LONDON, Dec. 20, 2016 /PRNewswire/ -- Tremendous technological innovation, solid movement to the cloud, and user-centric product development strategies characterize today's global enterprise learning management systems (LMS) and lecture capture solutions (LCS) markets. These advances are fueled mainly by stringent compliance requirements in high-risk industries, where employee learning is mission-critical to organisational success. Employers are also utilizing LMS to deliver training that helps employees fill skill gaps and advance their careers, thereby building employee loyalty and reducing attrition.
"Global changes in workforce demographics, employee expectations, and how and where work takes place are compelling enterprises to deploy LMS and LCS to manage and deliver employee training anytime and anywhere, identify and bridge skill gaps, and support career mobility," said Digital Transformation Industry Analyst Deviki Gupta.
Frost & Sullivan's Digital Media Growth Partnership Service program recently released two insights: Global Enterprise Learning Management Systems (LMS) Market, Forecast to 2022 and Global Enterprise Lecture Capture Solutions Market, Forecast to 2022. These analyses reveal that the global enterprise LMS and LCS markets, worth more than $1.63 billion each in 2016, will grow to reach $3.20 billion and $8.36 billion, respectively, by 2022. North America and Latin America will dominate in revenue contribution, followed by Europe, the Middle East, and Africa, and Asia-Pacific.
Click on the following link for complimentary access to more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan's thought leaders: https://goo.gl/BWlWk4
Expanding organizations, investment from the Middle East, and emerging economies in the Asia-Pacific will drive future growth in enterprise LMS and LCS. While there are small pockets of excellence in Latin America, overall revenue contribution will slow down due to currency fluctuations, particularly in Brazil.
The main challenges for the markets are:
- The vast majority of small and medium businesses remain unaware of various viable learning options for training their employees or lack funds to invest in training solutions despite having formal eLearning policies.
- The high costs of LMS and LCS often induce clients to choose piecemeal, rather than company-wide, deployment in order to make initial investment more manageable.
"In such a market, vendors who are on top of innovation, provide an exceptional user experience, keep up with compliance requirements, and have well-trained customer support will be in high demand," said Gupta. "In the LMS market, leading companies include Sumtotal Systems, SAP Successfactors, and Cornerstone, while VBrick Systems Inc., TechSmith, and Sonic Foundry dominate the LCS space."
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/learning-management-systems-and-lecture-capture-solutions-employee-engagement-drives-new-growth-opportunities-300381850.html
SOURCE Frost & Sullivan