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Nowadays, Learning Management Systems (LMS) are in high demand as educational software. The global LMS market is believed to experience a 2.3-fold increase over the next five years, with an estimated value rising from $18.7 billion in 2022 to $46.3 billion in 2027. LMS development services offered by modern tech providers allow the creation of faster and more intelligent learning experiences by implementing robust and scalable solutions. As such, the question arises: what should be considered to create an LMS and take advantage of this significant opportunity?
At Geniusee, we believe that exceptional products result from two critical elements: a finely-tuned development process and an experienced team to execute it. Our engineers developed different LMS systems to pinpoint primary success factors. As a result, we have prepared a comprehensive article with current trends and significant steps for creating a customized LMS in 2023.
Photo credits: https://geniusee.com/single-blog/developing-e-learning-products
Top 5 Industries That Have Unexpectedly Embraced LMS Platforms
LMS and Employee Growth
The IT industry has always been quick to embrace new technologies, and eLearning solutions are no exception. Corporate LMS has become popular due to its efficiency in training employees, tracking progress, and helping organizations stay competitive.
LMS for the Insurance Industry
LMS sites’ micro-learning and video illustration features help the insurance industry thrive, especially during the pandemic-induced changes. Insurance companies can better manage these changes and compete in the global market by providing better employee training. LMS integration within the industry is a valuable asset for businesses.
LMS for Health Industry
The healthcare industry will become a significant player in the LMS market of post-COVID-19 era. Integrating a healthcare LMS into the system can facilitate the provision of appropriate training to employees. Furthermore, with training, management can easily monitor employees’ progress and evaluate their skills, improving healthcare services overall.
LMS in the Hospitality Industry
The hospitality LMS market has experienced notable growth due to the industry’s need to adhere to strict compliance guidelines for customer safety and security. With the added burden of new sanitization and social distancing practices, LMS has become essential for efficiently training employees on compliance rules and regulations.
LMS in the Financial Industry
The pandemic also reshaped the economic landscape, prompting various economic institutions to adopt modern technologies such as LMS. Financial institutions can easily keep track of their data by using a centralized system like an LMS and enhance their overall security. LMS can also be integrated into a larger centralized system to provide simple record-keeping and automatization of your audit trail.
Types Of Learning Management Systems
Server-Based LMS:
The server-based LMS is installed on the owner’s server and is accessed by users through their web browsers. It was the first type of LMS developed and is still popular among universities. Large corporations also opt for this type because they prioritize having full control over their systems and data security.
However, there are some downsides to using server-based LMSs, such as the cost of acquiring a server and software and hiring an administrator to maintain it.
Cloud-Based LMS
Cloud solutions are the most common type of platform for distance learning. Because of their simplicity, they are the choice of private online school owners and business leaders to enhance corporate learning. With this approach, purchasing and administering a server is unnecessary since all content is stored “in the cloud,” and you simply pay for its rent.
Both ready-made software products and systems on the LMS market can be improved by adding new functions based on the goals and specifics of training. Using ready-made solutions, you must adapt to their capabilities, consider the existing limitations, and follow the standards. Therefore, most firms and educational institutions increasingly implement an open-source system.
Must-Have Custom LMS Features
To determine which features are necessary for your LMS system, it is important to clearly understand the tasks it should address. Integrating various services is straightforward during the development of a learning management system. For instance, a webinar organization service can be integrated with Zoom and other popular online conferencing tools. It is also possible to configure integration with email services and instant messaging, as well as the addition of telephone support. At the user’s request, integration with other third-party plugins and modules can be added.
The system should be easily scalable, allowing for the creation of complete courses for individual training and large audiences. A well-designed LMS system should simplify course creation, thanks to a user-friendly administrator interface and a system of prompts.
We highlighted the key LMS features you should consider:
- Course Management (Courses -> Modules -> Lessons)
- Test/survey management (interconnected with Courses/Modules/Lessons)
- Mini-landing page management for each online course
- Course progress monitoring (including examinations, grading, and certificate issuance)
- Video insertion from YouTube channels and Vimeo into lessons, with video viewing threshold settings and achievement result tracking
- User base, personal accounts, and statistics collection
- Forum management (with separate forums for Courses/Modules/Lessons and access restrictions at course completion)
- Integration with payment systems
- Integration with mailing systems.
Before developing MLS, ask yourself: will my company benefit if my personnel improves their skills with the help of internal learning tools? Will the organization reduce costs with the help of custom LMS development? Or maybe it is possible to build a learning system for external users? Geniusee, as an LMS development company, can create a fully custom LMS for you. It does not matter if it’s a simple, complex, or tricky LMS development service, we are ready to take the challenge!
