Scalability, flexibility, and future-proofing to create additional growth opportunities for vendors, finds Frost & Sullivan
SANTA CLARA, Calif., Oct. 1, 2019 /PRNewswire/ -- As end users increasingly demand added functionality and improved user experience from their learning management systems (LMS), vendors are looking to adopt interoperability standards, integrate best-of-breed educational technology solutions, and improve Big Data capture. These changing student expectations, along with the stringent compliance requirements in high-risk industries where employee learning can be mission-critical, are expected to drive the $2.55 billion market toward $4.75 billion by 2023.
"Vendors are setting themselves apart by providing compliance training, professional development, and effective customer service support, especially in the high-potential K-12, higher education, and small- and medium-sized business (SMB) segments," said Deviki Gupta, Industry Analyst, Digital Transformation. "Future-proofing LMS solutions by connecting them to smart devices and solutions will be central to vendor sustainability. Data collected from these solutions will help deliver a more personalized learning experience."
Frost & Sullivan's recent analysis, Global Learning Management Solutions Market, Forecast to 2023, examines the market size, trends, competitive landscape, and growth strategies of the global LMS market. It analyzes both the academic and enterprise segments across the regions of North America and Latin America (NALA), Europe, the Middle East, and Africa (EMEA), and Asia-Pacific (APAC).
For further information on this analysis, please visit: http://frost.ly/3sn
"NALA contributed 63.0% of the LMS market revenue in 2018, followed by EMEA at 27.5% and APAC at 9.5%," noted Gupta. "Vendors across regions are expected to grow their revenue further by switching to Artificial Intelligence (AI) platforms to deliver a personalized educational experience and using predictive analytics to improve return on investment (RoI)."
To deliver greater value and explore growth opportunities in fresh markets, vendors need to:
- Partner with vendors that offer future-proof interoperable technology.
- Educate faculty and students on the benefits of using AI and support them in collecting data and developing a clear process flow.
- Ensure that faculty and employer analytics dashboards are easy to use and actionable.
- Support educational institutions and corporations to set up a cohesive Internet of Things (IoT) framework in the education network.
- Build a Big Data pool and allow the free flow of data across solutions.
- Provide coaching services to prepare prison inmates for the labor market.
Global Learning Management Solutions Market, Forecast to 2023 is part of Frost & Sullivan's global Digital Media Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Learning Management Solutions Market, Forecast to 2023
SOURCE Frost & Sullivan