Do you use an eLearning platform, or think about using one? Then, you need to know all about the latest trends and statistics in the Learning Management System (LMS) industry to keep ahead of the curve.
This guide will help you know what's happening in the LMS industry and where it's headed.
The LMS market is tipped to be one of the busiest markets in technology. Global News Wire has reported that the eLearning industry is growing exponentially, which will result in high growth for the LMS market and be worth $29 Billion by 2026. As digital training trends grow, the demands to deliver that training online are highly likely to rise.
The major growth drivers behind the LMS market boom include the rising adoption of digital learning, numerous government initiatives for LMS growth, and the popularity of online courses.
Learning Management Systems have revolutionised the training industry because of how they allow you to:
The COVID-19 pandemic, the rise of digitalisation, and the need for quick and easy training have boosted the LMS's evolution. As it is rapidly changing as user needs change, anyone involved in eLearning needs to keep up-to-date with the latest LMS trends and statistics.
This guide will help you know what's happening in the LMS industry and where it's headed.
An authoring tool is an eLearning software program that lets you create learning content.
It gives you the option to create courses, lessons, and assessments using a variety of media, including:
Authoring tools are gaining popularity as their ease of access enables anyone to create their training/courses. The online platform allows users to create training at their fingertips, which makes it easier to curate and personalise content to an organisation’s and individual’s needs.
And with more than half of the Australian population, 55%, completing their training online, it makes sense to take advantage of an authoring tool. Most users are turning to online platforms because it allows them to work at their own pace, which is essential for time-poor employees.
The online platform also makes it easier for employees to access training anytime. Most authoring tools are responsive across all devices, including smartphones, tablets, and laptops/computers.
Not only can you create courses easily, but you can make your courses more engaging as most authoring tools offer multiple interaction types. Multiple interactions mean the learners must actively read and pay attention to the information presented—actively building retention.
The design of an authoring tool also presents crucial information in bite-sized pieces, which makes the training more digestible and memorable.
Video learning is an up-and-coming component of online education and learning designs. Its visual medium allows the users to have a more immersive experience because there is a combination of aural and graphic elements.
Due to this, video learning improves knowledge retention as learners pay more attention to content. Studies show that 95% of learners retain information from video-based educational materials. The learners can see the concept materialise, which leads to better recall. Videos are brief, enabling microlearning—ensuring the learners think about what they have learned.
Depending on how you set them up, videos can also be accessible. The visual experience works well for hard-of-hearing people so long as captions and a transcript are available. The aural aspect—the sound—makes it easy for blind learners to understand something, so long as the narration articulates the presented information.
What’s more, videos help you build narratives with your content. Learners respond to storytelling as they can envision and retain information better. You can use your videos to embed scenario-based learning in the learner journey, allowing you to demonstrate real-life situations and how the learners can respond.
Most video-first learning uses simple videos; however, other methods have been combined. Augmented reality, virtual reality, and gamification are buzzwords that have taken the training world by storm.
However, videos still remain the most popular due to a variety of factors:
Branding is essential to any business. It reflects your organisation’s personality and identity, distinguishing it from competitors and making it more recognisable. Also, a powerful brand can increase your company’s revenue by an average of 23% through a consistent brand presentation.
In LMS terms, branding is also known as white labelling. In simpler terms, it means changing up the learning platform to look and feel like it’s part of your company’s brand.
Branding/white labelling can include:
Branding provides several benefits as well.
A big trend that we will see is companies using an LMS during the onboarding process. It can be overwhelming for new employees, as they are presented with lots of new information—so you want to make the process as easy as possible for them.
An LMS is vital in the onboarding stage, as you also want to ensure that your employees have a positive experience. Research shows that up to 20% of employee turnover occurs in the first 45 days of employment, so it’s crucial to have an LMS that reflects your brand and has the relevant training to ensure an employee is successful in their first days.
So, how does an LMS help with onboarding?
Lastly, using an LMS can significantly lessen your onboarding costs. Tailored training reduces the need to source external training or regularly look for updated content. You can simply produce everything in-house and upload and assign training in your own time.
They call it the Great Resignation: the record-breaking numbers of employees resigning in line with the COVID-19 pandemic. Many employees found the pandemic revealed some truths about what matters to them: namely, their family, remote work/working from home, and career development/professional growth.
Research from the job board Seek.com found that one of the most common reasons employees leave their jobs is a lack of career progression. And in the wake of the Great Resignation, it is now more important than ever to invest in employees to build retention and employee satisfaction.
An LMS can help achieve this. Most employees can look for learning and development opportunities internally, aiming to grow within the company by completing tailored training. Mercer's Global Talent Trends report found that 56% of surveyed employees expected employers to provide personalised learning based on their level and career goals. Learning platforms are the ticket to targeted training.
Specific training equips employees with the competencies to grow into different roles, including leadership. And an in-house LMS allows employees to upskill themselves while also meeting the company’s demands, as the training can relate to both needs.
Beyond that, the format of the LMS provides employees with greater flexibility, as an online platform enables them to grow at their own pace.
The education sector is booming. And eLearning is becoming increasingly accessible—which means anyone can create training at any time.
Evidence shows that it's vital for anyone involved in the eLearning/LMS industry to stay on top of the latest trends and statistics. This is important to meet user needs as many individuals and organisations continue to adopt digital training.
To keep up to date, take advantage of our LMS solution. It meets all your training needs and has multiple benefits, including:
If you’re interested in our LMS, contact us here.
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