The global Soft Skills Training Market is estimated to surpass $46.5 billion mark by 2026 growing at an estimated CAGR of more than 5.9% during the forecast period 2021 to 2026. The rising costs of instructor-led, classroom-based training is one factor in the increased use of e-Learning. The market is driven by the rising demand for Collaborative Learning Platforms. Also, the need for continuous, life-long learning has gradually driven its growth. Soft Skills Training has become essential nowadays with the growing corporate culture. They play a crucial role of enabling individuals to communicate effectively, manage relationships, solve a problem and lead a team. The market for soft skills originated due to need for these essential skills being imparted in the individuals working in coordination with co-staff.
Soft Skills Training Market Segment Analysis – By Training Provider
Training at work is considered essential in order to build work-related competencies and helps workers cope with change. People must now increasingly upgrade their skills throughout their adult lives beyond the initial learning gained through school and tertiary study. Employees with appropriate soft skills contribute to the technological capabilities of firms and are positively related to innovation. The techniques are still being formulated for increasing incentives to train or be trained without lowering the necessary motivation. The features such as job flexibility, delegation of authority and incentives for innovation more widely studied for preparing content for training courses in soft skills.
Soft Skills Training Market Segment Analysis – By End User
Employees and corporations dominate the end-user segment as a result of significant budgetary and personal spend on soft skills training. However academic institute segment is projected to witness growth. With the automation impacting almost all the sectors there is an expected rise in level of technical literacy required for various professions. The students which are probably to join as future workforce are being imparted with soft skills along with the digital knowledge at school and university levels itself which improves their employability. The essentiality of soft skills will further be considered at greater due to requirements in challenging roles such as managers which may lead to steep growth in the training providers’ revenue.
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Soft Skills Training Market Segment Analysis – By Geography
North American region dominated the global Soft Skills 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 Soft Skills training market growth. However, APAC and Europe Soft Skills 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 Soft Skills training market.
Soft Skills 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 Soft Skills Training
Artificial intelligence is paving its way into Soft Skills training solutions. Service providers are relying on bots that guide learners through the software. Integrating artificial intelligence with LMS for Soft Skills training can help predict the learner’s behavior, thereby helping the program generate personalized learning patterns. Voice-guided bots are being employed within the Soft Skills training ecosystem to ensure an interactive learning experience. The shift to microlearning 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.
Soft Skills Training Market Challenges
Budgetary Concerns Limiting Soft Skills Training
The major challenge for the growth of the Soft Skills training market is regarding cost issues. Despite of its deployment in various industries such as healthcare, IT and Professional Services, However, Soft Skills training solutions are often too generalized and expensive for deployment in these sectors. Soft Skills 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 Soft Skills training market.
Soft Skills Training Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Soft Skills Training Market. BM Training, I-Cap Business Solutions, Examready, CSIR, Corporate Training, CLETS, CBM Training, Careers IT, Assoc. of Chartered Certified Accountants and Abacus Computer Training Centre are considered to be the key players of the Soft Skills 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
The sharp upsurge in the rise of SMBs (Small and Medium Businesses) has not only paved the way for Soft Skills Training, but also brighten the job opportunities in the global market.
Social Collaboration Tools emerged as a growing trend in Soft Skills Training Market and now are expected to perform better in cloud-based environment.
Multiple benefits of Soft Skills both on a professional and personal front has led to the increased adoption rate. This has encouraged vendors to work more on Soft Skills development programs rather than technology.
Continuing globalization in the corporate is expected to focus with greater emphasis on adaptability and skills of the employee that facilitate collaboration across firms and countries. Technical skills will still remain an essential part of many types of work. Multidisciplinary working ability with various teams may rise in importance. Another trend that will have an impact on the set of skills for innovation and research is the growing global concern towards in environmental and sustainability issue
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