The global corporate training market size was valued at $332,931.1 million in 2019, and is projected to reach $417,212.5 million by 2027, registering a CAGR of 9.4% from 2021 to 2027.
Corporate training, which is also known as workplace learning, is a system of learning activities that are designed to train employees to perform better on the job. Corporate training enhances an employee’s productivity, motivation, performance, and their retention which in turn helps corporates to achieve their business goals. There are two types of training methods that include virtual training method and face-to-face training method. Additionally, the corporate training market analysis is done based on regions, key players and segments.
The COVID-19 pandemic has shown a negative impact on corporate training market. The COVID-19 has caused approximately 195 million of job losses across the globe. Moreover, Europe and Arab States have seen the worst impact on employment in percentage terms during this pandemic. Thus, this global economic disruption led to budget constraints in corporate sectors, which R&D teams had to deal with along with multiple challenges to showcase the ROI of their training programs.
The global corporate training market segment is categorized into training methods, training programs, industries, and region. By training method, the corporate training market is classified into virtual and face-to-face. By training program, it is divided into technical training, soft skills training, quality training, compliance training and others. By industry, it is segmented into healthcare, banking & finance, manufacturing, IT, retail, hospitality and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain , Russia and rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, ASEAN, Korea and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia , South Africa, Turkey and Rest of LAMEA).
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On the basis of training method type, the face-to-face segment accounted for the highest corporate training market share in 2019. This training method has several benefits including the opportunity for employees to ask trainers questions which may go unanswered in other modes. Moreover, it allows for relationship building between the employee and the trainer and among the employees learning together. Thus, this in turn has driven the growth of the corporate training market in terms of value sales. However, the virtual segment is expected to witness a significant growth during the corporate training market forecast period.
By training program, the technical skill segment accounted for the highest global corporate training market share in 2019. Owing to the benefits associated with it. It helps in acquiring the skills require to develop, design, implement, support, maintain, or operate technology or any related application, product, or service in different industries. For instance, in retail industry, technical training may include teaching employee how to use computer system to ring up customers. In sales, technical training may require teaching employees how to use the customer relationship management (CRM) system to find new prospects or leads. Thus, this fact has increased the demand for technical training in corporate sectors, which in turn has fueled the growth of corporate training market.
By industry, the health care segment accounted for the highest market share in the global corporate training market in 2019. According to the U.S. Bureau of Labor Statistics, the healthcare industry is expected to increase 15 % from 2019 to 2029, much faster than the average for all occupations, adding about 2.4 million new jobs. This is anticipated mainly due to aging population across the globe, resulting in a greater demand for healthcare services. Thereby, resulting in an increase in the demand for training employees in this sector. This in turn is projected to offer an immense opportunity to corporate training industry in terms of value sales during the forecast period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2019. Factors such as the presence of many MNCs and large organizations in the region and the increasing focus of many MNCs and other large organizations on expanding their geographical presence along with good employment rate in this region has significantly influence corporate training market growth in this region.
The key players operating in the global corporate training market focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global corporate training industry analyzed in this report include
Bizlibrary, GP Strategies Corporation, Franklin Covey Co., City & Guilds Group, D2L Corporation, Cornerstone Ondemand Inc., Wilson Learning Worldwide Inc., Allen Communications Learning Services, Simplilearn Solutions and Skill Soft.
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Key Benefits For Stakeholders
• The report provides a quantitative analysis of the current corporate training market trends, estimations, and dynamics of the market size from 2021 to 2027 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the corporate training market size and segmentation assists in determining the prevailing corporate training market opportunities.
• Major countries in each region have been mapped according to their revenue contribution to the global industry.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
• The report includes the analysis of the regional as well as global market, key players, market segments, application areas, gender areas and growth strategies.
Key Market Segments
By Training methods
• Virtual
• Face-to-face
By Training Programs
• Technical training
• soft skills training
• quality training
• compliance training
• others
By Industries
• Healthcare
• Banking & Finance
• manufacturing
• IT
• Retail
• Hospitality
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Russia
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o ASEAN
o Australia & New Zealand
o Korea
o Rest of Asia-Pacific
• LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Turkey
o Rest of LAMEA
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