A learning management system (LMS) is a platform that hosts, delivers, and tracks training materials. They work by recording the engagements of each employee throughout their learning, and can help identify any skills gaps to build a stronger, more collaborative workforce.
There are many options out there, dependent on industries, budgets and timeframes. But the big question out there in learning and development (L&D) right now is: is now the right time?
Learning Management Systems are dominating the market
According to latest market research by Global Opportunity Analysis, the LMS market is expected to grow from its $9.2 billion in 2018, to $22.4 billion by the end of 2023 at a compound annual growth rate of 19.6%.
This is thanks to a number of contributing factors including the increasing adoption of digital learning, the growing inclination toward bring-your-own-device policies, and the rise of artificial intelligence (AI) and machine learning (ML). As a result, this global adaptation of digital transformation means that by the end of 2025, the LMS market could exceed the value of $28.1 billion.
What’s more, Statistica highlight that the use of technology-assisted teaching has grown over the past five years too, with 71% of companies today using technologically assisted teaching such as online training courses and 69% of L&D departments planning to invest more in this technology in the near future.
In other words, LMS popularity isn’t going to disappear any time soon. It’s only going to get bigger and better.
Learning Management Systems are more cost effective
The cost-of-living-crisis is leaving many businesses concerned about their outgoings, and so it’s easy to put off any new investments until the financial landscape starts to settle again.
However, for businesses looking to upgrade their training and development programs without breaking the bank, cloud-based learning management systems might actually be the solution here.
This is because offering training through an LMS is significantly cheaper than delivering it face-to-face, as it eliminates any associated costs such as training site rentals, travel costs, printing and overhead expenses.
Instead, learning management systems allow companies to implement and roll-out training online, giving all users access to a wide range of features instantly. It also means that if businesses want to add anything to the LMS, update the software or fix any bugs, it can be done on demand with very little financial impact as it’s all managed through one digital system.
In fact, using an LMS to deliver training has been proven to make a financial difference, with a recent study by Cryptexstating that 41.7% of businesses have made significant cost savings since implementing an LMS.
Learning Management Systems for all sectors
Whether it’s healthcare or retail, manufacturing or non-profit, there is an LMS out there to suit any global sector, and that’s because they are such incredibly adaptive tools.
For example, in the higher education sector, LMS platforms can be used by educational institutions including schools, colleges, and universities to offer an open, friendly, and flexible learning environment, with the ability to create personalised learning paths for students and provide certifications remotely. Then with the corporate training sector, an LMS platform can become part of the talent management, L&D or new employee onboarding process.
But the thing about an LMS, is that they don’t just meet the needs of a business today, they are built to meet the needs of a business in the future.
Whether that’s through a mandatory assignments in learning the newest technologies, or career path building to meet increased demand, LMS platforms are designed to help a business scale up.
It’s the perfect tool for growth, making now the perfect time to start planning for it.
Learning Management System from BuildEmpire
At BuildEmpire, we design, build, host and support industry leading learning management systems, and with over 20 years’ experience in working with customers of all sizes, we can design the perfect LMS for you and your business.
As a Platinum Alliance Partner, we utilise the Totara platform as the strong and scalable foundation for each unique LMS we build. It’s the UK’s leading learning management system platform with over 375,000 users enrolled, and is the perfect tool to combine skills and performance development to create lasting employee success.
With this, our LMS is designed to become an intuitive extension of your business, and we will work with you to build an engaging learning environment that fits your needs today, and in the future. Then, through training and ongoing support, we will ensure you and your learners always get the most out of it.