Learning Management Systems Market Rising at Impressive 19.9% CAGR with Increasing Adoption of BYOD
Transparency Market Research (TMR) notes that the global learning management systems market has several large and small players. The rivalry among the players is likely to increase as they aim at offering cloud-based software management systems.
Among the multiple strategies adopted by companies in the global learning management systems market to stay ahead of competitors, cloud and on-premise deployment models are the common ones. Key players in the market are SkillSoft Limited, SAP SE, Saba Software, Oracle, Cornerstone OnDemand, and others, to enhance learning management solutions among the users.
The TMR report projects the global warehouse management systems market to register a promising CAGR of 19.9% from 2016 to 2024. By the end of 2024, the market will be worth US$ 18.8 bn predicts the report.
Out of various services, the demand for maintenance is expected to remain high in the next few years due to the constant need for monitoring and controlling various complex reporting and skill analysis activities. Geographically, North America is expected to lead the global learning management systems market in the coming years. This is attributed to the flourishing software companies and the demand for extended learning management system solutions to support cloud integration.
Growing Adoption of BYOD Fuels the Global Learning Management Systems Market
Globally, organizations are opting e-learning services for educating and training their employees owing to the incurring expenses of the traditional teaching methods. Adoption of bring your own device (BYOD) in the organization culture facilitates benefits such as cost saving, innovation and productivity, along with access to online training materials, directly to the employees’ devices supporting smart learning. Furthermore, the increased compatibility of learning management system with mobile devices and social learning have mandated corporates to adopt BYOD culture. These trends are expected to drive growth in the global learning management systems market.
The cloud-based deployment model is expected to lead the market over the forecast period, owing to the increasing adoption among large enterprises and SMEs. Companies are switching to cloud-based model so that they can focus more on their core competencies and worry less about their assets becoming obsolete with fast-evolving technology. Moreover, cost efficiency is another reason that adds value to cloud-based deployment model. For instance, rapid adoption of LMS (learning management systems) in the education sector due to the growing awareness of distance learning and quality education are also contributing to the growth of the cloud-based deployment model.
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