30-Apr-2021 | Facts and Factors
As per a recently issued market research report by Facts & Factors, the global learning experience platform (LXP) / (LEP) market was about USD 508.5 Million in 2020, with sales value projected to hit around USD 2186.4 Million by the end of 2026 and expected to register excellent 25.3% CAGR during the 2021 to 2026.
The learning experience platform is a consumer-grade learning platform that assists users to explore new learning opportunities and creates more personalized learning experiences. By integrating learning contents from various sources, suggesting and deploying them through digital touch points, such as desktop applications, mobile learning apps, and others, with the aid of artificial intelligence. The learning experience platform is an updated version of the learning management system that vastly improves and strengthens existing organizational learning systems. LXP is a socially inclusive and highly insightful online platform. LXP is the superior option for organizational learning as corporate learning has continued to grow. LXPs can include and coordinate a wide range of content. Learners have more options than ever before when it comes to their learning interests. This platform has the advantage of being able to be seamlessly incorporated into any existing platform, which enhances the user experience.
Skills-based learning, usage-based recommendations, AI-based content analysis are the features of LXP that are driving the market growth. Some of the world's most prominent businesses, including SAP, Microsoft, and Comcast, are currently using LXPs to train their employees. The new systems have a range of advantages over traditional LMSs, and those advantages translate into real-world business outcomes. People could use LXP to quickly find related data and integrate it to a job-related issue. Employees become more active as a result of this, and information retention increases.
Top Market Players
Some of the Major players in the Learning Experience Platform (LXP) Market are Cornerstone, Coorpacademy, EdCast Inc., Axonify Inc, Degreed, Inc., ScienceSoft USA Corporation, SkillSoft, IBM, Valamis, Howspace, Lessonly, Inc, Learn Amp, Edapp, Tovuti LMS, Bridge, Rallyware, Inc., Learning Tribes., Belitsoft, G-Cube, Origin Fractal LXP, and Thrive Learning among others.
Growth of Internet and Mobile Technologies
According to a survey, the number of smartphone users worldwide increased to 5.19 billion in January 2020, resulting in an increase in mobile data use. In 2020, the mobile data traffic value globally was 40.77 exabytes per month from 28.56 exabytes per month in 2019. Certain factors are increasing the market for online learning. The market is expanding due to rising demand for technology-enabled teaching and training. The availability of course materials for educating and preparing students or workers has increased dramatically in recent years. Employees and students are receiving training and education from eLearning industry leaders in collaboration with content providers. The consumer demand is being driven by the versatility of learning from remote locations. For instance, Aula Education Ltd, a London based company provides learning experience platform for higher education. Moreover, rapid technological change and disruptive technologies have created a huge demand for upskilling and reskilling in order to remain competitive in the job market. As a result, the demand for professional courses through an e-learning platform has grown tremendously. Henceforth certain factors are boosting the learning experience platform market growth significantly.
North America Region Dominates the Global Learning Experience Platform (LXP) Market
With the emergence of edtech businesses across the United States, North America is dominating market growth. Moreover, increased capital spending in edtech firms in cities such as New York, Washington DC, Texas, and Massachusetts, among others, increased demand throughout the United States. The presence of numerous colleges and universities, as well as significant government spending on technology, will amplify business development in the United States. Moreover, growing preferences for digital learning platforms, the adoption of bring your own device policies and enterprise mobility, the usage of machine learning and artificial intelligence in various organizations, and government initiatives to promote learning management system growth are all factors that will likely boost the growth of the North American learning experience platform market in the coming years. On the other hand, rising demand for gamification, as well as the adoption of cloud-based services by businesses, would provide significant growth opportunities for the North American market during the forecast period. As a result, North America is a major contributor to market growth. Europe holds the second-largest position in this market owing to its developments. Citing an instance, Filtered, a UK edtech player, announced the launch of a learning experience platform in November 2020, combining its market-leading content intelligence and suggestions with more conventional LXP functionality. The platform can assist businesses in dealing with content overload and aligning skills-based learning with organizational goals. Again, THRIVE LXP, an England based company announced two new learning experience product integrations in August 2020. LinkedIn Learning's first-ever integrated auto curation integration with any learning tool and Microsoft Teams, allowing users and admins to easily share learning content across their business. Thereby, certain initiatives are expected to boost the market growth. Asia Pacific is anticipated to register the fastest growing CAGR during the forecast timeframe owing to surge in the adoption of electronic based educational technology among large and medium sized organizations.
Browse the full “Learning Experience Platform (LXP) Market By Learning Type (Self-Paced, Instructor-Led and Others), By Deployment Mode (Cloud-based and On-premises), By Enterprise Size (Large Enterprise, and Small & Medium Enterprise), and By End-user (Academic, and Corporate): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/learning-experience-platform-lxp-market.
The global learning experience platform (LXP) market is segmented as follows:
Learning Experience Platform (LXP) Market: By Learning Type
Learning Experience Platform (LXP) Market: By Deployment Mode
Learning Experience Platform (LXP) Market: By Enterprise Size
Learning Experience Platform (LXP) Market: By End User
Learning Experience Platform (LXP) Market: By Region
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