MarketsandMarkets forecasts the global corporate LMS market size is expected to grow from an estimated value of USD 8.1 billion in 2022 to 21.1 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 21.1% from 2022 to 2027. Growing need for skill-based and result-oriented training among enterprises and the surging need to integrate interactive and personalized training environments to strengthen the employee engagement are some factors driving the corporate LMS market growth.
What is Corporate LMS?
MarketsandMarkets defines Corporate LMS as “a learning management platform and solution that delivers online training, onboarding and compliance capabilities for employees, partners, and sales network of an organization. Human Resource (HR) department, training and consulting institutes, and top-level management teams are the prime users of a corporate LMS solution and services”.
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The corporate LMS market is led by some of the globally established players such as Cornerstone OnDemand, Blackboard, D2L, Adobe, Instructure, SAP, Docebo, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence
Cornerstone OnDemand is one of the leading global providers of learning and HCM software delivered through Software as a Service (SaaS). Cornerstone OnDemand was acquired in October 2021 by Clearlake Capital Group LP, a leading private investment firm, making it a privately held company. The company offers products, such as a recruitment suite, performance suite, and learning suite. The recruiting suite helps organizations source and attract candidates, assess and select applicants, onboard new hires, and manage the entire recruiting process. The performance suite provides tools for goal setting, performance reviews, competency assessment, development plans, continuous feedback, compensation management, and succession planning. The learning suite enables clients to manage training and development programs, knowledge sharing and collaboration among employees, track compliance requirements, and support employee career development. It further has clients, such as multinational corporations, large domestic and foreign-based enterprises, mid-market companies, public sector organizations, healthcare providers, higher education institutions, nonprofit organizations, and small businesses. These clients have their major operations in the regions of the US and the UK.
Apart from large vendors, some SMEs, and start-ups such as Trakstar, Axonify, Thinkific, CrossKnowledge, Epignosis, Bigtincan, ExpertusONE, eduMe, Rippling, Skyllful, Disprz, Trainual, among others are also evolving in the corporate LMS market.
Paradiso Solutions is an eLearning products and services provider that provides end-to-end solutions for enterprises as well as educational institutions. Their offering, Paradiso LMS, is a learning management system that combines traditional virtual classroom-based eLearning methods with advanced features, such as gamification, social learning, and multi-tenancy. The company provides solutions, such as customer training, partner training, membership training, compliance training, LMS training for companies, and a knowledge management system. It caters to the verticals, such as corporate training, financial services, manufacturing, healthcare, education institute, association, and government.
Corporate Learning Management System (LMS) Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Vertical (Software and Technology, Healthcare, Retail, BFSI, Telecommunications), and Region - Global Forecast to 2027
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