Growth opportunities in the Corporate Training Market look promising over the next six years. This is mainly due to the continuous technological innovations and the emergence of electronic learning, the internet of things, and wearable devices.
Corporate Training Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Expanding business sector throughout the nation, along with the acceleration in the working population, variation in learning requirements at the workplace, and the surging preferences of enterprises towards improving the skills of an employee primarily for employee retention and ROI, accounts to be the prominent drivers proliferating the growth of the corporate training market. In accordance with a survey published by LinkedIn, approximately 94% of employees asserted that they would stay in a company longer if the company invested in their blossoming, and 90% of top management believe that investment in the career development of employees is a favorable requirement for the growth of the company. This is forecasted to offer enormous growth opportunities to the market. In addition, technological modernization and the integration of artificial intelligence, video conferencing, e-learning, IoT, wearable devices, and mobile applications will further stimulate the market share led by their beneficial features such as time effectiveness, better supervision of trainee performances, real-time feedback of trainees, and ease of any time and anywhere training for employees through web-based training.
However, the widespread outbreak of the coronavirus pandemic will negatively influence the market growth. This is mainly because of the tremendous number of job losses and budget constraints in corporate sectors. In addition, the excessive cost associated with the training of employees for small and medium-sized corporations will hinder the corporate training market share.
Industry Segment Drivers
Based on the industry, IT & technology is predicted to dominate the market over the forecast period. This is primarily attributed to the swiftly enlarging IT industry, ongoing development of sophisticated technologies, and rising demand for highly skilled employees in technology-based companies. According to the U.S. Bureau of Labor Statistics, employment in computer and information technology occupations is forecasted to rise by 11% from 2019 to 2029, which is thereby propelling the market growth.
Corporate Training Market’s leading Manufacturers:
- Wilson Learning Worldwide, Inc.
- John Wiley & Sons Inc.
- Franklin Covey Co.
- City & Guilds Group
- NIIT Limited
- EdCast, Inc.
- GP Strategies Corporation
- D2L Corporation
- Cisco Systems, Inc.
- Adobe Inc.
Corporate Training Market Segmentation:
Segmentation by Method
- Synchronous
- Asynchronous
- Hybrid Training
Segmentation by Type
- Brand Training
- Compliance Training
- New Employee Hire Training
- Sales Training
- Safety Training
- Product and Services Training
- Technical Skills Development Training
- Soft Skills Training
- Others
Segmentation by Industry
- IT & Technology
- Manufacturing
- Management
- Healthcare
- Government
- Recruitment
- Consumer Electronics
- Financial Services
- Business & Professional Services
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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