Global Corporate Training Education Market - 2021-2028
The global corporate training education market size was worth US$ XX million in 2020 and is estimated to record significant growth by reaching up to US$ XX million by 2028, growing at a CAGR of XX% within the forecast period (2021-2028).
Corporate training, also known as corporate education or, more recently, workplace learning, is a system of activities designed to educate employees. While it benefits companies, it also benefits employees by acquiring and honing information and skills to advance professionally and personally.
In larger corporations, development or talent teams train the employees, but human resources are in charge in smaller businesses. They must determine the themes and requirements for training programs and make them available to employees. They are in charge of developing employee experience and journey strategies and roadmaps.
Tremendously improving the cost of instructor-led, classroom-based training has increased the demand for e-learning practices. Growing competition in the industry has increased the demand for corporate training sessions to boost the morale of their employee and hence the productivity.
Tremendously improving the cost of instructor-led, classroom-based training has increased the demand for e-learning practices.
Corporate training is a system of activities designed to educate employees. Earlier companies used to have a separate team responsible for carrying out the training session under the guidance of instructors; however, now these activities costs vary based on different instructor costs. Furthermore, in offline training sessions, the knowledge is restricted and growth.
Thus, companies started adopting e-learning platforms that can be conducted anywhere globally on the good internet. Corporate e-learning training has overcome various challenges like other types of learning practices. Some of the features offered by corporate training education showed a positive effect on the growth of employees and companies are providing employees with career growth opportunities aligned with company objectives, goals and strategies.
Furthermore, corporate training education also helps to upskill or maintain knowledge of current job-related tasks, enhancing or obtaining education, abilities and skills for duties unrelated to current job to achieve self-set goals. The mentioned advantages have uplifted the platform's market demand in recent times.
Growing competition in the industry has increased the demand for corporate training sessions to boost the morale of their employee and hence the productivity.
According to a LinkedIn survey, 94% of employees said they would commit to remaining at a firm longer if it invested in their professional development. Its number is complemented by the fact that 90% of top management believes that investing in their employees' career development is a positive need for its growth.
More importantly, companies focus on employees to make them capable of a wide range of responsibilities, experience, expertise and skills. Creating a training program tailored to each of them will boost learning efficiency and return on investment. Well-structured L&D programs help employees get the knowledge and skills they need to improve their performance and job satisfaction, which leads to higher employee retention. Thus, companies' inclination towards employee growth has recently increased the market share for corporate training education.
High initial investments hurdle the market growth of corporate training education
The cost issue is the most significant barrier to the growth of the corporate training business. Despite use in various industries such as healthcare, IT and professional services, corporate training solutions are frequently too generic and expensive for these companies to implement.
Corporate training is accessible on the market, but it is very expensive. Thus it only attracts demand from a small segment of the market. Internal corporate training options will limit the external corporate training industry, which provides a highly personalized and less expensive choice.
COVID-19 Impact Analysis
The pandemic of COVID-19 has negatively influenced the corporate training business. The COVID-19 has resulted in the loss of around 195 million jobs globally. Furthermore, the pandemic has had the greatest impact on employment in% terms in Europe and the Arab world.
As a result of the global economic downturn, business sectors faced budget limits, which R&D teams had to deal with and many obstacles in demonstrating the ROI of their training programs.
The global corporate training education market is segmented based on training methods, training programs, industry and region.
Technical training aids in the development, design, implementation, support, maintenance and operation of technology or any related application, product, or service in various industries
The global corporate training education market based on training programs is segmented into technical, soft skills, quality, compliance and others. In 2019, the technical skill category accounted for the largest proportion of the global corporate training market by training program due to the advantages that come with it.
The segment aids in developing, designing, implementing, supporting, maintaining and operating technology or any related application, product, or service in various industries. For instance, technical training in the retail industry can include teaching employees how to utilize a computer system to ring up consumers. Technical training in sales may entail educating staff on finding new prospects or leads using a customer relationship management (CRM) system.
The presence of many MNCs and large organizations in North America coupled with the increasing focus of many MNCs in the region has accelerated the market share for corporate training education over past few years
North American region dominated the global corporate training market significant technological advances in e-learning services and technologies are credited with this large market share. The existence of several businesses and the region's burgeoning start-up culture are the primary drivers of the corporate training market's expansion.
The corporate training markets in APAC and Europe, on the other hand, are trailing behind, owing to an increase in government-funded programs in rural areas, fueled by the rapid adoption of e-learning methodologies.
The corporate training education market is highly competitive with the presence of local as well as global companies. Some prime companies contributing to the market's growth include Adobe Inc., D2L Corp., Franklin Covey Co., Cisco Systems Inc., City & Guilds Group, GP Strategies Corp., Skillsoft Ltd., John Wiley & Sons Inc., NIIT Ltd. and Wilson Learning Globally and among others.
The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the growth of the corporate training education market globally.
For instance, On January 6, 2020, Curricula has announced that it has received a $3 million growth investment from RCP Equity to help it continue to build its entertaining, story-based security awareness training platform.
Overview: D2L is changing the way the world learns, enabling students of all ages to achieve more than they ever imagined. D2L supports millions of individuals learning online and in-person by working closely with clients globally. The company is expanding globally and is committed to creating the finest learning products possible to leave the world a better place than it found it.
Product Portfolio: The company has a product portfolio of corporate training education that includes:
D2L Wave: D2L Wave connects employees to educational opportunities that benefit their career paths as well as the company's business plan, promoting lifelong learning and providing future-proofed capabilities.
For instance, on July 7, 2021, Global learning technology leader D2L has announced the launch of the D2L Wave. The platform is a bold new approach to professional development. It makes it easy for employees to gain new skills by accessing an online catalog of high-quality education options from leading educational institutions.
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The global corporate training education market report would provide approximately 61 market data tables, 56 figures and 180 pages.
Target Audience 2022
Service Providers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
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