As per the research at FMI, the microlearning market was valued at US$ 2.39 Billion and is expected to reach US$ 7.18 Billion by 2032, growing at a promising 7.18% CAGR. As covid-19 has pushed corporates to opt for remote work procedures, the need for upskilling the workforce with the latest technological innovations and equipping them with cutting-edge innovative technologies is a must. This fuels the growth of the microlearning market.
Microlearning involves various courses, including skill-based programs, result-oriented training and enterprise-specific programs, enhancing the workforce that improves the workflow. As the competition in industries rises, companies digitize their spaces and upskill their workforce. This skilled workforce enhances productivity and makes the work more efficient and easier, helping the business expand their space in new market spaces.
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Different elements of a business such as processes, compliances, security, machines, hardware and software are connected to technicians, IT experts, workers, drivers and other workers. Microlearning aware these workers about the various components of a company and their work, unifying them in order to get better results.
Integration of multiple technologies like artificial intelligence, AR, VR and gamification with the ed-tech platforms are expected the expand the microlearning market in new industries while making the learning easy, accessible and systematic. Lack of awareness and impetus amongst workers, along with low capital investment by corporate players, are declining the growth of the microlearning market as covid-19 has damaged various types of businesses.
KEY TAKEAWAYS:
- Manufacturing from the microlearning market’s vertical category is the biggest segment in the category and will hold the largest market space in the forecast period.
- On-premise from the microlearning market’s type category is the biggest segment in the category and will hold the prominence space in the forecast period.
- USA, Canada, Japan, China and Europe hold a 6% CAGR that is estimated for the slurry segment of transporting media category.
- Asia Pacific is the emerging market space in the microlearning market, attributing to the higher return on investment (ROI), talent development and increased upskill training.
- The market size for the microlearning market in China is expected to reach US$ 1.16 Billion by 2032, growing at a CAGR of 11.8% during the research period.
- The market size of the microlearning market in the United States is expected to reach US$ 1.66 Billion by 2032.
- Canada’s microlearning market is expected to thrive at a CAGR of 10.4% over the forecast period.
- Japan’s microlearning market is expected to flourish at a CAGR of 10.8% during the research period (2022-2032).
- Germany is anticipated to grow slowly at a CAGR of 8.9% between 2022 and 2032.
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COMPETITIVE LANDSCAPE:
Some of the microlearning market’s key competitors profiled in the research are Qstream Inc, AlertDriving, Aptara Inc, Axonify Inc, Bigtincan, Cornerstone, Epignosis, IBM Corporation, Mindtree.com, pryor.com, Saba Software, SwissVBS, Gnowbe, mLevel and Neovation Corporation.
Recent Developments
- Qstream is an enhanced microlearning software leader that engages the sales component of the company, enhancing the learning and development programs. This pushes the sales of microlearning software.
- Cornerstone OnDemand Inc has introduced its acquired cluster and microlearning software that is integrated with technologies like AI and Machine learning. This fuels the demand for microlearning softwares.
- Mindtree.com has upgraded its microlearning software that engages attention span with engaging learning module, increasing the sales of microlearning software platforms.
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