The Increased Demand of LMS Solutions and Its Future Forecast
The global learning management system has witnessed continuous growth in various industrial sectors in the past few years and it is stated that the growth will further increase in the coming years. LMS was created basically for the administration, documentation, tracking, reporting and delivery of the educational courses and other training programs. It helps to make knowledge sharing easier and with the advent of cloud computing, things have become much easier than before.
It is after a thorough research work that the market trends and the competitive landscape details have been compared. LMS market was valued at about USD 6.92 billion in the year 2017 and this is expected to reach a value of abut USD 23.21 billion by the year 2023. The major growth drivers are increasing their adoption of digital learning with an inclination towards Bring Your Own Device, extensive government initiatives, enterprise mobility, artificial intelligence, machine learning and etc.
What is Driving the Growth of LMS?
With online learning, gaining popularity, the use of LMS tools are also rapidly increasing. The availability of different features in LMS solutions has helped improve their rate of adoption. Some important features that are contributing to its growth includes:
With the cloud based LMS development, business owners can now have greater control over their expenditure. Today, the hardware costs, maintenance costs and etc. can be taken care of the service provider while the business is only responsible for paying the monthly fees.
The content present in an LMS website can easily be shared with any registered employee. Together with this, the administrator or LMS Manager can implement different access limits for all the departments and to create a seamless experience that is free of any unnecessary distractions.
There are a lot of cloud based LMS tools, which means that now the employees and students can easily access the course material from the learning platform anywhere and anytime, which is again a great benefit for both the business owners and the trained players. Students too can enjoy the flexibility in how they continue with their study with easy accessibility features.
Multi Medium Support:
Cloud LMS tools often support various text, audio and video formats and this flexibility is a great feature as the different mediums are often better to use for different types of information. It is by using the text, video materials and audio that it is possible to deliver different information which ensures better employee or student performance.
Cloud Deployment to Hold the Largest Market Size for LMS Solutions:
The adoption of cloud deployment for LMS is growing rapidly and most of the vendors are switching from on premises deployment more to the cloud based solution. The cloud based LMS service providers are delivering continual innovation with high security features. The global market for cloud based LMS solutions is expected to see a rise at a high rate in the coming 5 years.
The Academic Sector is Supposed to Hold the Largest LMS Market in the Coming Years.
Based on the type of user, the academic sector is assumed to hold the largest market size in the LMS market during the coming years. The academic segment includes all the various courses from UKG to higher studies. Using a learning management system in academics helps to improve the efficiency of the learning process and so many organizations are using an LMS to improve their overall academic performance.