Cloud-based LMS platforms are hosted on remote servers and are accessible from any device with an internet connection. They are preferred for their scalability, automatic updates, and easy accessibility. However, they may offer limited control as well as customization, and data security. Self-hosted LMS platforms, on the other hand, are installed on an organization's own servers and offer more control and customization options. These platforms are usually managed by the organization's IT team, which also means they require additional resources for maintenance.