The Global Training Market is estimated to be valued at US$ 132.2244 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The training market offers a wide variety of training programs, workshops and certifications across industries to develop skills and keep professionals updated with changing technologies and work environment. These training methods improve employee productivity and efficiency.
Market key trends:
Rise in online learning is one of the major trends in the training market. With growing digitization and internet connectivity, enterprises are increasingly adopting online training modules to train employees. Online training provides flexibility in terms of time and location to learners and is more cost effective than traditional classroom training. It also allows training a large number of employees simultaneously. Growing demand for online learning from industry professionals and students is expected to drive growth of the training market during the forecast period.
Segment Analysis:
key trend in the training market is the rising demand for online training and gamified eLearning applications. With advancements in technology and the internet, organizations are increasingly leveraging digital platforms to provide interactive and engaging learning experiences to employees. Gamification adds elements of competition and rewards to make training more enjoyable and boost employee engagement and retention of learning content. Virtual classroom platforms, mobile apps, virtual reality/augmented reality, and artificial intelligence are some emerging technologies fueling the growth of online training programs.
SWOT Analysis:
Strengths: The training market benefits from growing demand for skilling and developing employees to gain competitive advantage. It allows organizations to address talent gaps and keep workforce skills up to date.
Weaknesses: High development costs associated with specialized training courses and programs. Traditional classroom-led training can be time-consuming and lacks flexibility.
Opportunities: Emerging technologies offer opportunities to gamify learning and make training more immersive through simulations and virtual reality. The market sees increased demand for compliance, safety and soft skills training.
Threats: Economic slowdowns may prompt companies to cut training budgets. Open educational resources and free online content pose pricing pressure on commercial training providers.
Key Takeaways:
The Global Training Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand for workforce development and skills training programs. The market size for 2023 is US$ 132.2244 Bn.
Regional analysis: North America dominates the training market currently due to rapid digital transformation of industries. Asia Pacific is expected to grow at the fastest pace owing to burgeoning youth population and rising emphasis on skill-based education and training in major countries like India and China.
Key players operating in the training market are Skillsoft Limited, Safety Media, GP Strategies Corp., UL EHS Sustainability, PRYOR Learning Solutions, Raytheon Company, DuPont Sustainable Solutions, 360training.com, Inc., SAP Litmos, Vector Solutions, Global Training Solutions, Inc., Cornerstone onDemand, Petroskills, Euro Petroleum Consultants Ltd .
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
