The analysts forecast the LMS market in the US to grow at a CAGR of 24.57% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the LMS market in the US for 2016-2020. To calculate the market size, the report considers the revenue generated through subscription, licenses, and maintenance fees charged for the tool. Apart from this, the overall revenue calculation includes the professional services that are offered to the customers.
The growing digitization of learning followed in educational settings has given way to deploying solutions that complement e-learning. Already student know-how is being upgraded through mobile and cloud technology by using education solutions such as big data analytics and LMS. The adoption of LMS enables seamless extraction of optimal solutions for online learning methods. Through such developments the entire process of imparting education has become more systematic.
A trend propelling market growth is the increased use of cloud-based LMS. The LMS market in the US should observe exponential use of cloud-based LMSs. Multiple vendors, such as TalentLMS, Haiku Learning, Scholar LMS, and WizIQ, which offer cloud-based LMS services, are present in the market. This is of immense help for institutions that do not have the required expertise and skilled staff to manage LMS implementation. Along with that, users can take advantage of the hassle-free system upgrades and maintenance.
According to the report, a key growth driver is the rising adoption of advanced learning methods. E-learning is gaining popularity among the educational institutions in the US. Many schools and colleges have increased their ICT budgets to explore ways to integrate tools and technology in the teaching and learning system. An inclusion of educational hardware, such as tablets and interactive whiteboards, has led to the application of content in new ways. This, in turn, is resulting into the evolution of new learning formats such as inclusive- and problem-based learning.
Further, the report states that one challenge that could curtail market growth is the increased threat from open-source LMS.