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By 2027, the global learning management system market is predicted to increase at a CAGR of 20.76 percent, to USD 3.6 billion in 2027.
FREMONT, CA: The global learning management system market is expected to grow to USD 3.6 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 20.76 percent. The market for learning management systems is predicted to develop as the popularity of digital learning grows, as does the trend toward Bring Your Own Device (BYOD) regulations and business mobility. Furthermore, during the projected period, the growing importance of corporate skill training is expected to fuel the LMS market size. LMS is used in corporate skill improvement training to store any knowledge artefacts that can be quickly shared with trainees.
The corona virus epidemic led schools, colleges, and other educational institutions to close temporarily. More than 1.2 billion children in 186 nations were affected by school closures due to the COVID-19 epidemic, according to research presented by the World Economic Forum (WEF). The educational landscape has been radically impacted as a result of the crisis, leading to a surge in demand for online learning platforms. Due to severe lockdown rules, faculty and trainers were driven to use proactive online teaching and learning solutions. The demand for online learning and e-learning platforms is driving the growth of the learning management system (LMS) industry.
LMS Market development is projected to be aided by the growing trend of multi-channel learning. The ability to give faster, better, and application-oriented skills to the workforce is going to fuel the multichannel learning management system market. The LMS platform has become a popular learning tool in the business world because it allows users to access learning or training at any time and from any location. Advanced multichannel LMS systems offer the door to a more inclusive, adaptable, and user-friendly ecosystem, which is projected to drive LMS market expansion.
The Asia Pacific region's adoption of LMS systems has been influenced by the rising demand for online learning and the desire for on-the-go learning methodologies. Another major trend expected to drive LMS market share in this region is the enhancement of educational materials and rapid economic development in the developing countries of the Asia Pacific region.