Authored By: Sarah
11 Sep 2024

Latest News: Corporate Training Market Size to grow by USD 14251 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Corporate Training Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. In today's corporate landscape, the utilization of learning analytics is increasingly becoming a necessity for European organizations to optimize their employee training programs. With the emergence of advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and machine learning, along with the vast availability of big data, learning analytics enables training providers to assess the effectiveness of instructional materials and identify learners requiring additional support. Predictive analytics, a key component of learning analytics, employs statistical techniques to forecast learners' performance based on historical learning patterns. This valuable insight empowers corporations and trainers alike to anticipate employee competency levels and customize courses accordingly.

Key Highlights

Growth Projections

The global corporate training market  size is estimated to grow by USD 14251 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.62% during the forecast period. Digitization of learning materials is driving market growth, with a trend towards increased emphasis on learning new skills  However, technical constraints to implementing corporate training  poses a challenge.Key market players include Adobe Inc., Articulate Global Inc., Blanchard Training and Development Inc., BTS Group AB, Cegos Group, Cisco Systems Inc., City and Guilds Group, Cornerstone OnDemand Inc., D2L Inc., DEMOS, Development Dimensions International Inc., Franklin Covey Co., John Wiley and Sons Inc., Korn Ferry, Learning Technologies Group Plc, Mind Gym Plc, NIIT Ltd., Richardson Sales Performance, Skillsoft Corp., and Wilson Learning Worldwide Inc..

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Major Findings

  • In today's corporate landscape, the digitization of learning materials is no longer an option but a necessity. Companies are increasingly turning to digital platforms to deliver training content to their employees. This shift towards e-learning offers numerous benefits, including cost savings, flexibility, and access to a wider range of resources. By leveraging technology to deliver training, organizations can improve employee engagement, enhance knowledge retention, and foster a culture of continuous learning.

  • The corporate training market has experienced significant growth due to the increasing need for enterprise development. As businesses expand and evolve, the demand for skilled employees and effective training programs increases. This trend is expected to continue, with the global corporate training market projected to reach a value of USD70 billion by 2025. Training solutions, including e-learning, classroom instruction, and on-the-job training, are in high demand to enhance workforce productivity and competitiveness.

  • Corporate training programs face several technical constraints that hinder their implementation. These challenges include inadequate technology infrastructure, compatibility issues with various devices and software, limited bandwidth for large data transfer, and security concerns. Moreover, the need for continuous updates and maintenance of training platforms can be time-consuming and costly for organizations. Effective mitigation strategies include investing in reliable technology, ensuring compatibility with multiple platforms, prioritizing security measures, and outsourcing technical support.

  • The corporate training market faces a significant challenge in implementing effective assessing metrics to measure the success and impact of training programs. Without proper metrics, it becomes difficult for organizations to evaluate the return on investment (ROI) and identify areas for improvement. This lack of clear measurement can hinder the overall effectiveness of training initiatives and limit their ability to drive business growth. To address this issue, companies must invest in reliable assessment tools and methodologies to accurately measure training outcomes and optimize their training strategies.

Market Research Overview

In the corporate training market, essential inputs include financial resources, skilled instructors, instructional materials, and advanced technology for on-campus and online classroom instructions. Our operations encompass pitching and profiling, where we meticulously understand clients' business needs and propose superior value propositions. Additionally, we focus on resource optimization through efficient project management, effective communication, and strategic resource planning, thereby enhancing client engagement and satisfaction.

The Corporate Training Market is experiencing significant growth, fueled by the Digitization of learning materials. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Regional Insights

In the corporate sector, investing in employee development is crucial for business growth. The corporate training market caters to this demand, offering various programs to enhance workforce skills and productivity. These training solutions encompass a range of modalities, from in-person seminars to e-learning platforms, ensuring flexibility to meet diverse organizational needs. By upskilling employees, businesses can remain competitive, foster innovation, and improve overall performance.

Research Analysis Overview

The corporate training market encompasses a wide range of industries and employee types, including Integrated employees in both Managerial and Non-Managerial roles. Training programs vary from Off Site and On Site locations, with Non-Profit Organizations, Public Enterprises, Professional Services, Financial Services, Pharmaceutical and Healthcare sectors being significant consumers. Customer Management training, Sales training, Managerial training, Leadership training, Technical skills development in Information Technology, and Soft skills training are popular offerings. With the ongoing shift towards remote work, Virtual training methods have gained prominence. Diversity initiatives, Job losses, and the need for Employee productivity have intensified the focus on Workplace learning. Talent development through Reskilling and Upskilling are crucial for businesses to stay competitive. Key areas of focus include Sales, Customer Service, IT, and Leadership. In today's dynamic business landscape, training programs must cater to the needs of various industries and employee groups. This includes Managerial employees, Non-Managerial employees, and Integrated employees. Effective training strategies encompass both Face-to-face and Virtual methods to ensure maximum impact and engagement.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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