WELLESLEY, Mass., Nov. 19, 2018 (GLOBE NEWSWIRE) -- Due to the emergence of internet of things (IoT) and increased government initiatives for smart e-learning technologies in developing economies, the global market for learning management systems is expected to experience impressive and sustained growth over the next five years, according to a new report from BCC Research.
In 2018, the global market for learning management systems was worth $5.1 billion. BCC Research estimates that it will reach a value of $12.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 18.7%, according to the report Learning Management Systems: Global Markets.
In recent years, the growing adoption of smart devices such as smartphones, tablets and laptops has allowed employees to work from any location. LMS providers are focused on delivering their learning solutions through these mobile devices for easy accessibility. With web-based LMS solutions, employees can access and complete course and training modules at their convenience.
Research Highlights
- The market for the IT and telecom industry is expected to be the fastest-growing segment, with a CAGR of 20.7% over the forecast period.
- The second-fastest growing industry is the retail sector, which will see growth in retail merchandising and training, so store staff can gain customer insights and product knowledge.
- Restraints facing the industry include a lack of awareness and product knowledge in developing nations, along with the growth in adoption of BYOD in enterprise applications.
“Unique game-designed elements in e-learning environments are one of the primary factors driving the LMS market. K-12 users of LMS aged 8-12 years are more inclined toward game-based learning platforms,” the report notes. “The gamification of LMS includes automated triggers and micro-learning modules to engage learners in an interactive virtual environment. Gamification helps improve content understanding, subject matter concepts, role-oriented training programs, motivation towards learning and higher test scores.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.