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[197+ Pages Report] As per the latest research and survey report issued by Facts and Factors, the global learning experience platform (LXP or LEP) market was valued at around 508.5 million in 2020 which was around USD 350 million in 2019 and is expected to register revenues worth 2,186.4 million by the end of 2026, growing at an exceptional CAGR of approximately 25.3 percent between 2021 and 2026.
Learning Experience Platform is consumer grade learning software that helps users discover new learning opportunities and create more tailored learning experiences. By merging learning contents from various sources, recommending as well as delivering them with the assistance of Artificial Intelligence across digital touchpoints such as desktop applications, mobile learning apps, and various others. LXP is more concerned with developing and sustaining a learning culture within a company. It is a location where your employees will go because they want to access the content that will matches personal career development and personal interests, instead of their HR department or managers tell them to do. That is why the word 'Experience' stands out. For individuals to use an LXP at their own discretion, it must provide a truly engaging experience.
Essential knowledge/skills development and regulatory compliance are the key factors for an organization to participate, invest, and advance in learning (and a LMS to manage it). This is all about needed training, and LMS simply assists the L&D dept. in rolling it out, tracking progress or completion, and analysing the success of content and groups of learners or individuals. LXP is more concerned with developing and sustaining a learning culture within a company. It is a location where your employees will go because they want to access content and solutions that suits their personal career progression and/or personal interests, instead of being coaxed or forced by their managers or the HR department. That is why the word 'Experience' stands out. An LXP must offer a rightly engaging experience that people can use at their leisure. Good LXP will turn learning into an adventure and will create a space where unanticipated, exciting material is advised based on their earlier behaviours and specified interests. This is why the phrase "Netflix-style" is frequently used when discussing LXPs. The expansion of the global LXP market corresponds to the growing interest in and power of AI (artificial intelligence). The LXP relies heavily on AI to provide that personalized learning experience.
The global Learning Experience Platform market is segregated based learning type, deployment mode, enterprise size, end user and regions.
Self-paced, instructor-led and others is the learning type segment of global learning experience platform market. The deployment mode segment is categorized into cloud based and on-premises. These new age progresses have radically altered how the content is created, particularly in the learning framework. The availability of high speed internet, higher quality processors and chips, mass storage solutions and cloud computing services has opened up new avenues for content creators to express their creativity. Large Enterprise and Small & Medium Enterprise are the classification on enterprise size for global learning experience platform market. Moreover, the report is also categorized end user segment into academic and corporate.
Because of its rapid technological advances, North America is projected to dominate the global Learning Experience Platform industry. In addition, presence of well-established ICT solution providers paired with increasing personalized programs will propel the growth of global learning experience platform market in North America.US accounted for majority of revenue share; however Canada is expected to observe remarkable growth in the analysis period.
In Asia Pacific, China held the largest market share, and accounted for more than 30% of the total learning experience platform market in 2020, and is expected to mirror the trend through 2026. This is due to the country's significant move toward advancement of education sector paired with increasing demand from small and medium enterprises. India, Japan and Australia are others market for market participant to watch out for to tap the opportunity in years to come.
Some main participants of the global learning experience platform market are Degreed, Inc., ScienceSoft, SkillSoft, Origin Fractal LXP, Cornerstone, Coorpacademy, IBM, Valamis, Howspace, Lessonly, Inc, EdCast Inc., Axonify Inc. , Learn Amp, Edapp, Tovuti LMS, Bridge, Rallyware, Inc., Belitsoft, G-Cube, Thrive Learning and Learning Tribes amongst others.
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