MarketsandMarkets forecasts the global LMS Market size to grow from USD 15.8 billion in 2021 to USD 37.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Need for efficient and accessible learning, effective management of learning content, Enterprise focusing on human capital development, growing adoption of cloud based LMS solutions and rising demand for BYOD among enterprises are key factors for the growth of the LMS market.
By User Type, the Academic segment to hold the larger market size during the forecast period
The Academic segment of the LMS Market is projected to hold the largest market size in 2021. The Academic is further divided into K-12 and Higher education. LMS is used in academics to improve the efficiency of the learning process. This helps streamline the education process by enabling mobility, interaction, and real-time teaching. LMS solutions in the academic sector open up new doors for sharing knowledge without boundaries of time and distance.
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By Corporate users, the Retail subsegment to grow at the highest CAGR during the forecast period
Among the Corporate users, the Corporate sub-segment is expected to grow at the highest CAGR during the forecast period. Employees in retail must coordinate with multiple parties to ensure the right product delivery at the right time and the right place. Training and development play a key role in the skill development of employees. LMS in the retail industry focuses on areas, such as onboarding, compliance, sales skills, and product knowledge.
The key and emerging market players in the LMS market include Cornerstone OnDemand (US), Blackboard (US), D2L (Canada), PowerSchool (US), Instructure (US), 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). These players have adopted various strategies to grow in the LMS market.
Cornerstone OnDemand is one of the leading global providers of learning and HCM software, delivered through software as a service (SaaS). The company offers products, such as recruitment suit, performance suite, and learning suit. Cornerstone OnDemand provides solutions to industries such as government, healthcare, life sciences, education manufacturing, retail, and finance and insurance, K-12 and higher education. In October 2020 Cornerstone OnDemand partnered with ServiceNow to improve workplace learning by offering platform interoperability. The integration of Cornerstone Learning solution with ServiceNow HR services Delivery solution allowed employees to access tasks and training directly in ServiceNow.
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Blackboard is a provider of education solutions for K-12, higher education, and corporate markets. The company offers a wide range of learning and analytical platforms for enhanced collaborative, interactive, and mobile learning experiences. Their offerings in the LMS market include Blackboard Learn, Blackboard Reach, Blackboard Unite, and Blackboard Instructor. In November 2020, Blackboard launched a new feature called Blackboard Assist for its Blackboard Learn LMS. The feature would help students to connect to the institution’s support services.
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