Learning Management System Market - Size, Share, Forecast till 2025
Posted by rahulpatilintechnology on March 1st, 2019
Learning management system is a software used for reporting, tracking, documentation, and administration, providing training programs and educational courses. The implementation of modern user interface, gamification, mobile ready features and social integration characters have led to the advancement of products. . Moreover, the learning management system is expected to become more personalized and provides advanced functions such as 3D learning. Virtual technology is expected to increase the prominence of gamification by offering virtual learning.
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The increasing adoption of virtual reality and gamification technology in various industries has become the key driver promoting growth of the global learning management system market. Moreover, the increasing implementation of bring your own device (BYOD) culture by various larger scale industries has also played a major role in the contribution of growth for learning management system market globally. Due to high advantages such as employees satisfaction and retention, increase in innovation & productivity and cost saving have increased the implementation of bring your own device culture by various corporate managements. This increasing BYOD culture has provided immense opportunity for growth of the learning management system market globally.
Increasing adoption of wearable devices provides growth opportunity for the market
The increasing sales of wearable devices has become one of the key drivers for the growth of the learning management system market globally. According to Coherent Market Insights, over 275 million wearable devices were sold in 2016, from 232 million devices in 2015 and is expected to reach up to the sales of 323 million by 2017. The in-depth training program is one of the major advantages for the use of wearable devices for training purpose. Conventional training material consists of hard copies as well as visual presentation of the subject. Wearable devices are used in organizations, with the help of which employees are able to see three dimensional examples of products, view it from different angles, and tap on different elements of the product to view its benefits. This helps employees acquire in-depth knowledge about various products, further helping them provide the information to their customers and seal the deal, in turn fulfilling their job duties.
Implementation of virtual reality technology and gamification provides advanced features to the learning management system market.
The learning management system products have integrated with new innovative technologies such as gamification and virtual reality enabling in its wide adoption in the market. Gamification provides a platform to maximize entertainment and engagement of the learners by capturing their interest and motivating them to continue learning. Additionally, gamification learning offers opportunities for collaborative problem solving and social connection, making learning more fun compared to conventional learning methods. Furthermore, advanced features of gamification and virtual reality provides technology with wearable devices such as smart glasses, which are capable of creating visual depiction of imaginary stories and situations making them comprehensible in the minds of the learner. This also helps the employees to interact with the characters, and enable them to make better decisions based on body language and environmental factors, thus increasing the employees’ learning ability and efficiently relating their learning or information in their job.
North America holds a dominant position in the global learning management system market.
According to Coherent Market Insights, the learning management system market in North America held the dominant position in 2016 with a CAGR of 52.9%. The United States and Canada are the major countries driving the market of learning management system in North America region. The growing adoption of "bring-your-own-device" culture in various companies and growing presence of LMS companies in the United States have provided a massive growth opportunity to the learning management system market in North America.
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