Dive Brief:
- Learning Management Systems market size is projected to grow from $5.22 billion to $15.72 billion by 2021, a CAGR of 24.7%, according to a new market research report from MarketsandMarkets.
- Much of the market is driven by higher education institutions, though corporate LMS are gaining a strong presence due to companies beginning to realize they may need such programs, a press release noted.
- Flexibility "is key" in a corporate LMS—something many academic LMSs do not provide due to the structure of a school year. Modern corporate LMSs are taking advantage of this need and are pushing market growth by focusing on flexibility, adapability and customizability.
Dive Insight:
Overall, the needs of a company seeking an LMS is starkly different than an academic institution seeking an LMS, encouraging the emergence of new tools on the market. LMS on a corporate level tend to focus more about tracking "progressive" development rather than the structured grade format of an academic LMS, for example.
But before a company opts for an LMS, it must ensure its infrastructure and systems integrate with it properly in order for such a program to be successful. An LMS must be able to integrate with the company's HRIS, for example.
Growth in the learning space has been well-documented, especially as more and more companies turn to learning programs in order to fill talent gaps and retain those who may otherwise seek to leave.
