Learning Management System Market Expected to Grow $10.5 Billion in Next 5 Years
The learning management system market is expected to grow from $5.22 billion in 2016 to $15.72 billion by 2021, according to a new report by MarketsandMarkets, an India-based market research firm. That increase represents a compound annual growth rate of 24.7 percent.
Some of the major driving factors for the growing LMS market are increasing adoption of digital learning among corporate organizations and academic institutions, as well as the bring your own device (BYOD) trend. Furthermore, the market is expected to be driven by new opportunities, such as the growing use of wearable e-learning devices and emerging technologies like gamification and virtual reality.
Learner management is expected to contribute the highest to the overall revenue generation of the market during the forecast period. Learner management includes keeping track of the learner’s usage of training materials, managing course access for learners, creating reports, managing course properties and other tasks, according to MarketsandMarkets.
The telecom and IT industries are expected to show significant growth in terms of LMS adoption, since these sectors have greater need to train employees as technological changes occur.
Also, the Asia-Pacific (APAC) region is expected to witness significant growth in LMS adoption, owing to demand for cost effective and improved learning experiences. As many organizations have tight learning budgets, they prefer a technology-enabled learning approach, which is a cost-effective way of offering training and resources, the firm said.
Blackboard, Cornerstone OnDemand, Xerox, IBM, NetDimensions, SAP SE Saba Software, McGraw-Hill Companies, Pearson and D2L are identified as leaders in the LMS market, MarketsandMarkets said.