PORTLAND, Oregon and PUNE, India, December 6, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Learning Management System (LMS) Market by Deployment Model, User Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global LMS market was valued at $4,396 million in 2016, and is projected to reach $15,391 million by 2023, growing at a CAGR of 20.0% from 2017 to 2023.
The government & education industry vertical has witnessed high demand in the global learning management system (LMS) market in 2016, owing to growth in adoption of e-learning solutions by schools and universities. In addition, reduced investment cost in employees training and pay-as-you-go deployment model in cloud deployment are expected to fuel the market growth in the near future. Moreover, the others industry including automotive, supply chain, and other business service providers has witnessed increased adoption of LMS across various regions, owing to strong demand for training programs through LMS.
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The North America learning management system (LMS) market was the largest market in the world in 2016, owing to the growth in demand for e-learning solution among user types, including academics and enterprises. Global players are focused on innovating efficient learning management solutions to strengthen their product offering. In addition, industry participants have focused on improving their learning management system (LMS) solutions to ensure competence and effectiveness of the learning platform across other emerging markets such as Latin America, the Middle East, and Africa.
North America was the highest revenue contributor in 2016, accounting for around 51.07% share of the overall market. In addition, Asia-Pacific Learning management system (LMS) market is projected to grow at the highest CAGR of 23.2% during the forecast period, driven by growth in adoption of bring your own devices (BYOD) and e-learning platforms in emerging countries such as Singapore, South Korea, and Japan.
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The key players profiled in the LMS market are Blackboard Inc., CrossKnowledge, JZero Solutions Ltd, Litmos Limited, Oracle Corporation, Paradiso Solutions, Saba Software, Inc., SAP SE, SumTotal Systems, LLC, and TalentLMS. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the LMS market growth.
KEY FINDINGS OF THE STUDY
- The on-premise deployment model accounted for the highest share of the global market in 2016, growing at a CAGR of 18.4% from 2017 to 2023.
- North America learning management system (LMS) market generated the highest revenue in 2016, valued at $2,245 million.
- The academic segment dominated the LMS market, in terms of growth, during the forecast period.
- The U.S. dominated the global market in 2016. In addition, Canada, China, the UK, Australia, Japan, and the other emerging markets are anticipated to provide significant opportunities for major players.
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SOURCE Allied Market Research