Overview and Scope
Corporate training refers to the process of educating employees through a system of activities that apply various types of learning programs to teach them. Corporate training is used to enhance individuals’ job skills and knowledge, allowing them to perform better at work.
Sizing and Forecast
The corporate training market size has grown steadily in recent years. It will grow from $383.14 billion in 2023 to $400.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to emerging markets growth, increased learning and development budgets, increased penetration of digital platforms and increased demand for mobile-based learning.
The corporate training market size is expected to see steady growth in the next few years. It will grow to $485.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, rise in demand for soft skills and increasing investments by online educational institutions. Major trends in the forecast period include use of artificial intelligence (ai) to provide personalized learning experiences, technological advancements to aid in development of skills, use of augmented reality/virtual reality to create realistic simulations, strategic partnerships and acquisitions to improve financial strength and geographical presence, product innovations with focus on integrated solutions and metaverse technology to create collaborative learning environments.
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Segmentation & Regional Insights
The corporate training market covered in this report is segmented –
1) By Training Programs: Technical Training, Soft Skills Training, Quality Training, Compliance Training, Other Training Programs
2) By Training Methods: Virtual, Face-To-Face
3) By Industries: Healthcare, Banking And Finance, Manufacturing, IT (Information Technology), Retail, Hospitality, Other Industries
North America was the largest region in the corporate training market in 2023. The regions covered in the corporate training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
During the forecast period, the increasing focus on soft skills will support the growth of the corporate training market. Soft skills are a combination of abilities related to people and social situations, rather than a person’s technical abilities. Soft skills help a person to build and maintain relationships, navigate complex situations and achieve individual goals. In April 2023, according to a survey report, the ‘Future of Jobs Report 2023’, published by the World Economic Forum (WEF), the demand for soft skills is increasing and employers plan to focus on developing employees’ soft skills, i.e., leadership and social influence (40% of companies), resilience, flexibility and agility (32%) and curiosity and lifelong learning (30%). Further, in September 2022, according to a research report by Harvard University, the Carnegie Foundation and the Stanford Research Center, 85% of career success comes from having well-developed soft skills and people skills. Hard skills, including technical skills and knowledge, only make up 15% of career success. Therefore, the rise in demand for soft skills will support the growth of the corporate training market going forward.
Key Industry Players
Major companies operating in the corporate training market report are Skillsoft, GP Strategies Corporation, Cornerstone OnDemand Inc, John Wiley & Sons Inc, Franklin Covey Co,Adobe Inc, BTS Group AB, D2L Corporation, Blanchard Training and Development Inc., Simplilearn, 24 Karat Training, 27 Stars Consulting Group, 2C Training Solutions, 3 Seconds, 361 Degree Minds, 39Solutions, Ultimahub, Tang Cultural Media, 17Career, ACG, AMC TRAINING LTD, AOE ChinEase, Art Of Education, AUIA International Summer School, Académie de Bernadac, Action Education, Adaptive Growth Solutions, Amerlish, Aplus Training, Cegos China, Beijing Champion Consulting Ltd, People Business, HewardMills, Scaled, NBT, Cosmic Velocity, Octave Digital, Blimpp, The Education and Skills Partnership Ltd, Rocky.ai, Changing Social, Real Trainers Group, Robot Albert, Ros Expert, Scrum Trek, Founder Institute Ukraine, Freedom Business Mentoring, GAO Global, GUARANTEE TNG, Galaxy Education Centre, Gestalt Coaching International, Golden Staff Study, Great Event School, HUB ONE, Canadian Management Centre, Global Knowledge, Cisco Systems Inc, GP Strategies Corporation, Sons Inc, Wilson Learning Worldwide Inc, FGV, Insper, Saint Paul Escola de Negócios, ISAE Escola de Negócios, UV CONSULTANTS, CounselTrain, Kompass Consultancy, IIPD Global, Kaplan Genesis, Learners Point, Centre for Management Development, Institute of Chartered Accountants of Nigeria, MasterStart, Milpark Education, NADIA Training Institute, Nigeria Institute of Management, Zabeel International Institute of Management and Technology
The corporate training market report table of contents includes:
1. Executive Summary
2. Corporate Training Market Characteristics
3. Corporate Training Market Trends And Strategies
4. Corporate Training Market – Macro Economic Scenario
5. Global Corporate Training Market Size and Growth
…
32. Global Corporate Training Market Competitive Benchmarking
33. Global Corporate Training Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Corporate Training Market
35. Corporate Training Market Future Outlook and Potential Analysis
36. Appendix
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