The Corporate Training by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Corporate Training, The corporate training market size has grown steadily in recent years. It will grow from $383.14 billion in 2023 to $400.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to emerging markets growth, increased learning and development budgets, increased penetration of digital platforms and increased demand for mobile-based learning.
The corporate training market size is expected to see steady growth in the next few years. It will grow to $485.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, rise in demand for soft skills and increasing investments by online educational institutions. Major trends in the forecast period include use of artificial intelligence (ai) to provide personalized learning experiences, technological advancements to aid in development of skills, use of augmented reality/virtual reality to create realistic simulations, strategic partnerships and acquisitions to improve financial strength and geographical presence, product innovations with focus on integrated solutions and metaverse technology to create collaborative learning environments.
During the forecast period, the increasing focus on soft skills will support the growth of the corporate training market. Soft skills are a combination of abilities related to people and social situations, rather than a person's technical abilities. Soft skills help a person to build and maintain relationships, navigate complex situations and achieve individual goals. In April 2023, according to a survey report, the ‘Future of Jobs Report 2023’, published by the World Economic Forum (WEF), the demand for soft skills is increasing and employers plan to focus on developing employees’ soft skills, i.e., leadership and social influence (40% of companies), resilience, flexibility and agility (32%) and curiosity and lifelong learning (30%). Further, in September 2022, according to a research report by Harvard University, the Carnegie Foundation and the Stanford Research Center, 85% of career success comes from having well-developed soft skills and people skills. Hard skills, including technical skills and knowledge, only make up 15% of career success. Therefore, the rise in demand for soft skills will support the growth of the corporate training market going forward.
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The corporate training market covered in this report is segmented –
1) By Training Programs: Technical Training, Soft Skills Training, Quality Training, Compliance Training, Other Training Programs
2) By Training Methods: Virtual, Face-To-Face
3) By Industries: Healthcare, Banking And Finance, Manufacturing, IT (Information Technology), Retail, Hospitality, Other Industries
Technological advancements are a key trend gaining popularity in the corporate training market. Major companies operating in the corporate training market are focused on developing new technological solutions to strengthen their position in the corporate training market. For instance, in July 2021, Adobe Inc., a US-based creative cloud and digital marketing company launched Adobe Analytics. This technology is a global program that provides in-demand data science skills to the future workforce. College professors and students will be able to utilize Adobe Analytics, the industry-leading consumer data analytics platform, for free as part of the next generation of the Adobe Education Exchange, as well as have access to the course curriculum with hands-on activities.
The corporate training market report table of contents includes:
1. Executive Summary
2.Corporate Training Market Characteristics
3. Corporate Training Market Trends And Strategies
4.Corporate Training Market analysis
5.Corporate Training Market Size And Growth
6. Corporate Training Segmentation
7. Corporate Training Regional And Country Analysis
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27. Corporate Training Competitive Landscape And Company Profiles
28.Corporate Training Key Mergers And Acquisitions
29.Corporate Training Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Skillsoft
- GP Strategies Corporation,
- Cornerstone OnDemand Inc.
- John Wiley & Sons Inc.
- Franklin Covey Co
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