U.S. Learning Management Systems Market
According to a recent report published by Allied Market Research, titled, “U.S. Learning Management Systems Market by User Type, Deployment Model, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2022-2031,” the U.S. learning management systems market size was valued at $4,977.12 million in 2021, and is projected to reach $16,898.67 million by 2031, growing at a CAGR of 13.4% from 2022 to 2031.
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Access to high-speed internet and an increase in the use of learning management systems among educational universities drive the U.S. learning management systems market size. Furthermore, rise in penetration of smartphones and laptops across the globe and development of the digital education industry are the major factors that drive the growth of the market. However, poor internet connectivity in remote areas hampers the growth of the market. Moreover, the adoption of learning management systems by students to pursue educational degrees is one of the major growth factors in the learning management systems market.
Furthermore, the U.S. learning management systems market is in its developing phase, and exhibits high growth potential, due to the rise in the need for educational platforms among students, especially during the COVID-19 pandemic. For instance, Blackboard, Inc., an American educational technology company announced that it will introduce Blackboard Reach, a new solution for K-12 institutions, in October 2020. The goal of the solution is to make it easier for parents to engage with instructors and have meaningful, in-person conversations. In addition, as several institutions were closed to maintain social distancing, schools, and universities shifted their focus towards online coaching and adopted systems, which promote the potential of the learning management systems market.
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The U.S. learning management systems market is segmented into user type, deployment model, industry vertical, and region. Depending on user type, it is fragmented into academic, and enterprises. By deployment model, the market is differentiated into on-premise and cloud. By industry vertical, the market is segmented into government & education, retail, healthcare, IT & telecom, manufacturing, hospitality, and others.
By deployment mode, the cloud segment acquired major share. Increase in the mobile population and distributed workforce encourages the demand for e-learning or online training in the academic and corporate sector. Further, the benefits of cost and accessibility, and increasing technological advancements in learning platforms have encouraged the users to upgrade their traditional LMS to a more contemporary LMS. This has resulted in the growth of the U.S.learning management systems market during the forecasted period.
The demand for U.S. learning management systems has increased considerably during the COVID-19 pandemic. This is attributed to increase in accessibility towards learning management among consumers and initiatives by governing bodies across the globe to curb the spread of virus by initiating online educations and exams. Moreover, U.S. learning management systems method is expected to be intact by the economic downturn, and is anticipated to remain high during forecast period. Thus, these factors promote the growth of the U.S. learning management systems industry during the pandemic situation.
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The learning management system (LMS) market has been impacted by the COVID-19 pandemic, with both positive and negative effects. Key players in the industry have been adopting various strategies to tackle the negative impact and capitalize on the positive trends. Diversifying product offerings and offering free trials and discounts are some examples of strategies adopted by key players. To mitigate the impact of the pandemic, many LMS providers have diversified their product offerings to cater to the changing needs of their customers.
For instance, some LMS providers have started offering mobile learning solutions or integration with video conferencing software. For example, Paradiso LMS combines the power of mobile learning with the integration of social learning solutions, which contributes to building a much more detailed picture of how students learn. Further, to attract new customers and retain existing ones, many LMS providers have offered free trials or discounts on their products. This has allowed customers to try out the software before committing to a purchase.
With more learners accessing education through mobile devices, there is a growing need for LMS solutions as they offers a mobile-friendliness and seamless experience to users. moreover, LMS providers can develop mobile learning solutions that can be accessed anywhere and at any time. Moreover, with remote learning becoming more prevalent, there is an increased demand for immersive learning experiences that can replicate the classroom experience.
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LMS providers can develop virtual reality and augmented reality solutions that can provide learners with a more engaging and interactive learning experience. Overall, the COVID-19 pandemic presented several opportunities for LMS providers to expand their customer base and develop new products to meet the changing needs of learners. By embracing these opportunities, LMS providers can position themselves for long-term growth in a rapidly evolving market.
KEY FINDINGS OF STUDY
1. By deployment mode, the cloud segment led the highest U.S. learning management systems market share, in terms of revenue in 2021.
2. On the basis of industry vertical, the government & education segment is expected to exhibit the fastest growth rate during the forecast period.
The key players operating in the U.S. learning management systems market analysis include Blackboard Inc., Epignosis., IBM Corporation, iSpring, John Wiley & Sons, Inc., Oracle Corporation, Paradiso Solutions., SAP SE, SumTotal Systems, LLC and Xerox Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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