Global Corporate Training Market to Exceed Valuation of $493.32 Billion by 2028 | SkyQuest’s Survey Reveals on Job Training is Declining
Global corporate training market was valued at USD 345.56 billion in 2021, and it is expected to reach a value of USD 493.32 billion by 2028, growing at a CAGR of 8.90% over the forecast period (2022–2028).
Westford, USA, Dec. 14, 2022 (GLOBE NEWSWIRE) — Global corporate training market is worth $345.56 billion. The US make up 40% of this market, with Europe taking up another 30%. The rest of the world makes up the final 30%. The global training market has been growing at a CAGR of 8.90% for the past few years and is projected to continue the same in the years to come. However, this growth has been uneven, with North America and Europe growing at a slower rate than Asia Pacific and Latin America.
There are several reasons for this uneven growth in the global corporate training market. First, economic conditions have been more favorable in Asia Pacific and Latin America than in North America and Europe. Second, companies in these regions have been putting more emphasis on learning and development (L&D) as they look to improve their competitive edge. Third, the delivery methods for training have been shifting from traditional Instructor-Led Training (ILT) to more modern eLearning solutions, which are more effective and efficient. SkyQuest’s report goes on to say that while traditional ILT still makes up the majority of spending on corporate training.
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Trends Analysis of Global Corporate Training Market
The corporate training market is evolving. Companies are investing more in employee development and are looking for new ways to engage and motivate their employees. SkyQuest’s trend analysis of the corporate training industry highlights some of the latest trends and developments in this space.
- Companies are investing more in employee development: Companies are recognizing the importance of employee development and are investing more in training and development programs. According to a survey by the American Society for Training and Development (ASTD), company spending on employee training and development grew by 11% in 2017. This trend is expected to continue, with companies investing even more in their employees’ development in the future.
- Companies in the global corporate training market are looking for new ways to engage and motivate employees: With the increasing importance of employee engagement, companies are looking for new ways to engage and motivate their employees. Corporate training programs are one way that companies are doing this. These programs can help employees learn new skills, stay up-to-date on company changes, and feel motivated to continue performing at their best.
- Technology is changing the corporate training landscape: Technology is having a big impact on the corporate training landscape. Online learning platforms and mobile learning apps are making it easier for companies to deliver training content to their employees. Additionally, virtual reality (VR) and augmented reality (AR) are being used more frequently to create immersive learning experiences.
SkyQuest’s Corporate Training Market Survey Reveals on Job Training is Declining
According to a recent survey by SkyQuest, the corporate training market is growing at a rapid pace. In fact, it is expected to reach $493.32 billion by 2028! This growth is being driven by the ever-changing landscape of the workforce, which is becoming more global and diverse. As such, corporations are increasingly investing in training and development programs to ensure that their employees have the skills and knowledge necessary to compete in today’s economy.
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The survey, which polled over 1,000 training and development professionals, found that companies are now spending an average of $1,386 per employee on training, up from $1,295 last year. This increase in the global corporate training market is being driven by a number of factors, including the increasing importance of skills development in the digital economy and the need to keep up with the pace of change. For many companies, employee training is now seen as a key driver of business success. The survey also found that companies are increasingly turning to technology-based solutions for their training needs.
The SkyQuest’s survey found that e-learning is the most popular type of training delivery method, used by 80% of organizations. This is followed by instructor-led training (ILT), which is used by 60% of organizations. Other popular training delivery methods include webinars/webinar-based training (used by 50% of organizations) and mobile learning (used by 40% of organizations).
The most popular mobile learning activities in the global corporate training market were accessing learning content (35%), watching video lectures (32%), and taking quizzes or assessments (30%). The survey found that the majority of companies believe that training is effective in achieving their business goals. 68% of respondents said that training was “very” or “extremely” effective in achieving business goals such as improving employee productivity (63%), reducing time to proficiency (62%), and improving employee engagement (61%).
Interestingly, the survey also found that on-the-job training (OJT) is on the decline, with only 30% of organizations using this method. This is likely due to the fact that OJT can be quite costly and time-consuming. Additionally, many employers feel that OJT does not always provide employees with the skills and knowledge they need to be successful in their role.
Overall, the survey provides valuable insights into the current state of the corporate training market.
Global Corporate Training Market is Highly Fragmented
SkyQuest study notes that the corporate training industry is highly fragmented, with a large number of small providers. The 4 largest providers, such as Pearson, account for less than 10% of the market. This fragmentation presents both opportunities and challenges for providers. On the one hand, it creates a highly competitive landscape where providers must continually innovate to stay ahead of the curve. On the other hand, it provides opportunities for smaller providers to gain market share by catering to specific niches.
Finally, our analyst argues that the future of the corporate training market will be driven by technology. Training delivery methods are evolving rapidly, with new technologies such as virtual reality and artificial intelligence being used more frequently. At the same time, companies are starting to use data analytics to evaluate the effectiveness of their training programs and identify areas where improvement is needed.
It was found that Adobe is one of the top three providers of corporate training, along with IBM and Oracle. It offers a variety of training solutions for businesses, including eLearning content, authoring tools, and learning management systems. The company also has a strong presence in the online learning segment in the corporate training market, with its Adobe Connect platform. Adobe is well-positioned to capitalize on this growth opportunity. The company has a comprehensive product suite and a strong reputation for delivering high-quality training content and solutions. Moreover, Adobe Captivate enables trainers to easily create engaging eLearning courses that can be delivered on any device. Adobe Connect provides a powerful platform for delivering live and virtual training sessions.
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Top Players in Global Corporate Training Market
- Adobe Inc. (US)
- Cisco Systems Inc. (US)
- City and Guilds Group (UK)
- D2L Corp. (Canada)
- Franklin Covey Co. (US)
- GP Strategies Corp. (US)
- John Wiley and Sons Inc. (US)
- NIIT Ltd. (India)
- Skillsoft Ltd. (US)
- Wilson Learning Worldwide Inc. (Japan)
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