June 23, 2022 08:55 ET | Source: Persistence Market Research Persistence Market Research
New York, New York, UNITED STATES
New York, June 23, 2022 (GLOBE NEWSWIRE) — According to Persistence Market Research analysis, the Europe managed learning services market growth is predicted to expand at a high CAGR of 8.8% from 2022 to 2032. The report also forecasts that the market will surpass a valuation of US$ 85.3 Bn by the end of 2022.
Adoption of managed learning services has been rising in Europe owing to rising focus on effective workforce management and learning process digitization. Augmented and virtual reality are the products of technological advancement. Rapid growth in computing power with the accessibility of the required headgear has propelled the demand for virtual and augmented reality in the e-learning industry. This empowers professionals and corporate employees to train and learn like never before.
Shifting organizations’ preferences from traditional ways of learning and development, rising demand for automated systems and services, and the need to streamline employee learning management are propelling market growth. Growing trends for personalized and adaptive training experiences among L&D professionals are prevailing in the current learning environment. Rising requirements for a customized and tailored approach that matches the readiness and proficiency levels of learning professionals will address the future needs of employees.
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Key Takeaways from Market Study
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“Organizations with more than 250+ employees are opting for training outsourcing services. As a result, learning and development programs are becoming a high priority for business leaders in the European region,” says a Persistence Market Research analyst.
Demand for e-learning Fueling Managed Learning Services
The outbreak of COVID-19 shifted the ways of learning and development activities. The e-Learning market’s growth has been fueled by the increasing use of technology in education. The barriers created by work-from-home practices in terms of training, monitoring progress, and communication are supporting the growth of e-Learning platforms for small and medium enterprises as well as multinational organizations.
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Hence, to cater to the changing demands of working practices, organizations are focusing on the development of customized e-Learning solutions.
Multi-Vendor Management and Data Privacy Concerns Affecting Market Growth
Multi-vendor management is becoming a huge challenge for users of managed learning services (MLS), particularly in large enterprises across European countries. Inefficient management of multiple suppliers, especially in times of synchronized deliveries of development activities, often results in delayed deliverables.
Furthermore, data privacy concerns with external suppliers for critical training programs holding important data often result in security concerns. Outsourcing of cynical training activities following crucial strategy implementation is often a major challenge for enterprises across Europe, and may stunt demand for managed learning services.
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Persistence Market Research’s report on the Europe managed learning services industry is segmented into four major sections – service (training administration, procurement/supply chain management, and others), enterprise size (small & medium enterprises (SMEs), large enterprises), industry (banking & financial services & insurance (BFSI), consumer goods and retail, telecommunication & IT, healthcare, manufacturing, education, and others), and country (Germany, Italy, France, the U.K., Spain, BENELUX, Russia, and the Rest of Europe), to help readers understand and evaluate lucrative opportunities in Europe managed learning services demand outlook.
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