Corporate Training Market in Latin America by Product, Application, and Geography - Forecast and Analysis 2021-2025

“The Corporate Training Market in Latin America study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of USD 2.94 million and CAGR of 7.86% by segment Product and Application during the forecast period 2020 to 2025”

Furthermore, this report extensively covers the market segmentation by product (technical training and non-technical training), application (large enterprises, medium enterprises, and small enterprises), and geography (Latin America, Rest of Latin America). The corporate training market in Latin America report also offers information on several market vendors, including Articulate Global Inc., City & Guilds Group, D2L Corp., Franklin Covey Co., GP Strategies Corp., Interaction Associates Inc., Learning Technologies Group Plc, Miller Heiman Group Inc., Skillsoft Ltd., and Wilson Learning Worldwide Inc. among others.

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Parent Market Analysis

Technavio categorizes the Corporate Training Market in Latin America as a part of the consumer Discretionary industry within the Diversified Consumer Services industry. Technavio categorizes the market as a part of the global education market (also referred to as the global education services market). Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Corporate Training Market In Latin America: Key Drivers, Trends, and Challenges

The increased need for employee skill enhancement is notably driving the market growth, although factors such as budgetary concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the corporate training market in the Latin American industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Corporate Training Market in Latin America Driver

One of the key factors driving the market is the increased need for employee skill enhancement. With evolving industrial tools and dynamically changing consumer requirements, the demand for advanced skills in employees has been increasing over the past few years. Corporations strive their best to manage their workforce while achieving optimum productivity and driving innovation. Workforce composition has been dynamically evolving with an increasing reliance on external talent. The wide variety of workforce includes contractors, partners, freelancers, outsourced employees, and open-source talent, in addition to regular full-time employees. This has resulted in an increasing number of employees willing to upgrade their skills continuously while working in organizations. Reskilling and upskilling of employees have also increased to make them competent in working cross-functional roles. Moreover, many companies are increasingly encouraging their employees to opt for strategic positions in organizations by training them in non-technical skills, including leadership skills, effective hiring, time management, and teamwork skills. As a result, companies are deploying innovative training programs, including scenario-based or case-based training and simulations, to enable employees to get the hang of real-life organizational issues and train them on tricks and ways to deal with them.

Key Corporate Training Market in Latin America Trend

The emergence of gamification in corporate training is another factor supporting the market growth in the forecast period. Though organizations are ready to invest in corporate leadership training, engaging employees in the training process is a major challenge. Many companies find it difficult to convince employees to attend training programs. Companies also look at the return on investment (ROI) before adopting a training program because it would involve employees spending time away from work. Such challenges have paved the way for innovations such as gaming technology. Furthermore, gamification is an emerging trend, and the results post-training are fruitful for an organization. The introduction of gamification in corporate leadership training encourages friendly competition and a spirit of achievement, enhances user engagement, and brings about considerable behavioural changes. Companies are aligning this with measurable goals. Overall, gamification increases the participation rate and engagement levels of employees. An increasing number of companies adopting corporate leadership training programs through gamification will boost the growth of the corporate leadership training market in Latin America during the forecast period.

Key Corporate Training Market in Latin America Challenge

Budgetary concerns will be a major challenge for the market during the forecast period. Most organizations, especially SMBs, have certain fixed budgets allocated for employee training. Companies with sufficient budgets own essential hardware and software solutions or systems required to implement advanced corporate training activities, which makes it easy to attract employees willing to learn in a digitally advanced learning environment. However, organizations with limited budgets may prefer continuing with conventional training methodologies, without incurring extra expenditure on buying new tools and technologies. This, in turn, may hamper the growth of the market. In addition, the switching cost from one technology or tool, such as an LMS, could be expensive for companies with limited budgets. Furthermore, high costs are associated with not only the implementation but also the maintenance of systems installed for e-learning. Such budgetary concerns are more prevalent in countries across Latin America, wherein several companies are still following brick-and-mortar training methodologies. The lack of technological advances and insufficient infrastructure in the region are also expected to hamper the market growth during the forecast period.

Corporate Training Market In Latin America Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Who are the Major Corporate Training Market In Latin America Vendors?

Articulate Global Inc.- The company offers corporate leadership training such as Storyline 360, Rise 360, Content Library 360, Review 360 and others. Through the product/service segment, the company offers Articulate 360, which features authoring apps such as Storyline 360 and Rise 360 for developing custom, interactive, and fully responsive courses. Through the other product segment, the company offers Storyline 3 and Articulate Online Software for creating interactive courses.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Articulate Global Inc.
• City & Guilds Group
• D2L Corp.
• Franklin Covey Co.
• GP Strategies Corp.
• Interaction Associates Inc.
• Learning Technologies Group Plc
• Miller Heiman Group Inc.
• Skillsoft Ltd.
• Wilson Learning Worldwide Inc.

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as continuous mergers and acquisitions offering cutting-edge solutions to corporations, continuous innovation, and heavy investments in research and development (R&D) to compete in the market.

Which are the Key Regions for the Corporate Training Market In Latin America?

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50% of the market’s growth will originate from Latin America during the forecast period. Brazil, Argentina, and Mexico are the key markets for corporate training in Latin America. Market growth in this region will be faster than the growth of the market in other regions.

The expansion of SMBs and government emphasis on workforce skill enhancement will facilitate the corporate training market growth in Latin America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Amid the COVID-19 pandemic in 2020, schools, colleges, and other educational institutes and training centres were closed to restrict the spread of the disease. This, in turn, is likely to result in a surplus of low-skilled workers, which is expected to drive the demand for online corporate training services to enhance employee skills.

What are the Revenue-generating Product Segments in the Corporate Training Market In Latin America?

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The market shares growth in the non-technical training segment of the corporate training market in Latin America and is likely to register steady growth during the forecast period owing to the rising need for enhancing the skills of employees on continuously evolving technologies. The non-technical segment of the market is anticipated to witness growth due to the increasing demand for soft skills and their rising contribution to driving the productivity of employees. Non-technical training involves training in intangible aspects. The domains under non-technical training include leadership development skills, team building, problem-solving, and management techniques. Training programs in this segment are facilitative and focus on outcomes that are defined using behavioural objectives. The training is more learner-centric and needs the trainee to imbibe the shared skills.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Corporate Training Market In Latin America In Regional Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive the market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the industry across Latin America, the Rest of Latin America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of the market vendors

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