Pune: According to a new market research report “Corporate Learning Management System Market by Component (Solutions (Standalone Solution and Integrated Solution) and Services), Delivery Mode, Organization Size, Deployment Type (On-premises and Cloud), Vertical, and Region – Global Forecast to 2023”, published by MarketsandMarkets™, the market size is expected to grow from USD 2.06 billion in 2018 to USD 7.12 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 28.2% during the forecast period.
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Continuous innovation in eLearning tools, increasing trend of BYOD and enterprise mobility, and growing emphasis on continues learning are expected to drive the growth of the Corporate LMS Market. However, low motivation and engagement by organizations may hinder the market growth.
The integrated solution segment is expected to be a faster growing segment during the forecast period.
Among solutions, the integrated solutions segment is expected to grow at a higher CAGR during the forecast period. Integrated offerings enable enterprises to enjoy the facilities of corporate LMS as well as other systems. Integration with various third-party applications and SaaS products, such as talent management, Human Resources (HR) management, HR information systems, HR applications, Salesforce Cloud, OpenID Connect, Google Analytics, and Yammer, helps instructors to schedule and deliver online classes within their existing LMS, Content Management System (CMS), and learning portal.
The software and technology vertical is estimated to hold the largest market size in 2018.
Among verticals, the software and technology vertical is estimated to have the largest market size in the Corporate LMS Market in 2018. It is the fastest evolving vertical in an economy, and there is some new information available every day, because of which it becomes essential to keep employees informed about the latest developments. As companies in the software and technology vertical experience rapid technology changes and constant new innovations, they require a solution that can quickly respond to new challenges, offer scalability to thousands of learners, and cater to the learning needs of employees in different locations and countries.
North America is expected to hold the largest market size in the Corporate LMS Market during the forecast period.
North America is expected to hold the largest size in the Corporate LMS Market during the forecast period. The increasing use of eLearning tools and technological advancements in learning methodologies have boosted the overall Corporate LMS Market growth in North America.
Asia Pacific (APAC) is expected to grow at the highest CAGR in the global Corporate LMS Market during the forecast period. With diversified countries and a high customer base, the APAC region is expected to witness strong growth in the Corporate LMS Market. The growth in this region is primarily driven by the presence of major IT companies that are gradually embracing the advanced technologies, such as corporate LMS. The market in the developing regions, such as the Middle East and Africa (MEA) and Latin America, is expected to grow steadily, due to the increasing trends of BYOD and enterprise mobility.
The key players in the Corporate LMS Market include Absorb Software (Canada), Adobe Systems (US), Blackboard (US), Cornerstone OnDemand (US), CrossKnowledge (US), CYPHER LEARNING (US), D2L (Canada), Docebo (Canada), Epignosis (US), Expertus (US), G-Cube (India), Geenio (Cyprus), Growth Engineering (UK), IBM (Kenexa; US), Instructure (Bridge; US), iSpring (US), Latitude CG (US), LearnUpon (Ireland), Mindflash (US), Oracle (US), Saba Software (US), SAP (Germany), Schoology (US), SumTotal Systems (US), Tata Interactive Systems (India), and Upside Learning (UpsideLMS; India).