According to a research report "Microlearning Market by Component (Solution and Services), Organization Size, Deployment Type, Industry (Retail, Manufacturing and Logistics, BFSI, Telecom and IT, Healthcare and Life Sciences), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global 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. 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 microlearning market.
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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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