Global corporate learning market was valued as USD 398.46 billion in 2022 and is projected to reach a value of USD 817.57 billion by 2030 expanding at a CAGR of 9.45 over the forecast duration of 2022-2030.
Corporate learning market- Overview
Corporate learning also known as workplace learning, is basically a system of learning activities which are designed to train employees in order to perform better on the job. Corporate learning enhances an employee’s productivity, motivation, performance, and also their retention that in turn helps corporates to achieve their business goals.
It also refers to the ways to ensure employee skills are improved and also their performance is enhanced by placing a lot of emphasis on the professional development. Employees that work in corporate learning are growing and learning in their role and are less likely to quit.
Corporate training/ learning is also intended to enrich the professional skill set of employees through activities, which help them to improve their work performance that has in turn resulted in organizational productivity
Key market trends- Growth determinants and Challenges
The corporate learning/ training market is being fuelled by factors such as micro learning and gamification which are among the most trending concepts in the corporate learning market. The need for continuous and life-long learning has also driven the growth of the market.
Additionally, video-based e-learning has also emerged as one of the most functional forms of learning. The integration of videos in the learning process i.e., both uploaded and streamed is because of the advancement in high-speed internet networks. Video-based learning has added various dimensions to learning techniques. The robust growth in wireless network connectivity has supported the growth of corporate learning market.
On the flipside, the major challenge for the growth of the corporate training market is regarding cost issues. Excluding the deployment in various industries, such as healthcare, IT and Professional Services, corporate training solutions are too generalized and expensive for deployment in the mentioned industries. Corporate learning is available in the market at a highly expensive rate and they are acquiring demand from a very limited section of the market. This has hinder the growth of the corporate learning market.
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Segmental analysis of the corporate learning/ training market
Based on training method
- Virtual
- Face-to-face
The face-to-face segment has accounted for the highest corporate training market share. The face-to-face method has several benefits that includes the opportunities for employees to ask questions for their trainers which cannot be answered in other segments.
Based on training program
- Technical training
- Soft skills training
- Quality training
- Compliance training
- Others
The technical skill segment has accounted for the highest global corporate learning market share. This is because of the benefits associated with the segment, such as helping in acquiring the skills which are required to develop, design, implement, maintain, or operate technologies in different industries.
Based on Industry
- Banking & Finance
- Healthcare
- Manufacturing
- IT
- Retail
- Hospitality
- Others
The healthcare segment has accounted for the largest share in the corporate training market. This is because of the factors, such as aging population across the globe and has resulted in a greater demand for healthcare services.
North America is expected to amplify at a considerable CAGR
North America, Europe, Asia Pacific, Middle East and Africa are the major regions constituting the geographical landscape of worldwide corporate learning/training market. Among these, North America has accounted for the highest market share in the industry. This is because of factors, such as presence of MNCs and large organizations in the region and also their large focus on expanding their geographical presence.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are Bizlibrary, GP Strategies Corporation, Franklin Covey Co., City & Guilds Group, D2L Corporation, Cornerstone Ondemand Inc., Wilson Learning Worldwide Inc., Allen Communications Learning Services, Simplilearn Solutions and Skill Soft.
Major Developments
The key players are focused on prominent strategies in order to overcome the competition and also to maintain and improve their shares, worldwide.
Curricula closed a $3 million growth investment from RCP Equity for its fun, story-based security awareness training platform.
Major questions answered in this report
- What is the growth rate of corporate learning market?
- What are the primary growth determinants of the corporate learning market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- Corporate learning market is projected to register at a CAGR of 9.4% over the forecast period of 2022-2030.
- Micro learning and Gaming concepts are aiding market progression.
- Technical skill segment is poised to expand significantly in the market.
- North America is anticipated to record notable gains because of the rise in healthcare expenditure.
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