Ottawa, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global corporate learning management system (LMS) market size accounted for USD 9.98 billion in 2023 and is projected to reach around USD 30.80 billion by 2029, According to Precedence Research. North America dominated the global market with the largest market share of 38% in 2022.
A corporate learning management system is a platform used by multiple industry verticals to manage and deliver training and educational programs to their employees. It serves as a centralized system for creating, distributing, tracking and managing various types of learning content, including online courses, training materials, videos and assessments. Administrators can create, organize and manage courses with the help of learning management systems. Users can access learning materials online, often through web-based interfaces or mobile apps. Learning management system platforms can track user progress, generate reports and offer insights into learner’s performance.
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The learning management system can manage certifications and compliance requirements, ensuring that employees meet industry or regulatory standards. Some learning management system platforms facilitate communication and collaboration among learners and instructors.
Key Insights:
- Asia Pacific is expected to witness the fastest CAGR of growth during the forecast period.
- By Component, the solution segment has held the biggest revenue share in 2022.
- By Component, the service segment is estimated to expand at a CAGR fastest during the projected period.
- By Deployment, the on-premise segment held the major market share in 2022.
- By Deployment, the cloud-based deployment segment is projected to grow at the fastest CAGR over the projected period.
- By Organization Type, the large-scale organization segment contributed the largest market share in 2022.
- By Industry Vertical, the software and technology vertical segment held the highest revenue share in 2022.
- By Industry Vertical, the retail vertical segment is anticipated to show noticeable growth.
Report Highlights:
Component Insights
The solution segment held the dominating position in the market in 2022. The segment’s growth is attributed to the analytics capabilities of learning management system solutions. Advanced analytics and reporting capabilities within solution components help organizations track learner progress and assess the effectiveness of training programs, making them highly appealing to data-driven business.
Deployment Insights
The on-premise segment dominated the market in 2022, due to the complete control access, customization and better integration offered by on-premise deployment. On the other hand, the cloud-based segment is expected to witness the fastest rate of growth owing to the ongoing technological advancements in learning management systems.
Organization Type Insights
The large organization segment held the dominating position of the corporate learning management system market in 2022; the segment is expected to continue the trend throughout the forecast period. Large-scale organizations have potent and can afford the costs associated with the installation, maintenance and updates of LMS in order to ensure optimal performance.
Industry Vertical Insights
By industry vertical, the software and technology vertical segment held the dominating position of the corporate learning management system market. A robust ecosystem of learning management system providers and edtech companies caters specifically to the software and technology sector, offering tailored solutions and support.
Regional Snapshot
North America dominated the market in 2022. Certain government initiatives and policies have encouraged the adoption of e-learning and LMS platforms in North American countries, this factor propels the market’s expansion. North America has been at the forefront of technological innovation, many LMS providers are based in the United States and Canada, which has given them a head start in developing and offering cutting-edge LMS solutions. North America is home to numerous multinational corporations and large enterprises that have extensive training and development needs. These organizations are more likely to invest in sophisticated LMS solutions, contributing to the market’s growth.
Asia Pacific is anticipated to witness the fastest rate of growth during the forecast period. The growth of industrialization in countries like India, China, and Japan. Increasing adoption of learning management systems rather than traditional methods of training and developing skills of employees are driving the growth of the corporate learning management system market across the region. The region’s commitment to research and development in multiple industries is leading to the creation of advanced e-learning technologies, further bolstering the corporate learning management system market.
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Corporate Learning Management System (LMS) Market Scope
| Coverage | Details | |||
| Global Market Size in 2023 | USD 9.98 Billion | |||
| U.S. Market Size in 2023 | USD 2.24 Billion | |||
| Global Market Size by 2032 | USD 54.69 Billion | |||
| U.S. Market Size by 2032 | USD 12.47 Billion | |||
| Growth Rate from 2023 to 2032 | CAGR 20.8% | |||
| North America Share | 38 | % | ||
| Fastest Growing Region | Asia Pacific | |||
Market Dynamics
Driver:
Rapid adoption by the IT industry
The IT industry deals with sensitive data and regulatory requirements. LMS platforms can help ensure that employees receive training on data security and compliance, reducing risks. With the IT industry’s focus on cost efficiency, LMS platforms provide a cost-effective way to deliver training and reduce the expenses associated with in-person training.
