2024 Microlearning Market | Business Size, Share, Opportunities, Future Trends | Top Key Players, Market Share
According to a research report “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” published by MarketsandMarkets. The increasing need for efficient training of deskless and mobile workers across industries is expected to drive the growth of microlearning market across the globe. Furthermore, microlearning solution empowers organizations to offer skills-based and result-oriented training to their stakeholders including employees, workers, and channel partners. These benefits are driving the adoption of microlearning solutions across industries globally.
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By vertical, the manufacturing vertical to be a significant contributor in the microlearning market during the forecast period
Microlearning in the manufacturing and logistics industry focuses on increasing efficiency, maintaining/improving quality, and complying with safety policies. Skilled technicians can greatly improve the efficiency of the manufacturing and logistics operations, and the quality of the final product. By leveraging microlearning, employees can learn content by staying on their working premises, thus increasing the overall business productivity. A short burst of training lessons is used by technicians, factory workers, drivers, and other staff members to get quickly aligned with machines, processes, and compliances.
On-premise type to hold the highest market share during the forecast period
The on-premises microlearning solution is deployed on the server of the client organization; however, the user or buyer needs to acquire a license to use the microlearning solution, which is also customizable. The setup and maintenance are taken care of by the internal IT staff of the buyer, who has full control over the microlearning solution. The on-premises microlearning solution enables enterprises to create, store, and deliver business-critical data and control access to training programs. The percentage share of on-premises microlearning solution is decreasing, as these applications demand high-initial investments and long-term developer commitment. The on-premises microlearning solution is used by enterprises in which the continuous availability of a learning system is significant for the business process outcome. With the deployment of an on-premises microlearning solution, enterprises get greater control over the investments made for setting up the infrastructure, as it decreases the overall network cost.
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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.
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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