Over the course of the past decade, the evolution of connected technology has revolutionized the education sector in ways few could have predicted. Technological innovations have always been at the core of the industry, but as of late have completely transformed the way students approach their education.
One of the most profound and important shifts in the provision and receipt of quality education in recent years has been the widespread adoption of LMS (learning management system) software. The LMS market share in countless countries worldwide has been growing at its fastest ever pace, according to the market research experts at LISTed TECH.
An effective learning management system has the potential to enable an educational institution to both streamline and improve its provision of educational opportunities for conventional students and mature learners alike. In particular, it is the capacity for a dynamic LMS to facilitate and improve online learning that has made it such a popular and important revolutionary step for education providers worldwide.
Huge Projected Growth
According to a recent study conducted by Global Opportunity Analysis, the combined value of the world’s LMS market will for the first time exceed $28 billion within the next five years. Impressive performance, considering how the online learning landscape was still at a relatively remedial stage just 10 or so years ago.
The origins of LMS date all the way back to the 1920s, when the first electronic teaching device was designed and introduced by psychology professor Sidney Pressey. But even then, the primary purpose of these initial LMS devices was exactly the same as it is today. The incorporation of an LMS simplifies and improves the learning experience for students, while at the same time providing teachers and faculty members with more time to dedicate to other activities.
Learning Management System Growth and Penetration in Numbers
An article published recently by Guide2Research showcased an extensive range of important facts, figures and findings regarding the current and projected LMS market share for the coming years. A selection of which we have presented below, indicating just how seriously educational institutions (in North America in particular) are taking the LMS revolution.
- Today, the combined eLearning and LMS markets worldwide have a total annual value in excess of $15 billion
- Over the course of the next five years, the annual growth rate for the LMS market is expected to average around 23% – perhaps more in the wake of the Coronavirus crisis
- Mobile learning in particular is expected to see rapid growth over the coming years, though the market is already estimated to be worth at least $38 million in North America alone
- Education technology will continue to play a major role in the sector’s growth and evolution indefinitely, with more than $252 billion already being spent on new-generation tech by the sector each year
In terms of those who are benefiting from LMS software, the same compilation of statistics brought to light some equally interesting findings. Particularly in terms of the preferences of students today, the vast majority of which prefer to study online.
A few more facts and figures that illustrate the growing importance of LMS software for the education sector:
- It is estimated that more than 74 million students are currently using an LMS of some kind to support or facilitate their education
- Among which, around 28% fall within the ‘young’ demographic and an impressive 37% are considered ‘adult’ learners
- When polled, nine out of 10 students stated that they enjoy online learning more than traditional study using conventional materials and classroom-based activities
- Approximately half of all students will take at least one type of online course or exam of some kind during the course of their studies
- Around 4.6 million students taking college-level courses now study online and/or attend virtual classes remotely
- 21% of the worldwide LMS market in its entirety is accounted for by the education sector. The real estate market also occupies a surprisingly large 3% share of the market, alongside manufacturing at 9% and technology at 12%.
- Though mobile is expected to dominate the online learning landscape going forwards, just 25% of employees using an LMS do so via a mobile device. By contrast, 78% use laptops to study online and 89% use desktop computers.
- In terms of efficiency, it is estimated that those who use smartphones to access educational resources typically complete their assignments and studies up to 45% faster than comparable students who use a computer.
Further details on the above statistics and further insights into the evolution of learning management system software can be found on the Guide2Research website.