The learning management system (LMS) software is a widely used application for reporting, automation, tracking, administration, and documentation. For those in charge of development and training, LMS software makes life easy as it helps to identify and assess organizational and individual learning goals as well as track progress towards meeting these goals.
An increase in penetration of digital tools, growing demand for e-Learning, and increase in internet users are the major factors that are driving the growth of the global learning management systems software market. Further, learning management system software is extensively used by the healthcare sector owing to growing necessity for training & education for healthcare professionals, and growing preference for LMS software over traditional learning content. In addition to this, there is increase in adoption of cloud-based technologies and increase in use of LMS software owing to its benefits, which are also the key factors that are fostering the growth of the global market. Additionally, the closure of learning institutes during the pandemic has led to increase in digital learning which in turn is fostering the growth of the global market. Furthermore, increase in penetration of artificial intelligence (AI), machine learning, and edge computing may generate beneficial opportunities for the growth of the global market during the forecast period. For instance, in March 2021, Absorb software, the provider of Absorb LMS announced the launch of new suite of artificial intelligence tools known as Absorb IntelligenceTM which features the combination of optimization algorithms, automation, natural language recognition, and machine learning.
The global learning management systems software Market is categorized into product type, application, and region. The product type segment is classified into mobile terminal and cloud-based. Windows, iOS, and Android are incorporated under application segment of the global market.
Among the regions, North America is anticipated to be the largest market in the global learning management systems software market during the forecast period. Factors that are majorly contributing to the growth of the market in this region include the presence of well-established digital market, rapid adoption of advanced technologies, and the presence of well-established IT infrastructure. Asia Pacific is expected to create lucrative opportunities and grow at a faster rate during the forecast period with the highest CAGR value. This is attributable to increase in rate of e-Learning and growing investments for the development of IT infrastructure with advanced technologies.
SmarterU LMS, Axis LMS, Litmos LMS, Instructure Canvas LMS, Grovo LMS, Edmodo LMS, D2L Brightspace LMS, Schoology LMS, Moodle LMS, and Absorb LMS are some of the prominent players that are functioning in the global learning management systems software market.