The LMS Market Will Experience Growth on a Large Scale by 2026
IBL News | New York
The LMS Market size will grow from $15.8 billion in 2021 to $37.9 billion by 2026, at a growth rate (CAGR) of 19.1% during that period, according to a report from MarketsandMarkets.com.
The major factor driving this growth will be, according to this research firm, the need for more efficient and accessible tools and cloud solutions both in the higher education and training workforce field. The modalities demanded will include distance learning, instructor-led training, blended learning, either on cloud or on-premises, in academic environments and corporate — mainly in software & technology, healthcare, retail, banking, financial services, and insurance (BFSI), manufacturing, government & defense, and telecom.
The COVID-19 pandemic has forced businesses to revive their learning and training strategies while tracking their learners’ progress and the effectiveness of their programs.
LMS vendors are constantly improving their offerings “by helping educators adapt to reducing attention spans, with more visuals and less text, more engaging themes and expressions, emphasis on virtual immersive learning, and, eventually, gamification to captivate learners.”
“Artificial Intelligence (AI) can be implemented to create an AI-based mentor who can help understand concepts, suggest courses, and provide feedback to improve student performance.”
“Other technologies, such as data analysis, analyze students’ thought processes and learning styles from their daily interactions, helps them to provide tailored courses and personalized learning experiences.”
LMS technologies will advance with the rise of 5G technology.
The report covers the following vendors: Cornerstone OnDemand (US), Blackboard (US), PowerSchool (US), Instructure (US), D2L (Canada), IBM (US), Infor (US), Adobe (US), LTG (UK), Oracle (US), SAP (Germany), Docebo (Canada), SumTotal (US), Tovuti (US), 360Learning (France), Epignosis (US), LearnUpon (Ireland), SkyPrep (Canada), Absorb (Canada), CrossKnowledge (France), Lessonly (US), Axonify (Canada), BizLibrary (US), Thinkific (Canada), iSpring (US), Blue Sky eLearn (US), Trakstar Learn (Canada), DigitalChalk (US), KMI Learning (US), and Moodle (Australia).