Allied Market Research published a report, titled, “Corporate Training Market by Training Program (Technical Training, Soft Skills, Quality Training, Compliance, Others Training Program), by Industries (Retail, Pharmaceutical And Healthcare, Financial Services, Professional Services, Public Enterprises, Information Technology, Others Industries), : Global Opportunity Analysis and Industry Forecast, 2019-2030″. According to the report, the global corporate training industry generated $332.9 billion in 2020, and is anticipated to generate $487.3 billion by 2031, witnessing a CAGR of 8.0% from 2022 to 2031.
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Prime determinants of growth
The increased penetration of the digital platforms supported by the rising penetration of internet, surge in adoption of smart devices, developing information technology and telecommunications platforms, and rapid emergence of virtual corporate training platforms drive the growth of the global corporate training market. Benefits associated with the virtual training method such as decreasing the training cost by mitigating the trainees’ travel & lodging expenses, flexibility for training schedule, and enhanced motivation of trainees and others are expected to provide lucrative opportunities for the growth of the market.
Key players operating in the global corporate training market have adopted developmental strategies such as introduction of new training methods, and different training programs to strengthen their foothold in the market, in terms of value sales. They emphasize on continuous innovation to formulate new training methods and gain a competitive edge in the global market and to boost the demand for corporate training in various industries.
According to the key market players, growing demand of micro-learning and use of gamification across the corporate sectors will boost the growth of the corporate training market. These players are focused on investing in R&D activities to offer easy and effective ways to train employees of corporate sectors and maintain their position in the market.
According to some key corporate training players, emergence of cost-effective e-learning training module is anticipated to fuel the growth of the market across the globe. Moreover, key manufacturers are providing training programs including soft skills, sales training, compliance training, technical training and others, in order to enhance trainee’s skill sets and making them more efficient and productive at the workplace. However, budget concern of corporate sectors is expected to hamper the market growth in terms of value sales.
The market dynamics changed rapidly and the whole globe shifted online. The virtual training came under the spotlight. The key market players invested heavily on the digitization of their businesses. The corporate world started adopting the virtual platforms for the purpose of providing training to their employees, which significantly fostered the growth of the virtual corporate training segment. The increased penetration of the digital platforms supported by the increasing penetration of internet, rising adoption of smart devices, developing information technology and telecommunications platform, and rapid emergence of virtual corporate training platforms across the globe are some of the significant factors that are held responsible for the growth of the corporate training market in the past couple of years. The rising trend of work from home and a significant shift towards the digital technologies is expected to sustain its position in the market in the foreseeable future and boost the growth of the market during the forecast period.
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Leading Market Players: –
- Business Training Library, Inc.
- City and Guilds International Limited
- Cornerstone OnDemand, Inc.
- D Two L
- Franklin Covey Co.
- GP Strategies Corporation
- Simplilearn Solutions
- Skillsoft
- Wilson Learning Worldwide, Inc.
Key findings of the study
- By training method, the face-to-face segment accounted for the highest corporate training market share in 2019, growing at a CAGR of 13.9% from 2021 to 2030.
- By training program, the technical training segment accounted for the highest market share in 2019, growing at a CAGR of 6.9% from 2021 to 2030.
- By industry, the pharmaceutical and healthcare segment accounted for the highest market share in 2019, growing at a CAGR of 6.6% from 2021 to 2030.
- By region, North America occupied maximum share in the corporate training market in 2019 and is expected to grow at a CAGR of 7.0% from 2021 to 2030.
As per the corporate training market trends, the virtual segment is expected to witness a significant growth during the corporate training market forecast period, owing to benefits associated with the virtual training method, which includes decreasing the training cost by mitigating the trainees’ travel & lodging expenses, provides flexibility for training schedule, enhances the motivation of trainees and others.
The soft skill segment is expected to witness a significant growth during the forecast period. This is attributable to the fact that employers tend to favor employees with soft skills as these skills are transferrable to any position and help in creating collaborative, productive, and healthy work environment, and all-important attributes for organizations. This is making it popular among the corporates, which in turn is contributing to the growth of the corporate training market.
Furthermore, by industry, the FMCG/retail segment is anticipated to be the fastest-growing segment, in terms of value sales, during the corporate training market forecast period, owing to rise in corporate investments in the staff and employee training in the retail sector to improve sales and achieve customer satisfaction. Soft skills training is an essential part of both ITES and BPO Training. The BPO industry needs a lot of skilled and trained employees so that it can provide quality services, as it provides them with the skills to solve the problems of the customers or at least are trained in the art of solving problems. Thus, increase in the adoption of training in this sector, in turn is boosting the corporate training market growth.