Market Insights Reports delivers key insights on the Microlearning market in its latest report titled, “Microlearning Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2025)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report
The microlearning market is expected to register a CAGR of 14.2% over the forecast period (2020- 2025).
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Top Key Players in the Global Microlearning Market are Mindtree Limited, IBM Corporation, SwissVBS, Axonify Inc, Bigtincan, Saba Software, iSpring Solutions Inc., Epignosis, Qstream, Inc., Cornerstone OnDemand, Inc., and others.
Industry News and Update:
– May 2020: Qstream, a microlearning software leader for engaging sales teams in mobile sales learning programs was recognized among the 2020 Top Training Company for the sales training sector of the learning and development market.
– January 2020: Cornerstone OnDemand, Inc., announced that it acquired Cluster, a French technology company that developed an AI-powered skills engine and extensive skills ontology, used by leading global brands, including Carrefour and SNCF.
Key Market Trends:
Gamification of Training and Education to Drive the Market Growth
– The expedited growth of microlearning is due to an increase in the number of smartphones and mobile devices that have directly created a vast base for gamification in the microlearning market. This growth is supported by the high recognition of gamification systems as a method to architecture human behaviour to induce innovation, productivity, or engagement.
– An HBR article identifies that gamification also helps in customer retention and increases customer retention rates by 5%, increases profits by 25% to 95%, and can fetch better results for the businesses. Brands can provide scannable codes on the products, and on scanning the code, the customer can avail of a certain number of loyalty points.
– Enterprise gamification in training, productivity, and skill enhancement are expected to witness substantial growth during the forecast period. Organizations have shown a heavy inclination toward collaborative systems, which do not create a competitive environment, as they are widely considered counterproductive.
– Gamification in microlearning solutions is also functioning as a handy tool for increasing the overall productivity of employees by using various methods, such as rewards for task completion in case of project management or data contribution or access, in case of knowledge management. However, the industry is also facing an absence of standardized guidelines for the application of gamification due to the lack of a substantial amount of academic research in the area.
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North America is Expected to Hold Major Share
– The North America eLearning market accounts for nearly 40% of the industry share. It is increasing due to the fast-technological adoption by numerous organizations to provide adequate training to its employees. The growth of e-learning will provide immense opportunity to microlearning providers in the region.
– The organizations in the region are attracted by gamifications ability to raise engagement and loyalty, measured in time, on-site, repeat visits, and viral distribution by an average of 30%. Apart from participation, gamifications revenue effects are also impressive. American multinational software company, Autodesk, raised its trial usage by 40% and conversion rates by 15% while Extraco Bank raised its customer acquisitions by 700%.
– Another influencing factor is the increased penetration of digital devices. According to GSMA, the number of smartphone subscribers in North America is expected to reach 328 million by 2025. Moreover, by 2025, the region may witness an increase in the penetration rates of mobile subscribers (86%) and the internet (80%), the second-highest in the world. Increased device penetration will have a positive impact on the virtual reality market in the region.
– According to a report from IBM, 75% of Gen Zers prefer to use a smartphone as compared to other mobile devices. So, a mobile-focused training strategy in microlearning will grow in the future to interest them in learning. Changing economic, social, and behavioural aspects such as these leading to acceptance of technology at an exponential rate will only boost the market growth of microlearning in the region, making them sustainable solutions.
This Global Microlearning Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2025
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place.
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