The global Corporate Training Market is estimated to surpass $414 billion mark by 2026 growing at an estimated CAGR of more than 5.1% during the forecast period 2021 to 2026. The rising costs of instructor-led, classroom-based training is one factor in the increased use of eLearning. Also, the need for continuous, life-long learning has gradually driven its growth. Corporate training refers to a system of professional development activities provided to educate employees. In simple terms it is referred as corporate education to train their employees on specific aspects of their job processes or responsibilities which are designed in-house. Corporate training includes certification of professional skills, skill building services, standardized quality content development and delivery.
Corporate Training Market Segment Analysis – By Product
Soft skills courses are a fast growing market in corporate training. Soft skills courses are delivered at both academic as well as commercial level through various programs which may be online i.e. m-based or through classroom also for professional development. To obtain the additional training more accessible to employees the training can be offered in a variety of ways and different options. The popular techniques used for training include experiential learning methods, role playing, case studies etc. The major client base currently includes official setups of corporates and also individuals which look to inculcate this skillset in their progress reports.
Corporate Training Market Segment Analysis – By Type
Organizations are now taking advantage of various digital tools such as a standardized classroom-based, instructor-led framework, for a new kind of learning experience. These tools make training interactive, virtual, mobile, and available on-demand by the student. A Learning Management System with robust capabilities can help a company build a training library, to ensure that employees are prepared with the skills and knowledge to meet current and future challenges. Millennial generation estimated to project employees by 2025, grew up with mobile phones, laptops, and social media, so they expect the same type of access to technology at work. Besides, they don’t prefer classroom learning instead they prefer training that is online and is accessible when and where they need it.
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Corporate Training Market Segment Analysis – By Geography
North American region dominated the global Corporate Training market with a share of over 37% in 2020. This hefty market share is attributed to the advanced technological innovations in the e-learning services and tools. The presence of a number of enterprises and the ballooning start-up culture in the region are the main factors supporting the corporate training market growth. However, APAC and Europe corporate training markets follow close behind, led by an increase in government-funded projects in rural areas catalyzed by the accelerating adoption of e-learning techniques. Additionally, the massive population equipped with the Internet, residing in the region is considered as one of the major reasons to lead the online corporate training market.
Corporate Training Market Drivers
Rise of Video Based Learning
Video-based e-learning is emerging as one of the most functional forms of learning. The integration of videos in the learning process, both uploaded and streamed, is the consequence of advancement in high-speed internet networks. Video-based learning adds various dimensions to learning techniques. For instance, taking notes, providing feedback, clearing doubts, and tracking progress have become easy tasks through integration with video. Additionally, video-based learning gives the user the freedom to watch the video at any point of time and at any location; and students can also rewind, store, and re-watch the content at their convenience. The robust growth in wireless network connectivity is supporting the growth of e-learning software.
Utilization of AI in Corporate Training
Artificial intelligence is paving its way into corporate training solutions. Service providers are relying on bots that guide learners through the software. Integrating artificial intelligence with LMS for corporate training can help predict the learner’s behavior, thereby helping the program generate personalized learning patterns. Voice-guided bots are being employed within the corporate training ecosystem to ensure an interactive learning experience. The shift to micro learning is also helping with these AI based training solutions. Micro-learning refers to a specific pattern of learning. This pattern involves learning through brief modules that include quizzes, small games, and videos. This pattern has significantly improved the average retention capacity among people thereby driving demand.
Corporate Training Market Challenges
Budgetary Concerns Limiting Corporate Training
The major challenge for the growth of the corporate training market is regarding cost issues. Despite of its deployment in various industries such as healthcare, IT and Professional Services, However, corporate training solutions are often too generalized and expensive for deployment in these industries. Corporate training is available in the market at a highly expensive, so they are acquiring demand from a very limited section of the market. The utilization of internal training solutions that offer a highly customized and cheaper option will limit the external corporate training market.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Corporate Training Market. Adobe Inc., Cisco Systems Inc., City & Guilds Group, D2L Corp., Franklin Covey Co., GP Strategies Corp., John Wiley & Sons Inc., NIIT Ltd., Skillsoft Ltd., and Wilson Learning Worldwide are considered to be the key players of the Corporate Training Market.
Curricula closed a $3 million growth investment from RCP Equity for its “fun, story-based security awareness training platform”.
Wiley, a research and education provider, acquired Madgex, a provider of job board software and career center services.
Corporate training is intended to enrich the professional skill set of employees through activities and lessons, and help them improve their work performance, resulting in organizational productivity.
The advent of the Internet has created a new platform for the corporate training market. Now conglomerates all over the world are heavily reliant on e-learning and other corporate models such as M-learning as these are considered to be the most time-saving solutions.
HR learning software is the most popular corporate training option for the companies this year. Most of corporate companies are now preferring online HR modules to train their employees about the company regulations and rules. According to industry experts, companies are now interested in improving their HR technology. Furthermore, HR learning software has turned out to be an essential component in most of the corporate training regimens.
Related Reports :
A. Soft Skills Training Market
B. Personalized Learning Market
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