Learning Management Systems Market: Industry Value is Projected to Reach $81.22 billion by 2030, at CAGR of 20.5%
Surge in adoption by educational institutes and developments & initiatives toward digitalized education present new opportunities in the coming years.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 4, 2023 /EINPresswire.com/ — The global learning management systems industry generated $12.79 billion in 2020, and is expected to reach $81.22 billion by 2030, registering a CAGR of 20.5% from 2021 to 2030. Rise in adoption for online learning and online classes to lower down costs and increase in convenience and penetration of smartphones coupled with fast internet connectivity drive the growth of the global learning management systems market.
Major industry players such as – Blackboard Inc., Callidus Software Inc., Epignosis LLC, John Wiley & Sons, Inc., Oracle Corporation, Jzero Solutions Ltd., Paradiso Solutions, SABA Software, Inc., SAP SE, and Sumtotal Systems, LLC.
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Based on region, North America held the highest market share in terms of revenue in 2020, contributing to more than one-third of the global learning management systems market, and is projected to maintain its lead position by 2030. This is attributed to the deployment of innovative LMS solutions to cater to various operational and e-learning demands among several user types such as academics and enterprises in the region. However, Asia-Pacific is estimated to register the fastest CAGR of 24.0% during the forecast period, owing to high demand for LMS solutions and the growth in the education sector, which include web-based and distance learning modules.
Based on deployment model, the cloud segment contributed to the highest market share in 2020, accounting for more than half of the global LMS market, and is projected to continue its leadership status during the forecast period. Moreover, this segment is estimated to witness the largest CAGR of 22.9% from 2021 to 2030. This is due to increase in the mobile population and distributed workforce that raises the demand for e-learning or online training in the academic and corporate sectors. The research also analyzes the on-premise segment.
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Based on industry vertical, the government & education segment accounted for the largest market share in 2020, holding nearly one-third of the global LMS market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is attributed to focus of governments on low-cost and high-quality education systems. However, the retail segment is expected to manifest the fastest CAGR of 23.6% from 2021 to 2030, owing to the need to train and educate staff with features and technicality of every newly launched product to offer better customer orientation than before.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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