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+23% CAGR growth to be achieved by learning management system published by leading research firm

+23% CAGR growth to be achieved by learning management system published by leading research firm

A learning management system (LMS) is a software application for the administration, documentation, tracking, reporting and delivery of educational courses or training programs. Continuous adoption of digital learning and Bring Your Own Device (BYOD) policies among organizations is the major driving factor for the Learning Management System (LMS) market. The market is estimated to grow at a CAGR of +23% Among the verticals, telecom and IT is expected to be the largest contributor

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The IT and telecom sector has a greater necessity to train employees as this industry faces rapid technology changes than any other sector and companies have to stay in the competition. This industry caters to a huge customer base, with a comprehensive range of offerings and is the fastest-growing industry in the economy.

It becomes essential to keep the workforce trained with latest advancements in dedicated budget and time. The corporate sector is the major market segment during the forecasted period.

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The increasing demand for cost-efficient training solutions among enterprises is a considerable factor that results in this segment’s notable market share of more than 65% by 2020. North America and Europe are projected to be the leading markets in terms of market size, during the forecast period.

In the LMS market, the increasing need to keep a track of the learner’s usage of training materials, manage course access of learners, create reports, manage course properties, and for various other tasks, the learner management application is expected to contribute the highest to the overall revenue generation of the market during the forecast period.

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In the delivery modes segment, instructor-led training is expected to grow at the highest CAGR and be the largest contributor among various delivery modes. In case the workforce in an organization is placed in a different location, virtual rooms are used instead of physical for workplace learning purposes.

Virtual instructor training solution delivers a rich and diverse learning experience. Trainees are not bound by time or a schedule; they are free to explore content and practice prospects that are of interest to them.

Many learning solution vendors are expanding their reach and exploring opportunities in the Asia-Pacific (APAC) region by offering personalized learning environment and catering to the fluctuating demands of the learning management system market. APAC is an attractive market where LMS adoption has openly been implemented and rapid growth in population and increasing economic development makes this region the fastest-growing market, internationally.

The Application Programming Interface (API) support with third-party programs such as content management and collaboration tools is challenging, making the implementation of LMS complicated. The compliance standards that a product supports should be considered before choosing a LMS to leverage on the best of learning and development tools and to avoid interoperability intricacies.

This lack of integration capabilities is acting as an obstacle against the growth of the Learning Management System market.

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The IT and telecom sector has a greater necessity to train employees as this industry faces rapid technology changes than any other sector and companies have to stay in the competition. This industry caters to a huge customer base, with a comprehensive range of offerings and is the fastest-growing industry in the economy.

It becomes essential to keep the work force trained with latest advancements in dedicated budget and time.

Many learning solution vendors are expanding their reach and exploring opportunities in the APAC region by offering personalized learning environment and catering to the fluctuating demands of the market. APAC is an attractive market where LMS adoption has openly been implemented and rapid growth in population and increasing economic development makes this region the fastest-growing market, internationally.

Latin America, with increasing technological advancements, is expected to witness the highest growth rate in the LMS market.

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