You read it right. Here’s an excerpt from the news published on SBWIRE.
The global LMS market is on the track to grow from $9.2 billion in 2018 to $22.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period – according to a new market research report published by MarketsandMarkets™.
Digital learning, growing inclination toward Bring Your Own Device (BYOD) policy and enterprise mobility, extensive government initiatives for the growth of LMS, growing usage of Artificial Intelligence (AI) and Machine Learning (ML) in LMS proved to be the catalyst in the growth and popularity of eLearning. Due to its unmatched benefits, eLearning solutions are widely accepted in corporate and academic setups.
Another factor that accelerated the growth is the cloud-based eLearning solutions developed by LMS providers with continual innovation in content delivery. In the cloud deployed LMS, services are hosted over internet connection and users can log in into the service provider’s site. Instead of installing the required management software, the teachers or trainers can upload course content, create new courses, and interact with the learners via their internet browsers. The instructional designers can store any information on the cloud and this can be remotely accessed by approved users in any location. This deployment mode is preferred for its features like better and enhanced security, lower setup costs, easy accessibility, quicker deployment, highly scalable, customizable, more storage space, ease of maintenance, automatic upgrade of course materials, and automatic licensing done by vendors. In this form, the learning is delivered to the learner, anywhere and anytime via the browser.
North America is expected to hold the largest market size during the forecast period. North America has is a mature market when it comes to technology. The increase in the usage of eLearning tools and technological advancement in learning methodologies have boosted the overall LMS market for the North American region. The increased adoption of handheld devices, such as tablets and mobile phones, is also driving the LMS adoption trend in North America. This region is strongly controlled by government standards and regulations. Effective collaboration with universities and organizations between network arenas and institutions has helped the educators in this region to be more receptive towards technological change.