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| ✷ Report Code: A06445 | Apr 2022 | Pages: 274 | ||
| Tables: 134 | Charts: 64 |
| |
The global corporate training market was valued at $332.9 billion in 2019, and is projected to reach $487.3 billion by 2030, growing at a CAGR of 8% from 2021 to 2030.
The COVID-19 pandemic has shown a negative impact on corporate training market. The COVID-19 has caused approximately 195 million of job losses across the globe. Moreover, Europe and Arab States have seen the worst impact on employment in percentage terms during this pandemic. Thus, this global economic disruption led to budget constraints in corporate sectors, which R&D teams had to deal with along with multiple challenges to showcase the ROI of their training programs.
Corporate training, which is also known as workplace learning, is a system of learning activities that are designed to train employees to perform better on the job. Corporate training enhances an employee’s productivity, motivation, performance, and their retention which in turn helps corporates to achieve their business goals. There are two types of training methods that include virtual training method and face-to-face training method. Additionally, the corporate training market analysis is done based on regions, key players and segments.
The global corporate training market segment is categorized on the basis of training method, training program, industry, and region. By training method, the corporate training market is classified into virtual and face-to-face. By training program, it is divided into technical training, soft skills training, quality training, compliance training and others. By industry, it is segmented into FMCG/retail, pharmaceutical and healthcare, financial services, professional services, public enterprises, information technology, and other industries. Region-wise, the corporate training market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global corporate training market witnessed an impetus due to the outbreak of the COVID-19 pandemic in 2020. The market dynamics changed rapidly and the whole globe shifted online. The virtual training came under the spotlight. The key market players invested heavily on the digitization of their businesses. 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 increased penetration of the digital platforms supported by the increasing penetration of internet, rising adoption of smart devices, developing information technology and telecommunications platform, and rapid emergence of virtual corporate training platforms across the globe are some of the significant factors that are held responsible for the growth of the corporate training market in the past couple of years. The rising trend of work from home and a significant shift towards the digital technologies is expected to sustain its position in the market in the foreseeable future and boost the growth of the market during the forecast period.
The virtual segment is expected to witness a significant growth during the corporate training market forecast period, owing to benefits associated with the virtual training method, which includes decreasing the training cost by mitigating the trainees’ travel & lodging expenses, provides flexibility for training schedule, enhances the motivation of trainees and others.
By training program, the technical skill segment accounted for the highest global corporate training market share in 2019. Owing to the benefits associated with it. It helps in acquiring the skills require to develop, design, implement, support, maintain, or operate technology or any related application, product, or service in different industries. For instance, in retail industry, technical training may include teaching employee how to use computer system to ring up customers. In sales, technical training may require teaching employees how to use the customer relationship management (CRM) system to find new prospects or leads. Thus, this fact has increased the demand for technical training in corporate sectors, which in turn has fueled the growth of corporate training market.Â
Furthermore, by industry, the FMCG/retail segment is anticipated to be the fastest-growing segment, in terms of value sales, during the corporate training market forecast period, owing to rise in corporate investments in the staff and employee training in the retail sector to improve sales and achieve customer satisfaction. Soft skills training is an essential part of both ITES and BPO Training. The BPO industry needs a lot of skilled and trained employees so that it can provide quality services, as it provides them with the skills to solve the problems of the customers or at least are trained in the art of solving problems. Thus, increase in the adoption of training in this sector, in turn is boosting the corporate training market growth.
The growth of the corporate training market is expected to increase during the forecast period, owing to rise in learning requirement at the workplace. In addition, the emergence of cost-effective e-learning training module is expected to boost the growth of the corporate training market, in terms of value sales, during the forecast period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2020. Factors such as the presence of many MNCs and large organizations in the region and the increasing focus of many MNCs and other large organizations on expanding their geographical presence along with good employment rate in this region has significantly influence corporate training market growth in this region.
The key players operating in the global corporate training market focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global corporate training industry analyzed in this report include Bizlibrary, GP Strategies Corporation, Franklin Covey Co., City & Guilds Group, D2L Corporation, Cornerstone Ondemand Inc., Wilson Learning Worldwide Inc., Allen Communications Learning Services, Simplilearn Solutions, and Skill Soft.
Corporate training Market Report Highlights
| Aspects | Details |
|---|---|
| By Training Program |
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| By Industries |
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| By Region |
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| Key Market Players | D Two L, Cornerstone OnDemand, Inc., City and Guilds International Limited, Franklin Covey Co., Business Training Library, Inc., GP Strategies Corporation, skillsoft, Wilson Learning Worldwide, Inc., allen communication learning services, Simplilearn Solutions |
Key players operating in the global corporate training market have adopted developmental strategies such as introduction of new training methods, and different training programs to strengthen their foothold in the market, in terms of value sales. They emphasize on continuous innovation to formulate new training methods and gain a competitive edge in the global market and to boost the demand for corporate training in various industries.
According to the key market players, growing demand of micro-learning and use of gamification across the corporate sectors will boost the growth of the corporate training market. These players are focused on investing in R&D activities to offer easy and effective ways to train employees of corporate sectors and maintain their position in the market.
According to some key corporate training players, emergence of cost-effective e-learning training module is anticipated to fuel the growth of the market across the globe. Moreover, key manufacturers are providing training programs including soft skills, sales training, compliance training, technical training and others, in order to enhance trainee’s skill sets and making them more efficient and productive at the workplace. However, budget concern of corporate sectors is expected to hamper the market growth in terms of value sales.
A. The global corporate training market was valued at $332,931.1 million in 2019, and is projected to reach $487,305.7 million by 2030, registering a CAGR of 8.0% from 2021 to 2030.
A. The global corporate training market is expected to grow at a significant CAGR of 8.0% from 2021 to 2030.
A. The sample of the Global Corporate Training Market report is available on request on the website of the Allied Market Research.
A. The forecast period calculated in the global corporate training market report is from 2021 to 2030. The report provides a detailed analysis of the market sizes in each forecast year and highlights the upcoming trends in the market.
A. The key players operating in the global corporate training market focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global corporate training industry analyzed in this report include Bizlibrary, GP Strategies Corporation, Franklin Covey Co., City & Guilds Group, D2L Corporation, Cornerstone Ondemand Inc., Wilson Learning Worldwide Inc., Allen Communications Learning Services, Simplilearn Solutions, and Skill Soft.
A. The global corporate training market segment is categorized on the basis of training method, training program, industry, and region. By training method, the corporate training market is classified into virtual and face-to-face. By training program, it is divided into technical training, soft skills training, quality training, compliance training and others. By industry, it is segmented into FMCG/retail, pharmaceutical and healthcare, financial services, professional services, public enterprises, information technology, and other industries. Region-wise, the corporate training market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
A. LAMEA is expected to be the fastest-growing market during the forecast period, owing to the growing investments in the industrial development, rising penetration of the corporates, and rising employment in the MNCs.
A. North America accounted for the highest market share in 2019. Factors such as the presence of many MNCs and large organizations in the region and the increasing focus of many MNCs and other large organizations on expanding their geographical presence along with good employment rate in this region has significantly influence corporate training market growth in this region.
A. The COVID-19 pandemic has shown a negative impact on corporate training market. The COVID-19 has caused approximately 195 million of job losses across the globe. Moreover, Europe and Arab States have seen the worst impact on employment in percentage terms during this pandemic. Thus, this global economic disruption led to budget constraints in corporate sectors, which R&D teams had to deal with along with multiple challenges to showcase the ROI of their training programs.
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