Asia-Pacific Corporate Training Market Expected to Reach $137,615.13 Million by 2030

According to a new report published by Allied Market Research, titled, “Asia-Pacific Corporate Training Market by Training Method, Training Program, and Industries: Regional Opportunity Analysis and Industry Forecast, 2021–2030,” The Asia-Pacific corporate training market was valued at $83,898.64 million in 2019, and is projected to reach $137,615.13 million by 2030, registering a CAGR of 9.12% from 2021 to 2030.

The practice of offering education, training, and development opportunities to employees within a company or association is referred to as corporate training. The purpose of corporate training is to advance employees' professional development and increase their knowledge, abilities, and skills so they can carry out their duties more successfully. The pandemic has increased the use of remote work, which has led to a rise in interest in remote training. The benefits of providing remote training to employees, such as cost savings and improved flexibility, are being recognized by companies, therefore this trend is predicted to continue. Thus, it is anticipated that the corporate training market in the Asia-Pacific region will continue to develop and expand, propelled by technological improvements, changing work habits, and the requirement for companies to make investments in their workforce in order to remain competitive.

The Asia-Pacific corporate training market is analyzed based on training method, training program, industry, and region. By training method, the market is divided into virtual and face-to-face. Among these, the face-to-face segment occupied the major share of the market in 2021 and is projected to maintain its dominance during the forecast period. Employees can ask trainers questions that would not be addressed in other learning methods due to the advantages of this training methodology. Furthermore, it enables the development of relationships between the trainer and the employee as well as between the employees who are taking the same courses. As a result, the Asia-Pacific corporate training market is growing in terms of value sales.

By training program, the market is divided into technical training, soft skills, quality training, compliance, and other training programs. The quality training segment is growing at a moderate rate during the forecast period. Corporate competitive advantages can include cost savings in production, an edge in marketing quality-controlled products, assistance in achieving customer satisfaction at the lowest possible overall cost, a focus on delivering a quality product or service, and others. These advantages can be achieved by providing employees with quality training that complies with ISO standards. As a result, it has become increasingly popular, particularly in sectors that are production-focused, which in turn drives the corporate training industries' growth in terms of value sales.

By industry, it is classified into FMCG/retail, pharmaceutical & healthcare, financial services, professional services, public enterprises, information technology, and other industries. The FMCG/retail segment is anticipated to grow at the highest CAGR during the forecast period. Employee training initiatives have rapidly increased in this industry as front-line staff members have a significant and immediate impact on consumers' buying decisions. The advantage of training in retail is that it keeps employees informed about the available products so they can communicate clearly with customers.

Country wise, the market is analyzed across Japan, China, India, South Korea, Australia & New Zealand, ASEAN, and the rest of Asia-Pacific. The country that dominated the Asia-Pacific corporate training market in 2021 was the rest of Asia-Pacific, and this dominance is anticipated to continue throughout the forecast period. Large-scale FDIs (foreign direct investments) are being attracted to emerging countries due to the favorable government policies and accessibility of production factors at low prices. The presence of numerous multinational corporations (MNCs) and other large organizations in the area, the increased focus of many MNCs and other large organizations on expanding their geographic presence, along with a high employment rate, are all predicted to have a significant impact on the growth of the corporate training market in this region.

The Asia-Pacific e-learning market is anticipated to grow as a result of the coronavirus (COVID-19) pandemic. This had a significant impact on market growth. Due to temporary business closures in response to the social distancing guidelines outlined by government administrations, corporate companies are adopting digital training methods to train their employees.

The major players analyzed for the Asia-Pacific corporate training industry are BTS Group AB, Communispond, Inc., Dale Carnegie & Associates, Inc., Edcast Inc., Franklin Covey Co., Kineo, Learning Technologies Group plc, Litmos US, L.P., NIIT Limited, The Ken Blanchard Companies.

KEY FINDINGS OF STUDY

• By training method, the face-to-face segment was the highest contributor with $57,536.9 million in 2019, and is estimated to reach $80,143.3 million by 2030, registering a CAGR of 14.91%.
• By training program, the technical training segment was the highest revenue contributor with $23,069.19 million in 2019, and is estimated to reach $33,921.73 million by 2030, with a CAGR of 8.03%.
• Depending on industry, the others industries segment was the highest revenue contributor with $23,316.02 million in 2019, and is estimated to reach $38,655.75 million by 2030, with a CAGR of 9.22%.
• Country wise, the rest of Asia-Pacific was the highest revenue contributor, accounting for $16,779.7 million in 2019, and is estimated to reach $29,394.6 million by 2030, with a CAGR of 9.77%.