IT professionals need to constantly update their skills to keep pace with evolving technology. LMS platforms offer a convenient way for organizations to offer training and upskilling opportunities. Learning management system platforms are scalable, which aligns with the IT industry’s dynamic nature. They can accommodate a growing number of users and courses as technology companies expand.
Restraint:
Shortage of skilled professionals
An LMS is only as effective as the content it delivers. Skilled professionals are needed to develop high-quality training materials and courses. If there is a shortage of these professionals, the content provided through the LMS may be of lower quality, making it less appealing and effective for learners. A corporate LMS requires ongoing maintenance, updates, and troubleshooting.
A shortage of skilled professionals can lead to delays in addressing technical issues and applying necessary updates, which can impact the system's performance and security. The shortage of skilled professionals can result in challenges when it comes to implementing a corporate LMS. Properly setting up and configuring the system, integrating it with existing systems, and ensuring it meets the specific needs of the organization all require skilled professionals. A shortage in this area can slow down or complicate the implementation process.
Opportunity:
Emergence of virtual reality
VR offers a highly immersive and interactive learning environment. Corporate training programs can be enhanced with realistic simulations, allowing employees to practice skills and scenarios in a safe and controlled virtual world. This can be especially valuable for training in high-risk industries or for situations where hands-on experience is essential. VR can captivate learners by providing engaging and memorable experiences. It is well-documented that experiential learning through VR can lead to higher retention rates and better knowledge retention.
LMS providers can leverage this to create more effective learning programs that lead to better results for corporate clients. Traditional training methods often require costly equipment, facilities, and materials. VR can reduce these costs by providing a virtual alternative. Companies can invest in VR headsets and software, which can be more cost-effective in the long run, especially for scenarios that require hands-on practice.
Challenge:
Reliability on content for training
Gathering feedback on the reliability and effectiveness of training content is essential for continuous improvement. LMS platforms need to provide mechanisms for users to rate and provide feedback on content, and organizations must be responsive to this feedback. Depending on the industry, organizations may be subject to specific regulatory requirements for their training content.
Ensuring that the content in the LMS complies with these regulations can be a significant hurdle. Some organizations allow user-generated content, such as peer-to-peer knowledge sharing. Ensuring the reliability of this content and monitoring for inaccuracies or inappropriate material can be challenging.
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Recent Developments
- In October 2023, the Ministry of Skill Development and Entrepreneurship (MSDE) came in collaboration with Coca-Cola India for the launch of the Super Power Retailer Program under the Skill India Mission. The launch is to empower the community of retailers in Uttar Pradesh and Odisha, the program is been regulated in the state of Odisha.
- In October 2023, Unilever and Google Cloud collaborated to launch the latest app “My Unilever” for employees. The aim of the app is to connect Unilever's factory-based colleagues across the world digitally, allowing them to click on Unilever’s digital resources from any device and location.
Market Key Players:
- Cornerstone
- Blackboard Inc.
- D2L Corporation
- PowerSchool
- Instructure, Inc.
- Adobe
- Oracle
- SAP
- Moodle
- McGraw Hill
- Xerox Corporation
Market Segmentation:
By Component
- Solution
- Services
By Deployment
- On-premise
- Cloud
By Organization Type
- Large Enterprises
- Small & Medium Enterprises
By Industry Vertical
- Software and Technology
- Retail
- Banking and Finance and insurance (BFSI)
- Manufacturing
- Telecommunication
- Government and Defense
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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