The learning technology space has been shaken up by the emergence of a new contender, the Learning Experience Platform (LXP). For many decades, the Learning Management System (LMS) has dominated this market, but the LXP has found its own niche by creating and nurturing a culture of learning within organizations.
While the LMS has primarily been used for essential knowledge and skills development, as well as regulatory compliance, the LXP is focused on developing a learning culture within companies. This has been made possible by a range of innovative features that make learning more engaging, personalized and accessible to learners.
As a result of this disruption, the LMS market is expected to grow at a CAGR of 14.17% between 2023-2029, while the LXP market is forecasted to grow at an impressive CAGR of 41.64% during the same period. The global LMS and LXP Tools market size, which was valued at 17078.06 Million USD in 2022, is expected to reach 65404.51 Million USD by 2029.
In a surprising turn of events, the LMS (Learning Management System) which has dominated the learning technology industry for many decades, is facing stiff competition from a new learning platform called the LXP (Learning Experience Platform).
While the primary drivers for organizations investing in e-learning and an LMS have been essential knowledge and skill development and regulatory compliance, the LXP has emerged as a new player in the market, creating and nurturing a culture of learning within organizations.
This shift has caused a stir within the industry, with top players such as Whatfix, Paylocity, ProProfs, Litmos, Epignosis TalentLMS, LearnUpon, Lessonly by Seismic, 360Learning, Docebo, Paycor, Adobe Learning Manager, Continu, Degreed, Valamis, Cornerstone OnDemand, Auzmor Learn, Udemy Business, Tovuti LMS, Learning Pool, and others vying for a slice of the market share.
Please find above company link for more details productsl
- Whatfix: https://whatfix.com/
- Paylocity: https://www.paylocity.com/
- ProProfs: https://www.proprofs.com/
- Litmos: https://www.litmos.com/
- Epignosis TalentLMS: https://www.talentlms.com/
- LearnUpon: https://www.learnupon.com/
- Lessonly by Seismic: https://www.lessonly.com/
- 360Learning: https://360learning.com/
- Docebo: https://www.docebo.com/
- Paycor: https://www.paycor.com/
- Adobe Learning Manager: https://www.adobe.com/products/captivateprime.html
- Continu: https://www.continu.co/
- Degreed: https://www.degreed.com/
- Valamis: https://www.valamis.com/
- Cornerstone OnDemand: https://www.cornerstoneondemand.com/
- Auzmor Learn: https://www.auzmor.com/
- Udemy Business: https://www.udemy.com/business/
- Tovuti LMS: https://www.tovutilms.com/
- Learning Pool: https://www.learningpool.com/
Interestingly, the industry is highly fragmented, with middle and small-sized companies making up the majority of the players. The top 10 players account for only 7% of the revenue share globally.
In 2022, the global LMS and LXP Tools market size was valued at 17078.06 Million USD, a significant increase from 5438.95 Million USD in 2018. The market is forecasted to reach 65404.51 Million USD by 2029, growing at a CAGR of 19.88% between 2023 and 2029.
While the revenue share of the LMS Tools Segment took up about 89.09% of the global market in 2022, with a 14.17% CAGR during the 2023-2029 period, the LXP Tools Segment is expected to grow fast in the following years. The LXP Tools Segment had a market size of 1,864.05 Million USD in 2022 and is expected to have a forecast CAGR (2023-2029) of about 41.64%.
Despite the LMS’s long-standing presence in the industry, the emergence of the LXP has shaken up the market, providing organizations with a new approach to learning and development. With the market set to grow at an unprecedented rate, it remains to be seen which platform will emerge as the ultimate winner in the coming years.
Despite the growth prospects for the LXP market, the LMS still accounts for the majority of the global market revenue share, with 89.09% in 2022. However, the increasing demand for more engaging and personalized learning experiences is expected to fuel the growth of the LXP market in the coming years.