The Forrester Wave™: Learning Management Systems And Experience Platforms, Q4 2025
Vendors or products added in this year’s report may indicate a change in the market, change in evaluation criteria, or change of focus by the vendor.
Vendors or products dropped from one year to the next may indicate a change in the market, change in evaluation criteria, or change of focus by the vendor.
No vendors were dropped in this report.
Anthology (Blackboard) is making inroads into the corporate market from its traditional K-16 education offerings but does not yet have sufficient market presence for inclusion. LearnUpon is a key player with growing enterprise market share but did not meet the revenue threshold ($60M USD annual revenue requirement). Meridian Knowledge Solutions was included in prior Wave evaluations but its primary focus is on federal and state government market rather than the broader corporate market required for this evaluation.
A: Vendors must meet specific inclusion criteria to be evaluated in the Forrester Wave, including: broad enterprise-level support, availability as a standalone product with its own SKU and pricing, at least $60 million USD in annual revenue from their LMS/LXP product in the last four quarters, mindshare among Forrester's enterprise clients, and recognition as a competitor by other vendors. Vendors may appear in one year and not the next due to: not meeting revenue thresholds, changes in market focus (e.g., shifting from corporate to education or government markets), lack of sufficient enterprise market presence, or being acquired/merged with other companies. Additionally, vendors that decline to participate in the full evaluation process may still be scored using publicly available information and secondary research.