NEW YORK, Nov. 12, 2019 /PRNewswire/ -- The microlearning market is expected to grow at a CAGR of 13.2% during the forecast period owing to the growing need to enhance productivity and performance of learners through effective training and development solution
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The global microlearning market size is expected to grow from USD 1.5 billion in 2019 to USD 2.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period. The increasing demand for training of deskless and mobile workers across industries, and a growing need for skills-based and result-oriented training among enterprises are the major factors driving the growth of the microlearning market.
Microlearning solution segment expected to hold a higher market share during the forecast period
Microlearning empowers organizations with a centralized solution to offer effective training and education to various stakeholders including employees, workers, and channel partners.Corporate training programs are witnessing transformation in learning methodologies.
Traditional methods of classroom training are steadily overtaken by online methods of learning that offer flexibility to learners.Enterprises are focusing on offering enhanced learning experience to employees through various learning and development activities, which are more interesting and engaging.
Hence, businesses are keen on adopting training methods that are directly inclined toward a learning objective, which focuses on particular skills or understanding of compliance.The microlearning solution providers are competing with each other to increase their market coverage and expand their presence in newer markets.
Companies such as Qstream, Axonify, and Saba Software provide microlearning solutions to clients to help them reap the benefits of short duration learning.
Cloud-based deployment expected to have a significant growth during the forecast period
A growing demand for scalable and cost-effective solutions is expected to boost the adoption of cloud-based microlearning across industries.In cloud-based microlearning, solutions are hosted over the internet connection, and users can log into the service provider's site.
Trainers can upload course content, create new courses, and interact with learners via their internet browsers wihtout the need forthe installation of the required management software.Moreover, instructional designers can store any information on the cloud, and this can be remotely accessed by approved users from any location.
This deployment type is preferred for its features, such as better and enhanced security, lower setup costs, easy accessibility, quicker deployment, highly scalable, customizable, enhanced storage space, ease of maintenance, automatic upgrade of course materials, and automatic licensing done by vendors. In this type, learning is delivered to the learner, anywhere and anytime via the browser.
North America expected to have the largest market size during the forecast period
North America is the most mature market in terms of microlearning adoption and is likely to account for a substantial share of the global microlearning market during the forecast period.The market growth in this region is driven primarily by the presence of large IT companies/users and rapid technological advancements, such as digitalization in the US and Canada.
The presence of key players in the microlearning market in the region is expected to be a significant factor driving the market growth in North America. Key players, such as IBM, Saba Software, and Bigtincan, along with several startups in the region, are offering enhanced microlearning solutions, to cater to the needs of customers.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The breakup of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 42%, Tier 2 – 36%, and Tier 3 – 22%
• By Designation: C-Level Executives – 40%, Directors – 35%, and Others – 25%
• By Region: North America – 45%, Europe – 30%, APAC – 15%, RoW – 10%
The microlearning market includes various major vendors, such as Saba Software (US), Mindtree (India), Axonify (Canada), IBM (US), Bigtincan (US), SwissVBS (Canada), iSpring Solutions (US), Epignosis (US), Cornerstone OnDemand (US), Qstream (US), Pryor Learning Solutions (US), count5 (US), mLevel (US), Gnowbe (US), Trivantis (US), SweetRush (US), Multiversity (India), and Neovation Learning Solutions (Canada).
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the microlearning market along with their company profiles, recent developments, and key market strategies. The report segments the microlearning market by component (solution and services), organization size (large enterprises, and small and medium-sized enterprises), deployment type (on-premises and cloud), industry, and region.
Key Benefits of Buying the Report:
The microlearning market has been segmented on the basis of components (solution and services), organization sizes (large enterprises, and small and medium-sized enterprises), deployment types (on-premises and cloud) industries, and regions.
The report will help the market leaders/new entrants in the microlearning market in the following ways:
1. The overall microlearning market revenue stream has been estimated based on the revenues generated by vendors, offering microlearning platform solutions and services. Wherein services are inclusive of consulting and implementation, and support and maintenance services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are split further into regions, namely, North America, Europe, APAC, MEA, and Latin America.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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