Global Learning Experience Platform (LXP) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Learning Experience Platform (LXP) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A learning experience platform (LXP) provides a personalized, social, online learning experience for users, typically employees at large enterprises. It consolidates disparate learning resources into a single portal. These customizable solutions help companies provide their employees with personalized and intuitive learning experiences. LXPs are sometimes called Netflix-style learning because relevant content is easy to locate and use from computers and mobile devices. LXPs provide companies with learning libraries that include access to internal and external course catalogs, videos, podcasts, blogs, articles, and so on. LXPs allow employees to access relevant content via adaptive learning paths for personalized skill development.

LXPs are single-point-of-access, consumer-grade systems composed of integrated technologies for enabling learning. They can do many tasks, such as curating and aggregating content, creating learning and career pathways, enabling networking, enhancing skill development, and tracking learning activities delivered via multiple channels and content partners. By delivering on a central platform, LXPs enable businesses to provide an engaging and learning-rich experience.

Market Overview:

The latest research study on the global Learning Experience Platform (LXP) Software market finds that the global Learning Experience Platform (LXP) Software market reached a value of USD 1663.75 million in 2022. It’s expected that the market will achieve USD 12800.84 million by 2028, exhibiting a CAGR of 40.5% during the forecast period.

COVID-19 validated the importance of that approach, said Michael Molinaro, New York Life chief learning officer, allowing the firm to nimbly adjust to a rapidly changing workplace environment in ways that would have been more difficult before. “Since we were early adopters of LXP technologies, we understood the potential to quickly curate and publish content relevant to the shift we needed to make to enable our employees to work at home,” he said.

One in seven of the company’s 4 million users activated their account between April and May 2020 alone, according to Sarah Danzl, Degreed head of communications, and several large clients sped up their investment in response to remote working. The company expects to see further growth in the third and fourth quarters of this year, she added.

Degreed also made some shrewd moves in the midst of the pandemic. The company opened up access for free to nine learning pathways on topics such as resilience, mental health and wellbeing, virtual collaboration and remote working. That served a dual purpose: helping those struggling through the pandemic and bolstering the company’s market position. “Being able to point to content that was helpful put us more into a mission critical status than we may have been seen earlier,” said Janice Robinson Burns, Degreed chief career experience officer.

The crisis was a watershed moment for many companies, said Red Thread’s Johnson. Some organizations fell back to traditional approaches and focused on content while others used the moment to accelerate their technology transformation. “We’ve separated those that are ready for this change from those that aren’t ready for this new way of thinking really fast,” she said.

“Since very few employees worked at home full time prior to this, it was a massive shift in approach, knowledge and skills needed to transition successfully,” Molinaro said.

In a word, the COVID-19 pandemic has enhanced the demand for virtual tutoring, video conferencing tools, language apps, online learning software, and is, in turn, flourishing the Learning Experience Platform (LXP) Software market growth, which is conductive to the development of the industry.

Technological Revolution

LXP and conventional approaches to digital transformation largely embraced the digitization of existing content and processes. That typically meant converting what’s already there and giving users a new experience by wrapping the existing with new digital user interfaces. But new technologies, like Data Analytics, Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR), have changed all of that.
These new-era developments have drastically changed how content is produced – especially in a learning context. The availability of high-speed data transmission, higher-quality chips and processors, cloud computing services and mass storage solutions have opened new venues for content producers to channel their creativity. As a result, learning platforms too have embraced those opportunities to deliver newer experiences to their constituents.
But revolutions in technology have also meant that it’s now a lot easier to create content – usually of higher-quality than before. And because innovations in technology have made scaling content creation more practical, content is produced more cost-effectively as a result, which has a positive impact on the LXP software, and is conducive to the development of the industry

Development of substitutes

LMS and LXP have similar functionality and the same target audience. Both are used to disseminate learning programs; both provide options to track progress and certifications/achievements and finally both fall roughly within the same ambit of driving new skills. There are many advantages or benefits of using a Learning Management System (LMS). Broadly they run the gamut from increasing efficiency to creating a framework to communicate and develop culture. Learning Management System (LMS) is a common industry term. It’s what most people think of when they think of a training platform. The traditional approach, an LMS is the software where you house, deliver, and track your training content. Learning Experience Platform (LXP or LEP) is a newer term by comparison. Basically, compared to LXP, LMSs are better suited for mandatory training, like compliance, because learners must complete specific, predetermined steps to be successful. In an LXP, the learner steers the ship and instead focuses on seeking out their own personal interests and professional development. That’s why LXPs are considered more experience-driven, whereas LMSs are more about compliance and checking those mandatory boxes.
All in all, the continuous development of the alternative has seized the market share of Learning Experience Platform and brought challenges to the development of industry

Region Overview:

In 2022, the share of the Learning Experience Platform (LXP) Software market in North America stood at 67.23%.

Company Overview:

Degreed is one of the major players operating in the Learning Experience Platform (LXP) Software market, holding a share of 16.78% in 2023.

Degreed

Degreed, Inc. operates an online platform. The Company offers learning services such as tracks, measures, and validates learning. Degreed serves platform to individuals and organizations.

SkillSofta

SkillSoft Corporation provides cloud-based learning solutions. The Company offers enterprise courseware, including project management, IT certification, web training, business communication, desktop skills courseware, and the skillport learning management system. SkillSoft markets its services internationally to enterprise companies, government, and education agencies.

Segmentation Overview:

Among different product types, Cloud Based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Learning Experience Platform (LXP) Software market covered in Chapter 3:

Cornerstone
Fuse
EdCast
IBM
SkillSofta
LinkedIn
Degreed

In Chapter 4 and Chapter 14.2, on the basis of types, the Learning Experience Platform (LXP) Software market from 2018 to 2029 is primarily split into:

Cloud Based
On Premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Learning Experience Platform (LXP) Software market from 2018 to 2029 covers:

Healthcare
BFSI
Chemical
Construction

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)