Increasing use of smart phones and social media platform by employees in organization is rising the demand for better method of employee engagement to increase the productivity thus, increasing the demand for social learning platform market. Rise in adoption of bring your own device policies by organizations is driving the social learning platform market growth. Also, organizations are opting e-learning services for educating and training their employees owing to the incurring expenses of the traditional teaching methods, driving the demand for social learning platform market.
Other factors driving the adoption of social learning platform in organization is it encourages self-organization among learners and effective collaboration among employees. However, cost of integrating social learning platforms in organization is high thus, it is restraining the growth of social learning platforms. Contrarily, rise in technological advancement in e learning platform and investments in digital learning is encouraging the growth of social learning platforms.
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Impact of COVID-19 on Social Learning Platforms Market:
➢ The COVID-19 pandemic has acted as a catalyst for the development of automation technologies by global companies, especially in the area of drones for the purpose of surveillance and medicine delivery, IT industry.
➢ The unprecedented economic impact of COVID-19 on demand and supply, along with implications on geopolitics, and globalization, will influence the future of automation.
➢ The coronavirus pandemic may drive enhancement of automation, digitalization, and artificial intelligence (AI) in the automobile sector in post COVID era in order to improve resilience to future pandemics.
➢ In a situation like this, automation and robotics could reduce dependence on human labor and increase productivity, preventing the chances of future plant shutdowns.
➢ In addition to this, IoT, AI, and digitalization will become extremely relevant going forward and are going to define the new way of working. This lockdown provides us an opportunity to adopt these new trends, thus increasing the opportunities for the social learning platform market in the upcoming years.
Organizations have already started integrating social media into marketing and communication strategies as the data gathered from social media enables marketers to identify global trends and analyze statistics. Similarly, a social learning management system with built-in social media functionalities can be effectively leveraged by learning and development (L&D) personnel to improve the quality and experience of online training programs. It can engage learners via social learning platforms making online training highly engaging and collaborative for employees.
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Every business is trying to optimize its conversion rate. They implement strategies Learning with employees in a work environment can be a fundamental part of the learning process. But it is hard for human resource managers to encourage employees to participate, especially in an online environment. Therefore, most social learning platforms, like Stream LXP allow learners to create discussion by gamifying the social process to encourage quality contributions. Having made a connection with a theory, idea or activity, learners are then motivated to create a commentary on their thought processes.
Learners and managers are also encouraged to curate the best conversations as well as vote, bookmark and recommend the most popular ideas and opinions. The gamification features, such as points, levels and badges, exist to nudge participants through the learning process and rewards users who interact regularly using the social functions. Thus, with the integration of gamification and forum discussion allows better employee engagement in employees and drive the growth of social learning platforms.
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Applications such as Facebook, Twitter, LinkedIn, and other tools allow people to easily interact with friends and other similar-minded people, across the globe. For instance, LinkedIn and Facebook both have groups where people with similar interests or who work in similar areas can connect and talk about pressing issues. They can seek and give advice, help one another and learn from other people in similar professions.
Leading Market Players:
➢Tovuti.
➢ Cornerstone OnDemand, Inc.
➢ SAP Litmos LMS
➢ SkyPrep
➢ Saba Cloud
➢ Thought Industries Inc.
➢ Bridge LMS
➢ TalentCards
➢ eFront
➢ Docebo
These players have adored various strategies to increase their market penetration and strengthen their position in the industry. Current and future Social Learning Platforms market trends are outlined to determine the overall attractiveness of the market.
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