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The US - compliance training market for financial institutions size is estimated to grow at a CAGR of 13.65% between 2022 and 2027. The market size is forecast to increase by USD 1,137 million. The report includes historic market data from 2017 to 2021. It also extensively covers market segmentation by courses (professional courses and introductory courses) and delivery mode (offline learning and online learning). This report also includes an in-depth analysis of drivers, trends, and challenges.
One of the key factors driving the US compliance training market for financial institutions growth is the emergence of cost-effective e-learning training modules. One of the main expenses of the organization is compliance training. The overall productivity of financial institutions highly relies on the training of new employees as well as the upgrading of the skills of existing employees. Hence, there is an increasing adoption of innovative methods by several financial institutions in the US to train their employees cost-effectively. Furthermore, the offline training method significantly contributes to the overall cost due to travel expenses, employee and trainer time, and facility charges. Thus, there is a significant adoption of online training due to the reduction of cost of printing instruction materials and assessment papers as well as the time required for training. Hence, such factors are driving the market growth during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Bankers Association: The company offers compliance training for financial institutions which provides day-to-day banking activities, explores critical compliance risk issues and topics, and learns decision-making through team-based exercises.
The US compliance training market for financial institutions in the report also includes detailed analyses of the competitive landscape of the market and information about 16 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The professional courses segment is estimated to witness significant growth during the forecast period. Professional courses can be referred to as domain-specific certification courses, including risk management professional certificate and risk regulation: There is an increasing participation of professional or advanced courses as they offer detailed descriptions and applications of financial compliance concepts by leveraging tools and techniques through exercises unlike introductory courses.
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The professional courses segment was the largest segment and was valued at USD 445 million in 2017. Several market players in the market are offering professional courses online and on an on-demand basis. For instance, NYIF offers a wide variety of professional certificate courses, including a brokerage operations professional certificate, a credit risk analysis professional certificate, an online professional certificate in asset management, and a financial modeling professional certificate. Furthermore, the company provides these courses using multiple delivery formats. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
A key factor shaping the US compliance training market for financial institutions growth is the introduction of gamification and simulation-based compliance training. Gamification is a primary trend that is increasingly adopted as it offers an immersive, engaging, and effective learning experience to trainees. There is a rise in the integration of gamification in training for financial institutions as it allows friendly competition and also supports the spirit of achievement, improves user engagement, and brings about considerable behavioral changes.
Moreover, this approach helps to eliminate the barriers related to learner engagement. Even though the concepts of gamification and simulations are an emerging trend, several market players are offering different compliance training solutions that gamify training activities for financial institutions. Some of the main training areas where they offer gamified training activities include Securities and Exchange Commission (SEC) compliance training, the Dodd-Frank Act, and the Fixed-Income Derivatives. Hence, such factors are positively impacting the US - compliance training market for financial institutions. Therefore, it is expected to drive the US compliance training market for financial institutions growth during the forecast period.
The availability of open-source training platforms is one of the key challenges hindering the US compliance training market growth. Some of the companies that offer free-of-cost introductory compliance training courses with basic modules online include 360training.com Inc. (360training.com), the American Bankers Association, and TalentLMS. Additionally, there are several companies that offer a wide range of open-source compliance training modules in the market.
Moreover, open-source companies offer query, reporting, and federal regulations-related training. Thus, the availability of such platforms significantly impacts the revenue of market players and their profitability. Hence, such factors are negatively impacting the US - Compliance Training Market for Financial Institutions. Therefore, it is expected to hinder the US compliance training market for financial institutions' growth during the forecast period.
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
US Compliance Training Market for Financial Institutions Customer Landscape
The US compliance training market for financial institutions report forecasts market growth and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
US Compliance Training Market For Financial Institutions Scope |
|
Report Coverage |
Details |
Page number |
117 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.65% |
Market growth 2023-2027 |
USD 1,137 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.87 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Bankers Association, Association of Certified Anti Money Laundering Specialists LLC, Bank Administration Institute, Compliance Resource LLC, Delinian Ltd., FINRA, FORVIS LLP, Learning Pool, Lorman Business Center LLC, MetricStream Inc., NAVEX Global Inc., New York Institute of Finance Inc., Redcliffe Training Associates Ltd., Regulatory Affairs Professionals Society, S.W.I.F.T. SC, and Thomson Reuters Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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