Upskilling Market in India 2024 – 2028
Description
Market insights:
The upskilling market in India is experiencing significant growth, driven by an increasing focus on soft skills training. In 2023, the soft skills training market was valued at INR 54.05 billion and is projected to reach INR 112.79 billion by 2028, expanding at a compound annual growth rate (CAGR) of 15.34% during the forecast period. Professional training in soft skills, such as communication and social-emotional intelligence, is essential for enhancing business interactions and relationship management. These skills are crucial for upskilling, complementing technical competencies to improve overall effectiveness.
The integration of communication and teamwork fosters collaborative learning, while adaptability and resilience help individuals navigate challenges. This holistic approach to upskilling empowers individuals to excel in dynamic work environments by combining soft skills with technical abilities. A report from Omidyar Network India highlights that upskilling opportunities could integrate over 100 million individuals into the Indian workforce, thereby boosting GDP and moving the economy closer to a USD 4 trillion market value.
Small- and medium-sized enterprises (SMEs) are increasingly utilizing upskilling platforms to expand their business reach and build a strong client base, contributing to market growth. The advent of digitalization and the integration of advanced technologies such as cloud computing, Virtual Reality (VR), and Artificial Intelligence (AI) into soft skills training programs are further propelling the market's positive trajectory in India. This digital transformation is enhancing the effectiveness and accessibility of upskilling initiatives, thereby supporting the overall growth of the market.
Market drivers:
The rapid progress of technologies, particularly in fields such as Artificial Intelligence (AI), Machine Learning (ML), data science, cloud computing, and automation, is generating an escalating demand for novel skills and competencies within the workforce
The Indian government has introduced numerous initiatives to foster skill development and upskilling across a range of sectors. Initiatives such as Skill India, Digital India, and Make in India are designed to equip millions of individuals with diverse skills, aligning with the needs of a swiftly evolving economy. These endeavors not only bridge the skill gap but also bolster economic growth by improving workforce employability and nurturing innovation and entrepreneurship
Market challenges:
Improved access to quality education and training programs remains a challenge, notably in rural and remote regions where infrastructure is lacking. Another challenge lies in ensuring the quality and relevance of upskilling programs to match industry requirements.
It is vital to maintain the quality and applicability of upskilling programs to effectively prepare individuals for employment prospects and career growth
The upskilling market in India is experiencing significant growth, driven by an increasing focus on soft skills training. In 2023, the soft skills training market was valued at INR 54.05 billion and is projected to reach INR 112.79 billion by 2028, expanding at a compound annual growth rate (CAGR) of 15.34% during the forecast period. Professional training in soft skills, such as communication and social-emotional intelligence, is essential for enhancing business interactions and relationship management. These skills are crucial for upskilling, complementing technical competencies to improve overall effectiveness.
The integration of communication and teamwork fosters collaborative learning, while adaptability and resilience help individuals navigate challenges. This holistic approach to upskilling empowers individuals to excel in dynamic work environments by combining soft skills with technical abilities. A report from Omidyar Network India highlights that upskilling opportunities could integrate over 100 million individuals into the Indian workforce, thereby boosting GDP and moving the economy closer to a USD 4 trillion market value.
Small- and medium-sized enterprises (SMEs) are increasingly utilizing upskilling platforms to expand their business reach and build a strong client base, contributing to market growth. The advent of digitalization and the integration of advanced technologies such as cloud computing, Virtual Reality (VR), and Artificial Intelligence (AI) into soft skills training programs are further propelling the market's positive trajectory in India. This digital transformation is enhancing the effectiveness and accessibility of upskilling initiatives, thereby supporting the overall growth of the market.
Market drivers:
The rapid progress of technologies, particularly in fields such as Artificial Intelligence (AI), Machine Learning (ML), data science, cloud computing, and automation, is generating an escalating demand for novel skills and competencies within the workforce
The Indian government has introduced numerous initiatives to foster skill development and upskilling across a range of sectors. Initiatives such as Skill India, Digital India, and Make in India are designed to equip millions of individuals with diverse skills, aligning with the needs of a swiftly evolving economy. These endeavors not only bridge the skill gap but also bolster economic growth by improving workforce employability and nurturing innovation and entrepreneurship
Market challenges:
Improved access to quality education and training programs remains a challenge, notably in rural and remote regions where infrastructure is lacking. Another challenge lies in ensuring the quality and relevance of upskilling programs to match industry requirements.
It is vital to maintain the quality and applicability of upskilling programs to effectively prepare individuals for employment prospects and career growth
Table of Contents
49 Pages
- Chapter 1: Executive summary
- Chapter 2: Socio-economic indicators
- Chapter 3: Introduction
- 3.1. Market definition and structure
- 3.2. Value chain analysis
- 3.3. Foundational upskilling
- 3.4. Specialized upskilling
- 3.5. Major stakeholders
- Chapter 4: Market Overview
- 4.1. Soft skills training market – size and growth forecast (2022 – 2028e)
- 4.2. Upskilling market in India
- 4.3. Porter’s Five Forces Analysis
- Chapter 5: Market Influencers
- 5.1. Market drivers
- 5.2. Market challenges
- Chapter 6: Market Trends
- 6.1. Key market trends
- Chapter 7: Competitive Landscape
- 7.1. NIIT Limited
- Company information
- Business description
- Products/services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographic segments
- Note: Financial and market segments’ information has been covered only for public companies
- 7.2. Imarticus Learning Private Limited
- 7.3. InterviewBit Technologies Private Limited
- 7.4. Sorting Hat Technologies Private Limited
- 7.5. UpGrad Education Private Limited
- 7.6. Coursera Inc.
- 7.7. Simplilearn Solutions Private Limited
- 7.8. Udemy India LLP
- Chapter 8: Major Startups
- 8.1. Nxtwave
- 8.2. Incanus Technologies Private Limited
- 8.3. BridgeLabz Solutions Private Limited
- 8.4. Sunrise Mentors Private Limited
- Chapter 9: Website Benchmarking
- Chapter 10: Recent Developments
- 10.1. Recent developments
- Chapter 11: Appendix
- 11.1. Research methodology
- 11.2. About Netscribes
- 11.3. Disclaimer
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