MarketsandMarkets research and reports cites increasing adoption of online learning at all levels of education including business training to be one of the major forces driving the projected growth of the learning management system (LMS) market overall. Pegged at approximately 2.55 billion dollars in 2013, the market as a whole is expected to grow to $7.83 billion through 2018.
While North America is expected to have the largest overall share of that market, significant growth is expected in developing markets such as the Asia-Pacific and Latin America. Read the full press release here.
MarketsandMarkets broadly segments the LMS market for academic users as K-12 and higher education and for corporate users, by type of end users: Small and Medium Businesses (SMBs) and enterprises; by type of verticals: Banking, Financial Services and Insurance (BFSI), consulting services, government, healthcare, manufacturing, retail, telecommunication, Information Technology (IT) and media, and other sectors. The LMS market is also segmented by type of products: content management, student management, performance management, collaboration, and administration; by type of deployment models: on-premise and Software as a Service (SaaS); and by regions: North America (NA), Europe (EU), Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA).
Major forces driving this market are the increasing adoption of e-learning, businesses emphasizing on continuous learning practices, accountability mandates, and the market trend of employing cloud technology to streamline the learning process. LMS solutions create economies of scale and make learning and development less costly for organizations.
MarketsandMarkets believes that the need to manage and elevate e-learning process, along with the cost-efficient and effective learning and development programs is manifesting the growth in the Learning Management Systems Market. The convenience of flexible learning and choices for curriculum creation and delivery that LMS provide is expected to bring more demand for the learning management solutions.
MarketsandMarkets forecasts the LMS market to grow from $2.55 billion in 2013 to $7.83 billion in 2018, at a CAGR of 25.2%. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while Asia-Pacific and Latin America are expected to experience increased market traction, during the forecast period.
This release is promoting a much larger guide to the LMS market available through MarketsandMarkets of Dallas, TX. For more information visit http://www.marketsandmarkets.com/Market-Reports/LMS