MarketsandMarkets forecasts the global LMS Market size to grow from USD 15.8 billion in 2021 to USD 37.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Enterprises focusing more on human capital development is a major factor for the growth of the LMS market. Effective employee learning and development brings a positive impact on employee performance and organizational competitiveness. Training also helps employees develop a positive attitude toward learning and improving proficiency, which results in enhanced productivity and competitiveness in the workplace and the organization. LMS helps enterprises prepare effective training modules for employees to understand and grasp the information. Employees can access the modules at any time to brush up on their knowledge. This helps employees be more productive and deliver value to the company.
By User Type, the Academic segment to hold the larger market size during the forecast period
The Academic segment of the LMS Market is projected to hold the larger market size in 2021. The Academic segment is further divided into K-12 and Higher education. LMS is used in academics to improve the efficiency of the learning process. This helps streamline the education process by enabling mobility, interaction, and real-time teaching. The use of mobile phones and smart devices has increased significantly in the young generation, thus boosting the LMS market for academic users to grow. LMS solutions in educational institutions enable next-generation digital learning by providing an enhanced learning experience through digital classrooms. They open up new doors for sharing knowledge without boundaries of time and distance.
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By Corporate users, the Retail subsegment to grow at the highest CAGR during the forecast period
Among the Corporate users, the Corporate sub-segment is expected to grow at the highest CAGR during the forecast period. Employees in retail must coordinate with multiple parties to ensure the right product delivery at the right time and the right place. Moreover, retail companies continuously keep adding new products to their product range. Thus, there is an increasing need for training and development in the retail industry, which represents a significant opportunity for LMS providers in the retail industry. The key skills training required in the retail industry include sales development, product training, leadership skills, product promotion, assertiveness, customer experience and care, retail recruitment, and communication.
The key and emerging market players in the LMS market include Cornerstone OnDemand (US), Blackboard (US), D2L (Canada), PowerSchool (US), Instructure (US), IBM (US), Infor (US), Adobe (US), LTG (UK), Oracle (US), SAP (Germany), Docebo (Canada), SumTotal (US), Tovuti (US), 360Learning (France), Epignosis (US), LearnUpon (Ireland), SkyPrep (Canada), Absorb (Canada), CrossKnowledge (France), Lessonly (US), Axonify (Canada), BizLibrary (US), Thinkific (Canada), iSpring (US), Blue Sky eLearn (US), Trakstar Learn (Canada), DigitalChalk (US), KMI Learning (US), and Moodle (Australia). These players have adopted various strategies to grow in the LMS market.
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Cornerstone OnDemand is one of the leading global providers of learning and HCM software, delivered through software as a service (SaaS). The company offers products, such as recruitment suit, performance suite, and learning suit. Cornerstone OnDemand provides solutions to industries such as government, healthcare, life sciences, education manufacturing, retail, and finance and insurance, K-12 and higher education. In October 2020 Cornerstone OnDemand partnered with ServiceNow to improve workplace learning by offering platform interoperability. The integration of Cornerstone Learning solution with ServiceNow HR services Delivery solution allowed employees to access tasks and training directly in ServiceNow.
Blackboard is a provider of education solutions for K-12, higher education, and corporate markets. The company offers a wide range of learning and analytical platforms for enhanced collaborative, interactive, and mobile learning experiences. Their offerings in the LMS market include Blackboard Learn, Blackboard Reach, Blackboard Unite, and Blackboard Instructor. In November 2020, Blackboard launched a new feature called Blackboard Assist for its Blackboard Learn LMS. The feature would help students to connect to the institution’s support services.
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