Learning Management System Market in United States
Learning Management System Market in United States | Size, Share & Industry Analysis
The global learning management system market is set to be positively affected by their ability to help in exploring various methods of learning, as well as enhancing the learning process. This information is given by Fortune Business Insights™ in a published report, titled, “Learning Management System (LMS) Market Size, Share & Industry Analysis, By Component, By Deployment, By Organization Size, By End User and Regional forecast, 2022 – 2029.” The report further states that the LMS market size stood at USD 14.43 billion in 2021 and is projected to reach USD 40.95 billion by 2029, exhibiting a CAGR of 14.2% in the forecast period.
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This Report Answers the Following Questions:
· How will LMS aid in refining the education system?
· Which companies are expected to lead the market in terms of revenue?
· Which segment is anticipated to dominate the market in terms of share?
· What are the growth drivers, obstacles, challenges, and opportunities in the market?
Drivers & Restraints-
Rising Usage of E-learning Platforms by People to Surge Demand for LMS
On-demand content is gaining more popularity nowadays. Apart from that, the increasing adoption of e-learning is set to contribute to the LMS market growth during the forthcoming years. E-learning aids users in sending data in various formats, such as documents, PDFs, slideshows, and videos. It doesn’t present any restrictions or boundaries. Also, it facilitates learning without planning. Anyone can join their preferred course from any part of the world at any time of the day.
Furthermore, corporate employees nowadays are utilizing their personal devices, namely, tablets, laptops, and smartphones to gain access to the organizational networks or to connect to the specific devices under the corporate network. The latest trend of bring your own device (BYOD) by a wide range of companies across the globe is supporting the usage of drives even in remote locations. This is not only improving the employee morale, but is also increasing productivity.
Segment-
Academic Segment to Dominate Backed by Need to Improve Traditional Educational Processes
Based on end-user, the market is categorized into transportation, energy & utilities, government, manufacturing, retail, healthcare, IT & telecom, BFSI, academic, and others. Out of these, the healthcare segment held 11.5% LMS market share in 2018. The academic segment is set to dominate the market in the near future owing to the increasing usage of LMS for improving the conventional educational processes. The academic standards can be enhanced with the help of effective and well-managed LMS solutions.
Regional Analysis-
Usage of Connected IoT Devices to Accelerate Growth in North America
In 2018, North America procured USD 3306.6 million revenue on account of the increasing number of connected Internet of Things (IoT) devices, as well as high demand for online employee engagement programs in this region. Additionally, numerous companies present in this region are emphasizing on the usage of novel technologies to provide information and access to data anytime from anywhere effectively. They are slowly realizing the significance of continuous learning. Asia Pacific, on the other hand, is expected to showcase an astonishing growth in the coming years owing to the rising usage of cloud-based technologies in the developing nations, such as India and China. The region generated USD 1437.4 million in 2018 in terms of revenue.
Competitive Landscape-
Key Players Focus on Launching New LMS Solutions to Attract More Consumers
The market is highly competitive with the presence of a large number of companies operating from various parts of the world. They are mainly developing new LMS solutions to increase sales and, thereby gain a competitive edge in the market. Below are two of the latest industry developments:
· June 2020: Intel partnered up with Times of India (TOI) to develop a state-of-the-art e-learning platform named PC Paathshala. It would help India to adapt to learning and teaching online.
· August 2019: Absorb Software Inc. successfully acquired a Florida-based company named eLogic Learning. This acquisition would help in better serving more than 1,000 active customers and strengthen the company’s position.
List of the Key Companies in the Learning Management System (LMS) Market. They are as follows:
· SAP SE
· McGraw-Hill Education
· D2L Corporation
· Saba Software, Inc.
· Absorb Software Inc.
· Blackboard, Inc.
· Cornerstone
· Oracle Corporation
· IBM Corporation
· Paradiso Solutions
· CrossKnowledge
· JZero Solutions Ltd.
· Edmodo
· Upside Learning Solutions Pvt. Ltd.
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