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(Wireless-NewsWire.Com, September 12, 2022 ) Microlearning Market size is expected to grow from USD 1.5 billion in 2019 to USD 2.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period according to report published by MarketsandMarkets™. Increasing demand for training deskless and mobile workers across industries and growing need for skills-based and result-oriented training among enterprises are the major factors driving the growth of the market. Lack of impetus among learners and lack of awareness of microlearning benefits are the challenges.
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The solutions segment of microlearning to hold the highest market share during the forecast period
Corporate training programs are undergoing a transformation in their learning methodologies. Traditional methods of classroom training are steadily overtaken by online methods of learning that offer flexibility to learners. Enterprises are focusing on offering enhanced learning experience to employees through various learning and development activities, which are more interesting and engaging. Hence, businesses are keen on adopting training methods that are directly inclined toward a learning objective, which focuses on particular skills or understanding of compliance. The microlearning solution providers are competing with each other to increase their market coverage and expand their presence in newer markets.
Healthcare and life sciences to grow at a significant CAGR during the forecast period
In the healthcare industry, microlearning is used in hospitals, laboratories, and research labs to enable on-the-go learning. Medical practitioners need to update their knowledge and skills to provide the latest treatment to customers/patients. Keeping employees updated about new medical devices and pharmaceutical products is another key aspect of the training and development module in the healthcare industry. The growing demand for advanced eLearning technologies, such as 3D images of internal organs and live interaction with experts, is expected to drive the demand for microlearning solution and services in the healthcare industry, accounting for its highest share among all the industries.
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North America to hold the highest market share during the forecast period
The increase in use of eLearning tools, growth in adoption of handheld devices, such as tablets and mobile phones, and technological advancements in learning methodologies have boosted the growth of the microlearning market in North America. In this region, enterprises have become more dependent on handheld devices for better results and convenience of use. With the help of mobile devices, multiple employees, even if they are geographically dispersed, can simultaneously be trained. This capability has drastically helped the corporate sector cut down expenses for the training of employees, and is one of the major factors encouraging corporates to adopt microlearning over the traditional training methods.
Key market players
The major vendors in the Microlearning Market are Saba Software (US), Mindtree (India), Axonify (Canada), IBM (US), Bigtincan (US), SwissVBS (Canada), iSpring Solutions (US), Epignosis (US), Cornerstone OnDemand (US), Qstream (US), Pryor Learning Solutions (US), count5 (US), mLevel (US), Gnowbe (US), Trivantis (US), SweetRush (US), Multiversity (India), and Neovation Learning Solutions (Canada).
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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