CHICAGO, Sept. 27, 2019 /PRNewswire/ -- According to a market research report "LMS Market by Component (Solution and Services), Delivery Mode (Distance Learning, Instructor-Led Training and Blended Learning), Deployment Type, User Type (Academic and Corporate), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global LMS market size is expected to grow from USD 9.2 billion in 2018 to USD 22.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
The growth of LMS over the last few years has been remarkable across developed countries. The LMS Market is growing at an astounding rate for consumers as well as enterprises. In developing regions, companies and educational institutions are rapidly grabbing the new technology, which would enable them to implement large scale eLearning process in the future. Small developed economies, however, have established LMS in many institutions, according to a report published by UNESCO Institute for Information Technologies in Education, in 2010, 62.9% of eLearning management institutions in South Korea and 70.1% junior collages in South Korea supported r e-LMS and authoring tools
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Among user type, the corporate segment is expected to grow at a higher CAGR during the forecast period. As businesses have become more competitive after the second wave of globalization, the importance of human resources has increased significantly over the time and employee training and development has become a new norm in various corporate organizations, in various industries different methods are used for training and development. Based on corporate industry type, the global LMS Market has been segmented into, software and technology, healthcare, retail, BFSI, manufacturing, government and defense, and Telecom.
Among deployment type, the cloud deployment type is expected to be the fastest-growing segment in the market during the forecast period. The adoption of cloud deployment type for LMS in the training and development structure is growing rapidly. Most of the vendors are switching from on-premises deployment mode to cloud-based solution. Cloud-based LMS providers are actively delivering continual innovation with security in priority.
North America has is a mature market when it comes to technology. The increase in the usage of eLearning tools and technological advancement in learning methodologies have boosted the overall LMS market for the North American region. The increased adoption of handheld devices, such as tablets and mobile phones, is also driving the LMS adoption trend in North America. This region is strongly controlled by government standards and regulations. Effective collaboration with universities and organizations between network arenas and institutions has helped the educators in this region to be more receptive towards technological change. LMS is expected to be the next step in the evolution of a more interactive learning experience and this is being deployed by several organizations in the North American region.
The LMS Market in North America is highly progressive, since several organizations are implementing this to enable improved learning and participation with the educators. North America, especially the U.S. and Canada, is expected to integrate LMS solutions to increase collaboration in the learning environment and taking initiatives to renovate the ineffectiveness of conventional learning methods. Moreover, the implementation rate in North America is considerably much higher as compared to other regions, as enterprises here are more open and receptive to the implementation of LMS solutions.
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Key players in the global LMS market include Cornerstone OnDemand (US), Blackboard (US), Saba Software (Canada), D2L Corporation (Canada), Adobe Systems US), CrossKnowledge (US), Oracle (US),SAP SE (Germany), Docebo (Canada), Schoology (US), IBM (US), Epignosis (US), MPS Interactive (India), Pearson PLC (UK), McGraw Hill (US), SumTotal Systems LLC (US), Absorb Software LLC (Canada), Instructure Inc (US), iSpring Solutions, Inc. (US), G-Cube (India), Latitude CG, LLC (US), UpsideLMS (India), Paradiso (US), SkyPrep Inc (Canada), and Knowledge Anywhere (US).
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