New advancement and Developments are Propelling the Growth of Learning Management System Market
A learning management system (LMS) is a software solution which is used for the reporting, tracking, documentation, administration, training programs and delivery of educational courses. The learning management system venders are focused on providing online courses and various hybrid courses such as flipped classrooms and blended learning. The LMS also manages instructional content, online course administration and assessment of student work have increased the demand for LMS in academics.
Moreover, the LMS are also adopted by corporate bodies for training purpose. The implementation of training management system helps to manage instructor-led training and learning records store to store and track the data. In addition, the implementation of performance management systems in LMS offers the options of multi-rater assessments, succession planning, skills gap analysis, and competency management increased the demand for learning management system in various industries.
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The global learning management system market was valued at US$ 5,100 million in 2016 and is estimated to witness a CAGR of 23% during the forecast period (2016 – 2025).
Increasing adoption of wearable devices provides growth opportunity for the market
The increasing sales of wearable devices has become one of the key drivers for the growth of the learning management system market globally. According to Coherent Market Insights, over 275 million wearable devices were sold in 2016, from 232 million devices in 2015 and is expected to reach up to the sales of 323 million by 2017. The in-depth training program is one of the major advantages for the use of wearable devices for training purpose. Conventional training material consists of hard copies as well as visual presentation of the subject. Wearable devices are used in organizations, with the help of which employees are able to see three dimensional examples of products, view it from different angles, and tap on different elements of the product to view its benefits. This helps employees acquire in-depth knowledge about various products, further helping them provide the information to their customers and seal the deal, in turn fulfilling their job duties.
Implementation of virtual reality technology and gamification provides advanced features to the learning management system market.
The implementation of emerging technologies such as gamification and virtual reality provide advance features to the learning management system products. Gamification is a platform with a goal to maximize the entertainment and engagement of the learners by capturing their interest and motivating them to continue learning. There are various benefits of gamification learning such as opportunities for collaborative problem solving, social connection, fun and much more. With the help of gamification and virtual reality technology, wearable devices such as smart glasses make imaginary stories or situations seem more real Thus, helping employees interact with the characters, and take their decisions based on body language and environmental factors. This helps the employees to increase their learning ability and more effectively implement their learning or information to their job.
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North America holds a dominant position in the global learning management system market.
According to Coherent Market Insights, the learning management system market in North America held the dominant position in 2016 with a CAGR of 52.9%. The United States and Canada are the major countries driving the market of learning management system in North America region. The growing adoption of “bring-your-own-device” culture in various companies and growing presence of LMS companies in the United States have provided a massive growth opportunity to the learning management system market in North America.
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