The LMS Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period, reaching USD 43.6 billion by 2027 from USD 18.7 billion in 2022.
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Services provide learners with services for curriculum development and smooth installation, development, and maintenance of ongoing activities.
Education and learning service providers render various education-related services, categorized into consulting services, implementation services, and support services. These services provide learners with services for curriculum development and smooth installation, development, and maintenance of ongoing activities.
The support and maintenance services segment addresses technical queries and delivers cost-effective support, which enables improved business performance.
Service providers offer continuous support and maintenance sessions to users, as and when needed, to resolve business complexities. They also support organizations by helping them gain the expertise required for operating the newly adopted solutions. With support and maintenance services, users get a thorough idea of systematic procedures related to the deployed solution. Service vendors provide users with online and onsite support and maintenance to use the deployed solution better.
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Unique Features in the Learning Management System Market
In-Built Content Creation: A lot of Learning Management System (LMS) platforms come with content creation tools that let teachers make and edit lesson plans right inside the system.
Features of Game-Based Learning: To increase learner engagement and motivation, several LMS platforms use gamification components like leaderboards, badges, and points.
Availability Anytime, Anywhere: Support for mobile learning, which enables users to access instructional content on smartphones and tablets and promotes flexibility and accessibility, is a feature that sets many contemporary LMS platforms apart.
collaboration Learning elements: Within the LMS, social learning elements such as chat, discussion boards, and collaboration tools encourage communication and knowledge exchange amongst students.
Personalised Learning Journeys: With adaptive learning functionality, the learning process is customised according to each learner’s needs and speed. Content and assessments are changed as needed.
Major Highlights of the Learning Management System Market
For the aim of training and development, businesses, organisations, and educational institutions all over the world have been adopting Learning Management Systems.
One trend to note is the growing use of cloud-based LMS solutions. The scalability, accessibility, and ease of maintenance that cloud deployment provides are factors driving the market’s expansion.
LMS providers are putting more of an emphasis on interface design and user experience, striving to create systems that are simple to use and intuitive for instructors as well as learners.
In order to promote a feeling of community and information sharing, social learning features—such as discussion boards, collaboration tools, and peer interactions within the LMS—have grown in importance.
The industry has noticed a greater focus on mobile learning (M-Learning) features, which enable students to access instructional content on tablets and smartphones, encouraging flexibility and studying while on the go.
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Top Key Companies in the Learning Management System Market
The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Cornerstone, Blackboard Inc., Moodle, Instructure Inc., and D2L Corporation have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the LMS market.
Cornerstone provides an extensive portfolio of LMS solutions, including Saba Learning, Cornerstone Xplore, and Cornerstone LMS. These solutions help organizations manage and train employees. The company deals in performance and learning products that manage education and development programs and measure the performance of individuals and groups. The company also provides consulting services to assist clients with selecting and implementing the most suitable solution that fulfills enterprise requirements. Cornerstone has witnessed consistent growth in the LMS market by adopting various organic and inorganic strategies. In terms of organic strategy, the company has continuously invested a significant portion of its revenue in R&D activities which has helped develop new products and solutions. In November 2021, Cornerstone launched Cornerstone Xplore, a new learning experience that offers a highly personalized learning experience to help employees learn at their own pace.
Blackboard Inc. is a leading EdTech company with a strong portfolio offering a wide range of solutions in the LMS market. It also has a strong market presence in the North American region, especially the K-12 school districts in the US and Canada. Blackboard launched its Blackboard Unite online learning platform, which included a suite of tools to help the K-12 sections shift to a remote learning environment. Blackboard has partnered with various distributors and third-party partners to expand its customer base in regions where it does not have a direct presence. In May 2021, Blackboard partnered with Baku State University, Azerbaijan, by offering Blackboard Learn, Blackboard Collaborate, and Blackboard Ally. Blackboard helped BSU create a scalable and connected learning environment for over 24,000 students and 1,500 faculty members.
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