The major growth drivers for the market include increasing adoption of digital learning, growing inclination towards, Bring Your Own Device (BYOD) policy and enterprise mobility, extensive government initiatives for growth of LMS, growing usage of Artificial Intelligence (AI), and Machine Learning (ML) in LMS is increasing significance of eLearning in corporate and academic setups.
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.
Key players in the global LMS market include
. Cornerstone OnDemand (US)
. Backboard (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) and many more.
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.
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 many industries different methods used for training and development are used. 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.
