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LMS, also known as the learning management system, is probably one of the most revolutionary tools of the 21st century. Although it is a household system for industries today, its abilities and possibilities are still astounding people.
Most industries (and some public sector organizations too) were making use of LMS for a long time. But it only became a necessity when the pandemic hit. Industries are realizing the benefits of remote learning with LMS as staying home and social distancing becomes the new normal.
Needless to say, this realization has led to a staggering growth of the learning management system. According to research, the LMS market is going to go from USD 9.2 billion to USD 22.4 billion within 2023. It is expected to grow at 19.6% CAGR for the forecast period. One of the main reasons for this growth is definitely the mass adoption of LMS due to the COVID-19 pandemic. And here we are going to check out some of the industries that are supporting this market growth.
Learning Management Systems Market Growth: Which Industries Are A Part Of It?
In the last couple of years, the learning management systems market has seen some real growth. Major industries are now using this for both remote works as well as data maintenance. Let’s see how these industries are contributing to the growth of the learning management system market.
1. LMS Taking Educational Institution To Another Level
The integration of LMS in the education industry makes sense. In fact, it was the original industry that adapted to the use of LMS. In the present day, from K-12 to University level students and educational institutes are using LMS in various ways. The best thing about learning management systems in the educational industry is the personalized approach towards learning for students. It is a complimentary tech for classroom learning. Today it works as a virtual campus where students and teachers can make the education system their very own.
In the context of the COVID-19 crisis, LMS education is now more relevant. The remote learning features help students to keep up with schooling right from their homes without any pause. Its centralized educational data storage is perfect for a remote learning system. This centralized feature is going to be more useful even after the pandemic is over.
2. LMS And Healthcare Will Make A Fine Pair
Healthcare is going to be the next major industry supporting the growth in the LMS market post-COVID-19 period. Providing the right kind of training to the employees is easier with a healthcare LMS integrated within the system. With training, management can also track employees’ progress and assess their skills easily, leading to better healthcare service all around.
The best thing about these systems is the fact that they are very affordable. Hosting courses on LMS for healthcare and letting the employees learn at their own time is easier than classroom training. This flexible system is going to ensure good quality medical training and prove to be a good economical decision. All these benefits will lead to more healthcare companies adopting LMS in the future.
3. LMS Will Make This Industry More Hospitable
The workers in the hospitality industry have to follow a lot of regulations and compliance rules. The employees here need to hit the ground running because there’s no room for error when it comes to hospitality. And that’s why Hospitality learning management systems is a rapidly growing market. All major players in the industry are integrating their own custom system within the framework.
LMS based hospitality software flexible, and also the fastest way of training seasonal recruits. The centralized systems are easy to update in case of changes in the company policy or compliance regulations. There is going to be a significant rise of interest in LMS for employee training once the pandemic is over.
4. LMS Will Be The “IT” Technology Of IT Industry
The information technology industry is always in need of new technology to make the industry work faster and smoother. And the enterprises took part in integrating LMS in the IT structure quite eagerly.
It is already discussed that corporate learning management systems are perfect for training staff. So now let’s talk about some other functionalities that make it a desirable system to have for global IT organizations. With an integrated system, it is easier to train the staff on the regular updates about the industry.
Besides that, the personalized approach makes learning convenient, and fun as well. Staff members can train conveniently and transform into better employees. In fact, after this pandemic, employees at IT enterprises with integrated learning management system will come out better-trained.
Pro tip: It is always better to have a customized system for corporate learning management systems. This way you will get more options to modify the content on the platform, making it your own
5. The Legit Application Of LMS In The Legal Industry
There is serious duplicity of the COVID-19 effect on the legal industry. There is a serious lack of funding and the cash flow has stopped. However, business law firms are expected to do good business. Mainly because many companies and organizations are revamping their company policies. And that’s why LMS legal services are going to become more of a need at this point.
And this is why an LMS is considered to be a perfect tool by law firms. It provides them a better option for training staff and paralegals, while also downsizing the cost of everyday classroom training. Added to that, the staff has access to the database all the time, making the process quite convenient (besides enjoyable). And this is why in the future legal industry will be the main cause for the LMS market growth.
6. Manufacturing Growth With Learning Management Systems Integration
LMS for the manufacturing industry can easily bridge the gap between skill training and the lack of employees. Even now there are many problems in the assembly industry that mainly stems from not having a serious training module. But with the help of this specific technology, that can change.
The main reason for this industry to adapt to this is staying updated with changing rules and regulations. Added to that, there is also the benefit of instruction cost reduction. In the post-COVID-19 time period, the Manufacturing industry will use LMS integration to help restore the global economy.
7. LMS Will Ensure Success For Insurance Industry: And Vice Versa
The insurance industry benefits the most from the micro-learning module of an LMS system. It is expected that there will be several adjustments in the industry following the end of the pandemic. And integrated learning management systems can help to handle these changes better.
The remote work situation will increase the popularity of the BYOD trend in the workplace. And the insurance industry will actually benefit from this trend. With this technology, firms can provide better training on new products, insurance, and any changes in the regulations. The global insurance agencies will embrace the E-learning for insurance sector more openly. This will help them to train their staff and grab a better hold into the international client’s market.
8. Learning Management Systems Will Help In Financial Decisions
The pandemic is going to change the economic scenario in a bigger way than anyone has seen in a while. This means that various economic institutes would start adapting to some modern technologies such as learning management systems.
Even before the pandemic hit, the financial industry was using various LMS financial services, but just on a convenience basis. Today it is a necessity, as the cybersecurity risks are at an all-time high. Having a centralized system like an LMS helps the institutes to keep track of data. An LMS can be a part of a bigger centralized system that leads to better security for financial organizations.
9. LMS Will Make Public Sector More Accessible
When it comes to public sector staff initiation and training, it lacks the necessary unity of process and efficiency. In general, government staff training is messy and inefficient, which takes a lot of time and costs the Learning and Development (L&D) department too much money.
And that’s why today’s government and public sector organizations are adapting to the use of Learning management systems. With an integrated system it is easier to train employees, streamline data distribution, and save funds. Although the transformation is happening slowly, it will go a lot faster once the pandemic is over.
10. Franchise Based Industry Will Benefit From LMS Integration
For a franchising based business, it is incredibly important to make partners with the right organizations. And for this, an LMS for retail training is incredibly important to keep up with the franchise based industry alive.
The stores spread across various locations need to follow the same policies and training modules for a seamless experience. The centralized enterprise learning management systems help the partners to train staff and keep up the quality of the experience.
And there it is, 10 industries that are going to assist the LMS market to grow immensely in the future. The possibilities offered by this is definitely immense and industries are just starting to understand that. In the future, it is going to become even more of a necessity for industries. Have any questions about Investing in learning management software? Contact us, we’ll be happy to help.