RALEIGH, North Carolina, Sept. 4, 2019 /PRNewswire/ -- The global market for Learning & Development (L&D) is expected to grow at a CAGR of 4 - 5 percent until 2020, according to Beroe Inc., a procurement intelligence firm. The key driver of L&D market is training, which directly affects the revenue growth of the industry; thus, organizations have expanded their investment in the development of training services.
In developed regions such as the U.S. and Europe, e-learning services are anticipated to rise mainly due to a consistent boost in demand for gamification, rapid e-learning tools, and an increase in the applications offering LMS platforms. In developing regions such as APAC and Latin America, only a few service providers are technically equipped to integrate VR in e-learning. However, the regions are witnessing a higher adoption rate due to the attempts by global buyers to streamline the supply base.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The key drivers such as tech-enabled training solutions are transforming traditional training into effective, and measurable training solutions by outsourcing to global suppliers. On the other hand, budget constraint is a major obstacle in the L&D market, wherein mid-sized companies have to operate at a trade-off level to produce digital aids.
Globally, the top organizations are outsourcing their L&D activities to suppliers that support with technology-enabled training solutions. North America exhibits a significant growth in the e-learning sector until 2023, which makes it the most mature market for online learning products in the world, with a growth rate of 4.4 percent.
Technical companies that supply LMS tools, performance tracking tools, and other technical aids in developed markets have an average demand, as the market share is highly competitive.
Tier 2 L&D service provider companies are building the capability to provide a wide range of services to various sectors, such as oil & gas, retail, pharma, BFSI, healthcare, etc.
The L&D market consists of more than 600 corporate L&D suppliers, but few suppliers are capable of providing managed training services globally.
With the evolving process in the way the L&D companies work, there is an increasing trend toward solidification of the supply base, which has produced nearly 5 - 10 percent cost savings.
Most of the buyers are opting to outsource L&D services due to the presence of emerging countries in the APAC region.
The research methodology adopted for the report included:
Experts with twenty years of domain experience
Interaction with buyers
Inputs from supply chain partners
In the near future, most of the L&D roles such as vendor management, reporting & measurement, and strategy development will be outsourced, and the core L&D team will be able to focus on the talent management activities of a company. Moreover, buyers are shifting towards centralization of L&D administration and management to ensure consistency of information shared across the organization.
The report also includes:
Global L&D Market Maturity
Transformation of Corporate Training & Development
Global L&D Industry Trends
Technology and Innovation
Global L&D Drivers and Constraints
Regional Market Outlook
Industry Outlook: L&D Affecting Factors
Porter's Five Forces Analysis: Developed Markets
Porter's Five Forces Analysis: Emerging Markets
Supply Market Outlook: Supply Trends and Insights
Key Global L&D Suppliers
Key Regional Suppliers: Service Portfolio
Supplier Service Capability Analysis - Managed
Training Service Providers
Key Global Supplier Profile
Cost & Pricing Analysis
Cost Structure Analysis
Cost Analysis and Expected Savings
Cost Structure Analysis: Region Wise Trainer Rate Benchmarking 2017
Cost Break-up: Should Cost Model
Cost Structure Analysis: Region Wise Trainer Rate Benchmarking
Pricing Analysis: Price Forecast
Procurement Best Practices:
Sourcing Models for L&D Services
Sourcing Models: Comparative Analysis
Sourcing Models: Pros and Cons
Cross-Industry Sourcing Model Adoption
Key Success Factors for L&D Implementation
Pricing Models (Off-the-Shelf Courses)
Pricing Models: Comparative Analysis
Regional Pricing Best Practices
Internal Governance Structure
Key Services-Based KPI and SLA Components
About Beroe Inc.:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.