LMS, aka learning management system, is one of the most amazing tools available to us in this century. There is no need to highlight the value it has brought to many industries across the globe. But still, many are astounded by its potential.
It is the 21st century, and everything has gone digital. Most industries have shifted from traditional learning methods to eLearning. Governments of many countries have incorporated the use of eLearning to train their employees. It includes many public sector organizations too.
Although LMS has been a household name for most organizations for a considerable time now, its use became indispensable when the deadly virus struck our lives. Covid -19 changed the way we conduct our lives. The whole corporate sector had upside down due to the pandemic. Regular stuff like training new employees, hiring them, or training existing employees had become a challenge.
The permanent and the best solution to this problem was using eLearning or LMS. This is evident because many experts have predicted that the LMS market will be going from USD 9.2 billion to USD 22.4 billion within a couple of years. The growth rate would be somewhere around 19.6% CAGR.
There is no need to discuss if the LMS is necessary for the organizations today. But, are there any particular industries that would be explicitly benefitted from its use?
This article is written to answer this question. I will try to share my opinions on which companies in today’s market can use an LMS to make a considerable difference in their growth. Read between the lines to know more.
The education industry worldwide is predicted to grow at a Compound Annual Growth Rate( CAGR) of about 21.1% till the year 2025. The demand for digital tools for learning like online resources, recorded sessions; presentations was already there. But, after the pandemic, this market has seen considerable growth. All are searching for online courses from kindergartens to working professionals to make learning more accessible and better. LMS offers various features that educational institutions can use to enhance the learning experience they provide. So, LMS is a necessity for you if you are in the education industry.
This pandemic severely affected the economies of many countries worldwide. And many financial experts were worried about us going into recession again. This paves the way for an immense economic transformation. The financial services sector estimates around 20-25% of the world economy. Key players in the financial market like Deloitte, KPMG, and many more have been using LMS and onboarding software for a long time. But these days, these are a lot more than a convenience tool, and with cybersecurity breaches posing a threat, these software need to be used to equip your employees with the necessary training quickly. Organizations in this industry should look for onboarding software that helps to store all of their data securely and conveniently, while bringing down the cost of onboarding. Software like Bites Onboarding and Training can help a great deal.
The hospitality industry is thriving today, with a total net worth of around USD 570 billion. With millennials wanting to live their lives to the fullest, trends like traveling, fine dining across the globe, the hospitality industry has become very big. For organizations in this industry, training the employees is essential and quite challenging too. They need to have the best and the most professional workforce if they want to succeed. LMS with features like progress tracking and personalized training can be a game-changer here.
Another big industry that can benefit a great deal from the use of LMS is the legal industry. These organizations need to be on their toes all the time to retain and make new clients. Their workforce should be top-notch and at the best productivity levels. They need to be well aware of different laws, which has to be backed up well by good training. The LMS offers a tailor-made solution for this and can contribute a great deal to the organization’s growth.
THE BOTTOM LINE
Although the importance of using an LMS in the contemporary world is the same for all organizations, some can benefit a bit more than others by adopting the use of an LMS. This article was an attempt to highlight some of those. I hope it helped.