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The corporate training market size is estimated to grow at a CAGR of 9.69% between 2022 and 2027. The market size is forecast to increase by USD 56,928.67 million. The report includes historic market data from 2017 to 2021. It also extensively covers market segmentation by product (technical training and non-technical training), type (blended and e-learning), and geography (North America, Europe, APAC, South America, and Middle East and Africa). This report also includes an in-depth analysis of drivers, trends, and challenges.
One of the key factors driving the corporate training market growth is the increased need for skilled employees. There is a significant increase in demand for skills among employees due to growing globalization and industrialization. Additionally, there is an increasing focus by corporations on managing their workforce in the best possible way to achieve optimum productivity and drive innovation. In addition, there is a significant evolution in workforce management due to the rising dependency on external talent. The workforce essentially comprises contractors, partners, freelancers, outsourced employees, and open-source talent, coupled with regular full-time employees. As a result, it has encouraged employees to upgrade their skills continuously while working in organizations. Hence, such factors are positively impacting the market which in turn will drive 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.
Adobe Inc: The company offers corporate training courses such as Adobe Analytics, adobe advertising cloud, Adobe Audience Manager, and adobe commerce.
The corporate 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 51% 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 training market in North America is the rising focus of corporations on keeping employees engaged and actively involved in work to obtain fruitful results. Additionally, the presence of prominent MNCs and large organizations also positively impacts the market in the region. Some of the prominent market players in the region include Microsoft, AT and T, IBM, international banks, insurance companies, and others, which have their operations heading from the US. As these organizations have employed candidates from diverse educational backgrounds, it has led to the increasing demand for keeping employees technically on the same page to align their personal goals with their business goals. As a result, it is fuelling the demand for corporate training across these organizations in the region. Furthermore, these companies are rapidly expanding their presence which in turn is fuelling the increasing need on both technical and non-technical fronts. Hence, such factors are expected to drive the market growth in the region during the forecast period.
The technical training segment is estimated to witness significant growth during the forecast period. Factors such as the rising need for skilled employees on continuously evolving technologies are significantly contributing to the growth of this segment. Technical training can be referred to as a process of coaching, mentoring, and teaching employees to perform technical tasks on the job more accurately and thoroughly.
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The technical training segment was the largest segment and was valued at USD 49,893.80 million in 2017. Training in the essential and basic aspects of applications, technology, service tactics, and sales are fuelling the growth of this segment. Furthermore, there is an increasing need to stay updated on the latest technologies as technical skills directly impact the productivity of the employee. Furthermore, such technical training helps employees to carry out tasks efficiently. There is an increasing demand for this technical training across several IT companies as well as manufacturing as both businesses are process-based, Each step in completing a task is crucial such that can make a big difference in the overall productivity of businesses. 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 corporate training market growth is the emergence of IoT and wearable devices. There is a growing popularity for the Internet of Things (IoT) and wearable devices in the corporate training industry due to the rapid adoption of digital solutions to implement e-learning. The emergence of wearable devices or apps has offered the most convenient and time-saving solutions, ranging from logging the attendance of trainees to monitoring their performances in an Internet-enabled room.
Moreover, there is an increasing adoption of smart glasses like Google Glass and smartwatches like the Apple Watch for enhancing interactive learning experiences. Furthermore, VR training content is extensively used to train employees by leveraging VR glasses during onboarding, for company tours, for fire hazard training, or for team projects. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Increasing competition from in-house training is one of the key challenges hindering corporate training market growth. There is a significant challenge for several market players in the global corporate training market due to the severe competition from the unorganized sector and their favorable market conditions in the developed regions. In addition, several companies are providing in-house training to employees across many industries such as construction, automotive, and BFSI sectors.
Moreover, Several of these companies have their own private training departments, adequate marketing, and technical and managerial resources to tailor to the training demands and minimize their dependency on external market players. Hence the growing competition for in-house training can negatively impact the market. Hence, such factors can 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 Training Market Customer Landscape
In 2020, during the COVID-19 pandemic, the growth of the global corporate training market witnessed a significant slowdown due to the increasing adoption of the remote working model, which subsequently increased the preference for corporate training solutions 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 operations in organizations. Such factors are expected to drive the market during the forecast period.
The corporate 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.
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Corporate Training Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.69% |
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Market growth 2023-2027 |
USD 56,928.67 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.07 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 51% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adobe Inc., Articulate Global Inc., Blanchard Training and Development Inc., BTS Group AB, Cegos Group, Cisco Systems Inc., City and Guilds Group, D2L Corp., DEMOS, Development Dimensions International Inc., Educomp Solutions Ltd., Franklin Covey Co., John Wiley and Sons Inc., Korn Ferry, Learning Technologies Group Plc, Mind Gym Plc, NIIT Ltd., Richardson Sales Performance, Simplilearn, and Skillsoft Corp. |
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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. |
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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 Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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