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The global corporate training market size is estimated to be worth USD 56.92 billion, at a CAGR of 9.69% from 2022 and 2027. The growth of the market depends on factors such as the emergence of cost-effective e-learning training modules, the increased need for skilled employees, and the growing popularity of mobile-based training.
One of the key factors driving the market development 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 blossoming during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, investments, partnerships, mergers and acquisitions, geographical expansion, and product/service launch orders, to enhance their presence in the market.
Adobe Inc: The company offers courses such as Adobe Analytics, Adobe Advertising Cloud, Adobe Audience Manager, and Adobe Commerce.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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 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 these across these organizations in the region.
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, workshops and continuous learning management systems (LMS) 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 49.89 billion in 2017. Training in the essential and basic knowledge 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 corporate learning 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 corporate market development.
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 market change is the emergence of IoT and wearable devices. There is a growing popularity for the Internet of Things (IoT) and wearable devices in the 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.
The market refers to the industry that provides professional development and skill enhancement programs to employees of companies and organizations. Online learning platforms have gained significant popularity in the market, offering flexibility and convenience to learners. Soft skills training, such as communication and leadership development, is a major focus of corporate training programs. The demand for corporate training is driven by factors like technological advancements, evolving job roles, and the need for continuous learning in a competitive business environment.
Increasing competition from in-house training is one of the key challenges hindering market change. There is a significant challenge for several market players in the global 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 evolution during the forecast period.
Market forecasting 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 market trends and analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth rate strategies.
Customer Landscape
The corporate training market caters to enterprises' diverse needs, from compliance training to workplace learning. Utilizing gamification and seminars, corporates motivate employees for enhanced retention and teamwork, fostering a culture of continuous learning. Advantages extend beyond corporates to public enterprises and other industries, where topics cover a broad spectrum of skills. As learning market trends evolve, classroom settings adapt to accommodate diverse learning styles. Emphasizing compliance and enterprise learning, the market responds to customers' and students' demands for effective training methodologies, ensuring workforce readiness and adaptability in today's dynamic business environment.
The market report forecasts market expansion by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.69% |
Market growth 2023-2027 |
USD 56.92 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.07 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 51% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market Growth and Forecasting, 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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