Corporate training Market to reach $487.3 Billion, Globally, by 2031 at 8.0% CAGR: Allied Market Research
The increased penetration of the digital platforms supported by the rising penetration of internet drives the growth of the global corporate training market.
PORTLAND, Ore, May 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Corporate Training Market by Training Program (Technical Training, Soft Skills, Quality Training, Compliance, Others Training Program), by Industries (Retail, Pharmaceutical And Healthcare, Financial Services, Professional Services, Public Enterprises, Information Technology, Others Industries), : Global Opportunity Analysis and Industry Forecast, 2019-2030". According to the report, the global corporate training industry generated $332.9 billion in 2020, and is anticipated to generate $487.3 billion by 2031, witnessing a CAGR of 8.0% from 2022 to 2031.
Prime determinants of growth
The increased penetration of the digital platforms supported by the rising penetration of internet, surge in adoption of smart devices, developing information technology and telecommunications platforms, and rapid emergence of virtual corporate training platforms drive the growth of the global corporate training market. Benefits associated with the virtual training method such as decreasing the training cost by mitigating the trainees' travel & lodging expenses, flexibility for training schedule, and enhanced motivation of trainees and others are expected to provide lucrative opportunities for the growth of the market.
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Covid-19 Scenario
- During the pandemic, the corporate world started adopting the virtual platforms for the purpose of providing training to their employees, which significantly fostered the growth of the virtual corporate training segment.
- The rising trend of work from home and a significant shift toward digital technologies are expected to sustain its position in the market post-pandemic as well.
The face to face segment to maintain its leadership status throughout the forecast period
Based on training method, the face to face segment held the highest market share in 2020, accounting for more than two-thirds of the global corporate training market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 13.9% from 2022 to 2031. It allows for relationship building between the employee and the trainer.This in turn, has driven the growth of the corporate training market in terms of value sales.
The Technical Training segment to maintain its lead position during the forecast period
Based on training program, the technical training segment accounted for the largest share in 2020, contributing to more than one-fourth of the global corporate training market, and is projected to maintain its lead position during the forecast period. It helps in acquiring the skills required to develop, design, implement, support, maintain, or operate technology or any related application, product, or service in different industries, which in turn, drives the segment. However, the soft skills segment is expected to portray the largest CAGR of 9.3% from 2022 to 2031. It is due to the fact that leadership & management, creative problem solving & design thinking, and communication are among the most important skills required in the workplace.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly one-third of the global corporate training market. Factors such as the presence of key market players in the region and increase in focus of many MNCs and other large organizations on expanding their geographical presence along with good employment rate are anticipated to drive the market growth.Moreover, the LAMEA region is expected to witness the fastest CAGR of 9.3% from 2022 to 2031, owing to rise in internet and wearable devices penetration in countries such as South Africa in LAMEA.
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Leading Market Players: -
- Business Training Library, Inc.
- City and Guilds International Limited
- Cornerstone OnDemand, Inc.
- D Two L
- Franklin Covey Co.
- GP Strategies Corporation
- Simplilearn Solutions
- Skillsoft
- Wilson Learning Worldwide, Inc.
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