The learning management system market continues to grow throughout the world. Thanks to the popularity of social networking and technology, LMS products thrive in the realm of education and business training. More companies and schools are getting on board. This creates a demand for solutions that are efficient, effective, and versatile.
Who knows what the future will bring as developers push into new territory and improve upon ground that was already covered. One thing is certain: the value of the LMS market is projected to continue increasing through 2025.
What Features Are Pushing the LMS Market Trend?
Many core features make a learning management system appealing to an organization. Some are repetitive and appear in multiple products while others are unique and make a platform stand out. A combination of valuable features is a big part of why some businesses choose to adopt a specific product.
However, some new and upcoming technologies are going to help build momentum in the market. These are not the only drivers in the equation, but they will attract attention and change the way businesses train and schools teach. What ed tech should you keep an eye on this year?
- CMI-5 Could Be the End to SCORM
SCORM was and still is the leading technical standard setter for eLearning software. CMI-5, or Computer Managed Instruction, is poised to take over the industry. According to CMI-5 Working Group Learning Technology Architect Bill McDonald, “xAPI is like an electrical current and CMI-5 is the wall socket. That means you can plug it into an LMS and start using xAPI without complicated hassles.
Developers paid attention to SCORM – both the good and the bad. They learned from previous mistakes and focused on producing a “simplified tracking data model.” They also updated the framework and built CMI-5 to provide content as a service. That means that the course structure can be imported to an LMS, but the content can be hosted somewhere else. This enables the use of a content delivery network.
- New Models That Could Unseat Digital Courses
Digital courses have been all the rage for years, but that may be changing after 2019. Alternative methods have appeared that are more flexible and may yield better results. According to learning technology strategy leader Clark Quinn, “[Course alternatives] will include performance support and social networks. Similarly, models for formal learning will shift from the ‘event’ model to a more sustained and distributed framework that segues from spaced learning through coaching.”
Course alternatives are already having an impact on the LMS market. More developers are emphasizing the use of social learning tools at all levels. These include chats, events, forums, media galleries, web conferencing, announcements, and more.
- Expansion of Augmented and Virtual Reality
Augmented and virtual reality are another fast-growing niche that’s made its way into the eLearning industry. Many businesses use VR to create a realistic on-the-job situation that allows trainees to prove their skills without putting people or resources at risk. Virtual and augmented reality build an enriching learning experience that has a lasting impact.
QR codes are also used to give learners a quick way to discover more about an object or area. Quick delivery of information when it is most relevant makes this a powerful learning tool. Mobile learning is also a major player in the LMS world and one that could pair with augmented reality to take the experience to the next level. That could mean even more growth for the market as a whole.
Which Regions Are Seeing the Most LMS Market Growth?
The internet makes it possible to reach learners throughout the world. Today’s LMS platforms provide enhanced ways to improve the features and tools available to long-distance learners. While geographical boundaries don’t affect online learning, other factors can. These include political climate and government rules and regulations.
According to the latest report released by Zion Market Research, there are several promising regions in the LMS market. These include:
- United States
- United Kingdom
- Middle East
Who Is Dominating the LMS Market Right Now?
New LMS products pop up often. Some fade into obscurity while others build a following and begin the trek toward industry leader. Whether you’re an investor, new developer, or someone interested in eLearning, you should pay attention to the heavy hitters in the industry.
The report produced by Zion Market Research highlighted 10 major players that are helping to mold the market. Their contributions will influence growth and future development. These leading organizations include:
- ACS Technologies Group
- Oracle Corporation
- IST AB
- SAP SE
- Cornerstone OnDemand
- McGraw-Hill Education
- Saba Software
Competitive rivalries among some of these companies will help forge new concepts and features for the market.
The Future of the LMS Market
According to MarketWatch, the LMS market is expected to rise to over $23.74 billion by 2024. This is driven heavily by general expansion, a growing cloud computing market, and a higher demand for cost-efficient coaching solutions. More organizations adopting the technology for the first time will also help fortify the market.
Businesses are discovering the academic and money-saving benefits of using an LMS in place of traditional in-person training methods. The future is bright as more innovators join the market and more organizations decide to give the tech a try. These factors can have a powerful impact on other industries. They give us more ways to learn and train and can help build a skilled workforce quicker and at a lower cost.