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The corporate compliance training market size is estimated to grow at a CAGR of 9.52% between 2022 and 2027. The market size is forecast to increase by USD 3,705.25 million. The report includes historic market data from 2017 to 2021. It also extensively covers market segmentation by type (online and blended), end-user (large enterprises and SMEs), and geography (North America, Europe, APAC, Middle East and Africa, and South America). This report also includes an in-depth analysis of drivers, trends, and challenges.
One of the key factors driving the corporate compliance training market growth is the increasing inclination of organizations toward customization. There is an increasing focus by several enterprises on developing customized business ethics courses or codes of conduct to help reinforce the ethical culture throughout their organization. These enterprises are constantly seeking solutions that enable them to create course content that is specific to their employees' needs. As a result, several organizations are working closely with market players such as Syntrio Technologies, which offers customized compliance training content development facilities to their customers through their subject matter experts. Some of the main market players that offer customized compliance training include Skillsoft Corp., Interactive Services, and Peak Compliance Training. With customized solutions. Hence, such factors are expected to drive 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.
360training.com Inc: The company offers corporate compliance training solutions such as an anti-trust comprehensive course, conflicts of interest course, and federal acquisition regulation course.
The corporate compliance training market report also includes detailed analyses of the competitive landscape of the market and information about 20 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.
North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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One of the main factors that is significantly contributing to the growth of the global corporate compliance training market in North America is the increasing spending by multinational companies (MNCs) on training. Additionally, due to the growing complexity of businesses and the increasing presence of MNCs, the spending on training is expected to continue in the region in the coming years. Additionally, there is a growing focus by several enterprises in the region on incorporating new developments in corporate training methods.
Furthermore, the rising adoption of online training by several enterprises with a focus on the connected and collaborative training environment is expected to positively impact the corporate compliance training market growth in the region. Furthermore, the demand for cloud computing is increasing as several companies are enhancing the existing infrastructure to migrate to cloud-based services. There is a rising adoption of cloud software, including next-generation learning management systems (LMS) among enterprises which are extensively used for content management, collaboration, and performance management. Hence, such factors are expected to drive the market growth in the region during the forecast period.
The online segment is estimated to witness significant growth during the forecast period. Compliance training is an essential aspect of any organization as it helps to boost employee productivity, broaden training opportunities, improve the efficacy of instruction, and motivate employees to remain updated with respect to compliance policies. There is an increase in investment by several organizations offering advanced training to employees on online learning against basic training programs.
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The online segment was the largest segment and was valued at USD 2,428.05 million in 2017. Additionally, several compliance professionals are incorporating various formats such as videos, audio, and simulations to impart training sessions in order to retain the attention of employees during traditional compliance training sessions. Additionally, the introduction of smartphones into workspaces has enabled employees to access compliance training through various mobile games and apps. Furthermore, mobile analytics enables organizations to gather actionable insight into critical learning patterns and employee interaction with the content. The data collected offer a strong base for them to customize training content with learner requirements and optimize benefits. 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 global corporate compliance training market growth is the increased adoption of gamification. There is a growing adoption of gamification due to its numerous advantages including increased employee engagement, instant feedback mechanism, increased employee motivation, and freedom for users to learn from mistakes. Several activities that stimulate our body or mind, including games, help to release a hormone called endorphins.
Moreover, the main advantage of the secretion of these hormones is that it results in increased knowledge retention and learning motivation. Therefore, the adoption of gamification in corporate training offers much-needed knowledge retention and employee engagement. Additionally, the gamification of corporate online training offers instant feedback which enables employees to learn from his/her mistakes. Hence, such factors are positively impacting the market growth.
The commercial unavailability of big data tools is one of the key challenges hindering the global corporate compliance training market growth. The main significant issue is that the compliance officers require IT systems which makes it difficult for them to offer granular information about compliance status within the organization and do a thorough analysis for reporting. Additionally, it is observed that the available IT facilities for Chief Compliance Officers (CCOs) are not sufficient to properly do the job.
Moreover, several companies usually offer in-house developed tools and desktop software for compliance reporting, monitoring, and effectiveness measurement. Furthermore, the advanced predictive analytics tools that cater to the specific needs of each organization are not readily available. Hence, such factors are negatively impacting the market growth. Therefore, it is expected to hinder the market 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.
Global Corporate Compliance Training Market Customer Landscape
In 2020, during the COVID-19 pandemic, the growth of the global corporate compliance training market witnessed a significant slowdown due to the temporary closure of organizations and enterprises as well as decline in job opportunities in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of enterprise operations. Such factors are expected to drive the market during the forecast period.
The corporate compliance training market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Corporate Compliance Training Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.52% |
Market growth 2023-2027 |
USD 3,705.25 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.96 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
360training.com Inc., Anthology Inc., City and Guilds Group, Cornerstone OnDemand Inc., EI Design Pvt. Ltd., iSpring Solutions Inc., John Wiley and Sons Inc., KnowBe4 Inc., Learning Technologies Group Plc, LRN Corp., LSA Global LLC, NAVEX Global Inc., NetZealous LLC, OpenSesame Inc., OutSolve, SAI Global Pty. Ltd., Skillsoft Corp., TrainingFolks, Trupp HR Inc., and upGrad Education Pvt. Ltd. |
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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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