Corporate Training Market to Reach $417.21 Billion, Globally, by 2027 at 9.4% CAGR: Allied Market Research

The fact that corporate training makes employees improve their skills and help the company with recruiting a skillful employee base drives the growth of the global corporate training market

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Allied Market Research

Dec 08, 2020, 08:00 ET

PORTLAND, Ore., Dec. 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Corporate training Market Type (Technical, Non-technical) Application (Small Enterprise, Medium Enterprise, Large Enterprise) Learning Methods (Blended Learning, Offline Learning, Online Learning) : Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global corporate training industry was estimated at $332.93 billion in 2019, and is anticipated to hit $417.21 billion by 2027, registering a CAGR of 9.4% from 2021 to 2027.

Prime determinants of growth-

The fact that corporate training makes employees improve their skills and help the company with recruiting a skillful employee base drives the growth of the global corporate training market. Also, such trainings have been very useful to improve the work performance and morale of an employee, which in turn is expected to create lucrative opportunities for the key players in the industry.

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Covid-19 scenario-

Corporate training can be online as well as offline learning and thus, the outbreak of the pandemic has given a mixed impact to the global market for corporate training.
Enterprises which are using online learning methods can still continue their training through online portals; and organizations that use offline methods had to change system to online approaches.

The face to face segment to dominate by 2027-

Based on training method, the face to face segment accounted for more than two-third of the global corporate training market share in 2019 and is expected to rule the roost by the end of 2027. Face-to-face training is the traditional way and still has its strong foundations embedded in the learning process for many companies and institutions because of its clear advantages. This factor propels the segment growth. The virtual segment, on the other hand, would portray the fastest CAGR of 16.4% throughout the forecast period. Virtual trainings enable experts, facilitators, and trainees communicating & acting in the virtual environment for practicing skills during collaborative problem solving. It offers benefits such as decreasing the training cost by mitigating the trainees' travel & lodging expenses, provides flexibility for training schedule, and enhances the motivation of trainees and others. These factors fuel the growth of the segment.

The technical training segment to maintain the dominant share-

Based on training program, the technical training segment contributed to more than one-fourth of the global corporate training market revenue in 2019 and is anticipated to lead the trail till 2027. This is attributed to the factor that technical training helps in acquiring the skills required to develop, design, implement, support, maintain, or operate a technology or any related application, product, or service in different industries. At the same time, the soft skills training segment would manifest the fastest CAGR of 11.0% from 2021 to 2027. The fact that soft skills such as, empathy, active listening, critical thinking, and emotional intelligence are grabbing attention in new employees learning & development programs drives the segment growth.

North America garnered the major share in 2019-

Based on geography, North America held the highest share in 2019, garnering nearly one-third of the global corporate training market. The presence of many MNCs and large organizations in the region and the increasing focus of the organizations on expanding their geographical presence along with good employment rate in this province drive the market growth. Simultaneously, LAMEA would register the fastest CAGR of 11.1% from 2021 to 2027.

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Key players in the industry-

Skillsoft
Pluralsight
Udemy
Educomp
Cornerstone OnDemand Inc.
NIIT Ltd
G-Cube
GP Strategies Corporation
MT Educare
City and Guild group

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