Global Corporate Training Market 2018-2022
About Corporate Training
Corporate training involves activities and lessons for employees for their professional development. Focusing on professional development through corporate training helps employees in improving their skills and enhancing their performance. Employers use training to acclimate new employees, teach current employees new skills for the same job, and to advance employees into jobs requiring different skill sets. Training could be specific to acompany or it could be general.
Technavio’s analysts forecast the global corporate training market to grow at a CAGR of 9.79% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global corporate training market for 2018-2022. To calculate the market size, the report considers the revenue generated through the sales of training products and related services onapay-and-use basis or subscription.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Corporate Training Market 2018-2022
Technavio recognizes the following companies as the key players in the global corporate training market: City & Guilds Group, D2L, GP Strategies, NIIT, Skillsoft, and Wilson Learning Worldwide.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of IoT and wearable devices. The Internet of Things (IoT) and wearable devices have gained traction in the corporate training industry over the last few years. This is owing to the rapid adoption of digital solutions to implement e-learning. Wearable devices or apps are emerging as the most convenient and time-saving solutions, right from logging attendance of trainees to monitoring their performances in an Internet-enabled room. Smart glasses such as Google Glass and smartwatches such as the Apple Watch are rapidly gaining popularity among audiences and corporate trainers to create interactive and immersive learning experiences.”
According to the report, one of the major drivers for this market is Emergence of cost-effective e-learning training modules. Corporate training is one of the key expenses of any organization. The overall productivity of any company depends significantly on how well new hires are being trained and the existing employees are upgrading their skills. Therefore, organizations are increasingly adopting innovative and cost-effective ways to train their employees. Costs associated with traditional training in a brick-and-mortar setup, which includes traveling expenses, employee and trainer time, and facility charges are considerably high. In addition, costs associated with printing instruction materials and assessment papers are higher compared with just making them available online and giving employees access to the Internet and digital content.
Further, the report states that one of the major factors hindering the growth of this market is Budgetary concerns. with sufficient budgets own essential hardware and software solutions or systems. These are required to implement 21st-century corporate training, with which it is easy to attract employees willing to learn in a digitally advanced learning environment. However, organizations with limited budget may prefer continuing with the conventional training methodologies, without incurring extra expenditure on buying new tools and technologies. This, in turn, may hamper the growth of the market during 2017-2022. In addition, the switching cost from one technology or tool, take for instance an LMS, could be immensely expensive for companies with limited budgets.
City & Guilds Group, D2L, GP Strategies, NIIT, Skillsoft, and Wilson Learning Worldwide.
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