Corporate Training Market: Overview of the Market Growth, Recent Trends, Segmentation, and Leading Players, 2019 to 2030
Corporate training size, growth
By training program, the technical training segment accounted for the highest market share, growing at a CAGR of 6.9% from 2021 to 2030.
WILMINGTON, DELAWARE, UNITED STATES, March 28, 2024 /EINPresswire.com/ -- A recent report published by Allied Market Research provides details of the market dynamics, current market trends, segmentation analysis, and profile of the leading players. It states that the corporate training market is projected to generate revenue of $487.3 billion by 2030, with a CAGR of 8% from 2019 to 2030.
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Market Dynamics:
The report provides insights into the factors influencing the growth of the corporate training market. Companies are focusing on staff development and upskilling owing to advancements in technology. This factor is, in turn, driving the development of the market. In addition, various companies are adopting Learning Management Systems to enable the employees to learn at their own pace. However, budget limitations and lack of skilled professionals to train the employees hamper the development of the market.
On the contrary, expansion of businesses on a global level is boosting the need for cross-cultural training, which opens several lucrative avenues for the market. Moreover, increase in demand for micro-learning and assimilation of gamification in the corporate sector is presenting remunerative opportunities for the market growth.
Recent Trends in the Corporate Training Market:
To build an efficient workforce and boost its productivity, companies are leveraging the latest trends, which have transformed the corporate training market.
Experiential Learning: Also known as simulative learning, it is the most meaningful mode of training with real-life scenarios to offer hands-on experience to the employees. This form of training makes use of virtual reality (VR) and augmented reality (AR) to create a realistic situation. Experiential learning enhances the decision-making skills of employees and helps them articulate to develop skill proficiency.
Gamification: The deployment of gaming mechanisms into training is acquiring traction among businesses, as it increases employee participation and keeps them engaged in the training. The introduction of leaderboard, reward points, and certifications motivates the employees to finish the training as well as accelerates their learning.
Personalized Training Modules: Considering the varying requirements and behaviors of employees, companies are focusing on offering personalized training. They design their training modules so that employees set specific goals for themselves and lay out strategies to achieve them. This strategy aids them to overcome their weaknesses.
Stakeholders make use of artificial intelligence (AI) and machine learning (ML) technologies to understand user behavior and curate specific modules as per their need and learning capabilities.
Microlearning: This is a learning-on-demand form of training, projected to gain popularity in the future. Microlearning involves the creation of short information snippets, which are provided to the employees as and when required. These snippets are accessible on mobiles, which makes them user-friendly and helps employees to close their learning gap in a short time span.
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Segmentation Analysis:
The segmentation of the corporate training market is based on training program, industries, and region. By training program, the market is divided into quality training, technical training, soft skills, compliance, and others training program. As per indstries, it is categorized into pharmaceutical & healthcare, retail, public enterprises, financial services, professional services, information technology, and others. According to region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players mentioned in the Report:
Business Training Library, Inc.
Simplilearn Solutions,
Allen communication learning services
Wilson Learning Worldwide, Inc.
Cornerstone OnDemand, Inc.
Skillsoft
City and Guilds International Limited
GP Strategies Corporation
Franklin Covey Co.
D Two L
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Key Questions covered in the Report:
What is the total market value of the corporate training market report?
Which top companies hold the highest share in the corporate training market?
What are the segments of the corporate training market?
What are the market values of emerging countries in the market?
By region, which segment is expected to dominate the market by the end of 2031?
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