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The Global Learning Experience Platform (LPX) Market was valued at USD 637.15 Million in 2021 and is projected to reach a value of USD 4850.67 Million expanding at a CAGR of 25.4% during the forecast year.
The learning experience platform is a consumer-grade learning platform which assists users to explore new learning opportunities and let them create more personalized learning experiences. By integration of learning contents from various sources, suggesting and deploying them through the digital touchpoints, such as desktop applications, mobile learning apps, and others, with the aid of artificial intelligence, this platform works.
The learning experience platform is also an updated version of the learning management system which has vastly improved and strengthened the existing organizational learning systems. Learning experience platform is a socially inclusive and highly insightful online platform and also a superior option for organizational learning, since the corporate learning has continued to grow.
Learning Experience Platforms can also include and coordinate with a wide range of content. The learners have more options than ever before when it is about their learning interests. The LXP platform has the advantage of being seamlessly incorporated into any existing platform that can enhance the user’s experience.
LXPs purchases innovative digital technologies to tackle a wealth of internal digital learning assets, external 3rd party content, and user-generated resources in order to deliver highly customizable learning. When the data is the focus of an enterprise's Learning & Development (L&D), LXPs helps the companies to effectively manage more digital disruptions that occurs across the workforce.
Market Dynamics of the Market
The market dynamics that are driving the growth of the Learning Experience Platform Market, includes, Skills-based learning, usage-based recommendations, AI-based content analysis. The world’s most prominent businesses, such as, SAP, Microsoft, and Comcast currently uses LXPs to train their employees.
The new LXP systems have a range of advantages over traditional LMS and these advantages translate into real-world business outcomes. People can use LXP to quickly find related data and integrate it into a job-related issue. Employees have become more active and the information retention has increased because of LPXs.
One of the major market dynamic is the growth of internet and mobile technology. According to a survey, the number of smartphone users around the world has increased which has resulted in an increase in mobile data use. There are certain factors that are increasing the market for online learning. The market is expanding because of the rise in demand for technology-enabled teaching and training.
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With the available course materials for education and preparation of students or workers has increased dramatically in recent years. Employees and students have received training and education from eLearning industry leaders in collaboration with content providers.
The consumer demand is highly driven by the versatility of learning from remote locations. Also, the rapid technological change and disruption in technologies have created a huge demand for upskilling and reskilling so that LPXs remain competitive in the job market. Thus, the demand for professional courses through an e-learning platform has grown immensely. These are the market dynamics that has driven the growth of the LPXS market.
Key Features of Learning Experience Platforms
The distinguishing feature of LPXs is that they include sophisticated content discovery capabilities and the learners from these platforms are not restricted by any canned catalog content. They can seek out interesting content for themselves and also be guided towards relevant content by the platform.
Extensive integration capabilities are one of the key feature that enable connection to a much-varied set of ecosystems because of which learning can be furthered integrating AI with LXPs which can enhance learning experiences even further. Communication widgets and gadgets, such as, Learning Bots can also help to customize unique learning paths for employees and can serve as a personalized learning assistants.
Another key feature is the rich learning experience through deeper personalisation. It provides the ability for a richer learning experience through deeper personalization and more wide-spread learning opportunities. On integrating LPX with other platforms, such as, Google Services, YouTube, Social Media, and Communicational tools, such as, communication leader Slack, LXPs has extended the learning experience beyond the corporate learning system.
Impact of COVID-19 on the Market
COVID-19 had a positive impact on the Global Learning Experience Platform Market. As during the pandemic, due to severe lockdown measures and social distancing, people avoided stepping out of their houses. Everything was based online. Thus, the online mode ignited the growth of the LPX market. Covid 19 developed and the industry players planned some business strategies to overcome the challenges they can face because of the pandemic.
Major Players of the Market
Every market has its major key players. Some of the major key players of the Global Learning Experience Platform Market includes,
Regional Segmentation of the Market
North America has dominated the LPX market. The rise in demand for gamification and the adoption of cloud-based services by businesses has provided significant growth opportunities for the North America’s LPX market during the forecast period. Thus, North America is a major contributor to market growth.
On the other hand, Europe holds the second-largest position in the LPX market because of its developments. Certain platforms in Europe region can assist businesses while dealing with content overload and aligning skills-based learning with organizational goal. It helps in driving the market growth in Europe.
Asia Pacific is also expected to register the fastest growing CAGR during the forecast year because of a rise in the adoption of electronic-based educational technology among large and medium-sized organizations.
On the basis of Learning
On the basis of Deployment Mode
On the basis of Enterprise Size
On the basis of End Users
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