As per the latest reports, the market size of the Learning management system is going to reach 7.8 billion USD by 2025.
This write-up helps you get a proper understanding of Learning management system market insight, industry share and the forecast for following years. We are here to highlight how companies are investing heavily in Custom LMS development services and gaining significantly out of it. We are also going to assess what the future holds in this segment to make it easier for you to make your decision whether this investment is worthwhile or not.
Let’s get started with a brief overview of the software first and then take it ahead.
Learning Management System (LMS): What It Is?
When it comes to learning management, it is software that helps businesses to monitor and manage their training, resources, study materials, and progress as well. It allows the instructors and managers to take care of the training without any hassle whatsoever. Businesses integrated with learning management software can provide training through different mediums that include:
The demand for LMS development services is growing, and it is expected to grow 20.6 percent CAGR in the next five years. With corporate world routing for BYOD policies, the market growth of LMS is supposed to get higher.
Organizations around the world are using eLearning services to train and educate their employees. Not only does it help in providing seamless training solutions, but it also plays a significant role in curbing down the expenses as well.
The learning management system is fully compatible with mobile devices, so it can be accessed by users from any corner of the world. This system also backs social learning that has made corporations adopt the culture of BYOD.
With the demand for eLearning growing significantly, businesses are looking for tools and software that can help them with the process. According to the report provided by the World Economic Forum, more than 54 percent of the employees need to be up-skilled or re-skilled to provide services without any hassle while using advanced technologies. The demand for the best LMS developers has shot up as it helps them have the tool built as per the specific business needs.
Learning Management System: Scope
The eLearning management system is taken into consideration by the corporate and education sectors. This system helps them understand the purpose of distance training convincingly. The trainers can use the software and provide all the necessary classes through different platforms as specified above.
Businesses can hire LMS developers and get the system customized according to their requirements. It helps both the trainers and learners to achieve the objective without any hassle. The trainers can track the progress report and design the strategy accordingly to produce the desired result. The trainees can access the learning materials at their convenience and complete the course successfully.
This shows how it helps businesses to save time, enhance their workforce and boost productivity without increasing the expenditure. It also makes it easier for the employees to stay at home and yet up to the skills that can help them grow as per the market demands.
Key LMS Market Trends
The above-stated points are enough to prove that eLearning is going to dominate the industry. As per the latest reports provided by Online Trends, 69 percent of online learners have acknowledged further growth opportunities as their primary objective. This shows how eLearning is helping trainees around the world serve the market requirements.
This has made organizations invest in LMS development services to cater to their employees from all demographics. Employees of different nature can be trained as per their custom needs and that without spending any extra time and money.
Trainees opt for eLearning because it allows them to complete the same as per their convenience and pace. It provides flexibility not only to learners but also to the trainers. This has been the primary factor behind the growth of custom LMS development services worldwide.
Market Segmentation Of Learning Management System
When it comes to the global Learning Management System market, it is wholly based on the below-mentioned attributes:
- Industry sector,
- Model of Deployment,
- And User Type.
It can be deployed in two forms that are on-site deployment and cloud deployment. The user types of the respective eLearning management system can be categorized as enterprises and education. The industry sector can be specified in the form of education, healthcare, retail, IT, government, telecom, hospitality, manufacturing, and many more.
All the industry sectors have invested quite a lot in LMS development services. It has made the process of training hassle-free, and most importantly, it has helped them get their resources skilled to serve their business demands. It allows them to train their employees as per the upcoming opportunities, latest trends, restraints, and complete know-how of the impact implementing the same can bring.
How Has LMS Already Made An Impact in The Industry?
- Rise in eLearning Platform Adoption: The demand for eLearning platforms has seen immense growth in different sectors, including different business sectors, schools, and universities. In the coming years, it is going to become the way to go option for providing training solutions.
- BYOD Surge: The market has witnessed a massive surge in the BYOD culture and digital technologies. This made the businesses focus more on LMS implementations over smartphones to provide training over the smartphones towards the online eLearning model.
- Cloud Deployment Model: Businesses around the world are more inclining towards the cloud deployment model. This doesn’t include capital cost and also doesn’t require maintenance expenses. This is why it is preferred by different businesses, including large enterprises and SMEs as well.
- Poor IT Infrastructure: It has been seen that there are several underdeveloped nations where technological advancements have been relatively low. In the near future, things are going to change fast, and it will push the market of LMS development services even higher.
- IoT Evolution: In the coming years, the market share of LMS is going to witness colossal growth all because of heavy investment in IoT technology. There are many governments of western nations routing for the same, and this has boosted the LMS demand.
Forecast To 2025
Here we have come to the last section of the write-up after understanding what is the present scenario in the LMS development and how it is shaping up for the future. The market size of LMS is expected to grow to 23.49 billion USD by 2025. From the year 2017 to 2025, the LMS market is expected to see a growth of 7.1 percent CAGR. Europe and North America are going to play a massive role in the growth, and Asia is going to follow this route as well.
Hopefully, you are clear on how eLearning Software Development Companies are going to be in demand now and in the coming time. It is the present and future adopted by different business sectors. It not only saves expenses but also boosts productivity through its training solution. So, the market share of the Learning management system is supposed to surpass everyone’s expectations and be a primary part of every business sector.
Alicia is a technical content writer and is associated with A3logics for over a couple of years. She has been in touch with the Mobile App Development team and is often found struggling with some unique topics for her upcoming projects. She is often found discussing the latest developments with the technical team. When not working on any of her writing projects, she is either reading any of the Agatha Christie mysteries or busy gardening.