According to a research report “Corporate LMS Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Vertical (Software and Technology, Healthcare, Retail, BFSI, Telecommunications), and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global corporate LMS market size is expected to grow from an estimated value of USD 8.1 billion in 2022 to 21.1 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 21.1% from 2022 to 2027. Some factors driving the corporate LMS market growth include increased demand for eLearning solutions, growing adoption of cloud-based LMS solutions, increased need to enhance the employees’ productivity and engagement through advanced learning solutions
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By deployment mode, the cloud segment to hold a larger market size during the forecast period
In cloud deployed corporate LMS, services are hosted over the internet connection, and users can log in to the service provider’s site. Instead of installing the required management software, trainers can upload the course content on cloud and interact with the trainees via the internet. Instructional designers can store any information on the cloud, and this information can be accessed by the approved users from any location and remote devices. This deployment type is preferred for its features such as better and enhanced security, lower setup costs, easy accessibility, quicker deployment, high scalability, customizability, more storage space, ease of maintenance, automatic upgradation of course materials, and automatic licensing by the vendors. In this type of deployment, training can be delivered to the trainees, irrespective of their location and time, via the internet. Due to these advantages, most vendors are switching from the on-premises deployment type to the cloud deployment type.
By organization size, the SMEs segment to grow at the highest CAGR during the forecast period
SMEs are more aggressive when it comes to implementing strategies to support as well as expand their business. They prefer a corporate LMS that suits their learning needs, saves costs, and effectively replaces the existing manual processes. SMEs usually face cost constraints; hence, they prefer adopting a corporate LMS that fits their budget, is easy to use, and offers flexible payment options. They also check if the corporate LMS they are choosing is SCORM and Tin Can compliant and flexible enough to manage training and staff development and ensure compliance simultaneously. The training requirements for SMEs are diverse and critical, so high-quality training programs are important for their success. These organizations need to adjust to the latest trends and use technologically advanced solutions in their operations. The solutions in the corporate LMS market can be specifically designed for SMEs to cater to their precise needs. The SMEs segment has huge potential to flourish in the years to come.
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By region, Asia Pacific to grow at a significant CAGR during the forecast period
Asia Pacific is one of the fastest-developing regions globally, making the region highly profitable for the corporate LMS market. It is projected to be the fastest-growing market, owing to the rapid adoption of LMS solutions. Japan and China, being two of the most technologically advanced countries in the region, are the undisputed leaders in the corporate LMS market. Government initiatives to promote the digital infrastructure are responsible for driving the adoption of video conferencing solutions in the region. The Asia Pacific is projected to witness enhanced growth opportunities during the forecast period. Countries in the Asia Pacific are considerably contributing toward market growth, owing to the rapid adoption of various LMS solutions by enterprises in the region. Organizations in the Asia Pacific are focusing on implementing digital solutions and encouraging the use of advanced technologies to make the learning process more engaging for employees and help them retain the information longer. The Asia Pacific region has great growth opportunities for corporate LMS solution providers.
Major vendors in the global corporate LMS market include Cornerstone OnDemand (US), Blackboard (US), Instructure (US), SAP (Germany), Docebo (Canada), Adobe (US), D2L (Canada), Paylocity (US), Seismic (US), Paycor (US), Absorb Software (Canada), Zoho (India), LearnUpon (Ireland), iSpring Solutions (US), ProProfs (US), Paradiso Solutions (US), Brainier (US), CrossKnowledge (France), Epignosis (US), ExpertusONE (US), Trakstar (US), Axonify (Canada), Thinkific (Canada), Bigtincan (Australia), Neovation (Canada), Knowledge Anywhere (US), iTacit (Canada), Skyllful (US), Disprz (India), Rippling (US), Trainual (US), Tovuti (US), and eduMe (UK).
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