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. 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.
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.
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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.
The major microlearning vendors include 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). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations and acquisitions, to further expand their presence in the global microlearning market. These strategies have helped them innovate their offerings and broaden their customer base.
IBM (US) is one of the leading players in the microlearning market across the globe. The company offers a comprehensive microlearning solution to enterprises operating in various industries, including automotive, banking, chemical and petroleum, communications, consumer products, education, electronics, energy and utilities, financial markets, government, healthcare, insurance, life sciences, media and entertainment, metals and mining, retail, and travel and transportation. As a part of its growth strategy, in April 2018, IBM introduced IBM Micro Learning, which is designed to help Information Technology (IT) professionals and developers gain experience on a specific topic, quickly. IBM’s Micro Learning is an educational offering that provides quick labs for cloud professionals, developers, and managers.
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Saba Software (US) is another prominent player that offers microlearning solutions and services. The company is globally recognized for its comprehensive portfolio of solutions that include learning, performance, engagement, recruiting, and workforce planning. The company continually strives to offer innovative microlearning solutions and emphasizes on expanding its partner network to strengthen its foothold in the global microlearning market. In November 2018, Saba Software acquired Lumesse that provides talent acquisition, talent management, and learning experience technology in Europe, which will help strengthen its foothold in the European market.
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