The global Learning Management System Market is estimated to be valued at US$ 18.88 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A learning management system (LMS) is a software application or web-based technology used to plan, implement, and assess a specific learning process. Typically, a learning management system provides an instructor with a way to create and deliver content, monitor student participation, and assess student performance. It handles user authentication, tracks student progress, and allows personalized self-paced learning. Some key features of an LMS include content management, student management, administration, communication tools, reporting, and social learning functionalities. LMS helps educational institutions and corporate training departments effectively manage their learning and development programs by enabling them to centrally publish courses, track completion statistics, and analyze employee/student data.
Market key trends:
One of the major trends in the market is rising adoption of e-learning across organizations as it offers flexibility and scalability. E-learning helps reduce costs related to travel, facilities, and administration. It also offers self-paced learning and access to learning content from anywhere and at any time. The COVID-19 pandemic has further accelerated the demand for digital learning tools as educational institutions and corporate shifted to online learning models. Growing digitalization of education and online degree/certification programs are also contributing to the demand for advanced LMS solutions. The emergence of technologies such as analytics, artificial intelligence, and augmented reality is also augmenting the capabilities of LMS solutions.
Porter’s Analysis
Threat of new entrants: The learning management system market requires high initial investments to develop advanced software. This poses significant barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several options from key players. However, switching costs are high for buyers.
Bargaining power of suppliers: A few large players dominate the supply side. This gives them significant influence over pricing.
Threat of new substitutes: Potential threat comes from low-cost open source alternatives. However, proprietary systems offer advanced features supporting this threat.
Competitive rivalry: The market comprises few international players. Intense competition exists among these players to capture higher market share through new offerings.
Key Takeaways
Global Learning Management System Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for online education. The market size for 2023 is estimated to be US$ 18.88 Bn.
North America dominates the LMS market currently due to high adoption of digital learning in the region. However, Asia Pacific is expected to grow at the fastest pace owing to rapid industrialization and government initiatives promoting online education in countries such as India and China.
Key players operating in the learning management system market include Cornerstone Ondemand Inc., Xerox Corporation, IBM Corporation, Netdimensions Ltd., SAP SE, Blackboard, Inc., SABA Software, Inc., Mcgraw-Hill Companies, Pearson PLC, and D2L Corporation. Major players are focusing on new product launches and acquisitions to expand their global reach. For instance, in 2022, D2L Corporation acquired EU-based EdTech company Mindflash to strengthen its LMS capabilities.
Read More- https://www.trendingwebwire.com/learning-management-system-market-size-share-and-demand/
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