justifying the growth of the market. Moreover, the high adoption of augmented reality and virtual reality technologies can make the whole learning experience interactive and increase the market size, integrating with educational concepts.
The presence of key technology vendors in the region such as Edmodo, Blackboard, and D2L Corporation increases the size of the market. Additionally, increasing adoption of cloud-based learning management systems to improve operational efficiency is driving the region’s learning management system market share.
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Impact of COVID-19 on the Global Learning Management Systems Market
The COVID 19 pandemic has rather boosted the learning management system industry. Lockdowns, physical distancing mandates and security protocols imposed to control the spread of the virus have driven digital adoption in education and training centers as well as businesses.
People have realized that online education is much more convenient and economical, and the number of distance learning options has grown exponentially. Students and employees can also benefit from quality education from the comfort of their home or office. This, therefore, has increased the adoption of learning management systems to manage the full range.
The learning management system market is witnessing major product launches and several strategic approaches, such as collaboration, expansion, mergers and acquisitions, and product launches. Major players are making strategic investments in research and development activities and promoting their expansion plans.
For example, recently, on August 11, 2021, Whatfix, a software-as-a-service (SaaS)-based digital adoption platform, announced the acquisition of Nittio Learn, a learning management systems provider, to expand its portfolio. Its second acquisition since the company raised $90 million in its Series D funding round just two months ago. The acquisition would help Whatfix introduce new technology-based learning tools for its enterprise customers, adding to its platform’s capabilities to drive digital adoption.
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