BANGALORE, India, Oct. 26, 2023 /PRNewswire/ -- Corporate Training Market is Segmented by Training Program (Technical Training, Soft Skills, Quality Training, Compliance, Others Training Program), by Industries (Retail, Pharmaceutical And Healthcare, Financial Services, Professional Services, Public Enterprises, Information Technology, Others Industries),: Global Opportunity Analysis and Industry Forecast, 2019-2030.
The global corporate training market was valued at USD 332,931.1 Million in 2019 and is projected to reach USD 487,305.7 Million by 2030, registering a CAGR of 8.0% from 2021 to 2030.
Major Factors driving the growth of the Corporate Training Market
The expansion of the corporate training industry is aided by the growing need for learning in the workplace throughout the world and the growing popularity of microlearning. The industry is rising because gamification is being used more and more for employee training. Nonetheless, it is anticipated that corporate sectors' financial concerns will impede market expansion.
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TRENDS INFLUENCING THE GROWTH OF THE CORPORATE TRAINING MARKET:
The market for corporate training is expanding due in large part to the growing industrialization and globalization of organizations. Standardized training programs are essential when businesses grow internationally because they guarantee consistent skill development and compliance. This worldwide reach increases the need for corporate training initiatives, leading to a rise in the market.
The corporate training scene has undergone a transformation due to the rapid improvements in technology. Artificial intelligence, virtual reality, and e-learning platforms have all been combined to make training more interesting and accessible. Through the attraction of tech-savvy businesses and students, this digital revolution increases productivity, lowers expenses, and broadens the market.
The corporate training sector is significantly impacted by government policies and efforts. Numerous governments are endorsing and financing training initiatives aimed at improving labor competencies, decreasing joblessness, and stimulating economic expansion. This assistance propels the corporate training industry's expansion by creating a favorable atmosphere. To guarantee compliance with norms and laws, extensive training programs are necessary due to strict regulatory requirements in different industries. In order to satisfy these compliance requirements, organizations are spending more money on training. As a result, there is a greater need for corporate training services, particularly in industries like manufacturing, IT, healthcare, and finance.
For enterprises, the widening skills gap in the labor market is a serious challenge. Businesses are concentrating on offering training to upskill their staff in order to close this skill gap. The need for corporate training to overcome these skill gaps is only going to increase as more and more firms realize how important having a competent staff is. Companies are utilizing corporate training as a technique to obtain a competitive edge in today's cutthroat business climate. Effective workforce training fosters increased productivity and creativity, making it a crucial component of business success. This encourages companies to spend money on training initiatives, which fuels the market's expansion even more.
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CORPORATE TRAINING MARKET SHARE ANALYSIS
One important area for the corporate training industry is North America. The area is distinguished by strict compliance standards and a high degree of technology usage. The need for corporate training programs is fueled by these considerations. The proliferation of global companies in this area contributes to the market's expansion.
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Key Companies:
- 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
- Skill Soft
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SIMILAR REPORTS
-Corporate Compliance Training market was valued at USD 5738.1 million in 2022 and is anticipated to reach USD 11690 million by 2029, witnessing a CAGR of 12.6% during the forecast period 2023-2029.
-Corporate Training Software Market
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-Artificial Intelligence (AI) in Corporate Training Market
-Corporate Leadership Training market size is projected to reach USD 66420 million by 2028, from USD 38700 million in 2021, at a CAGR of 7.9% during 2022-2028.
-Cyber Security Training market is projected to grow from USD 2219.6 million in 2023 to USD 6784.9 million by 2029, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period.
-Soft Skills Training Market is expected to Grow at a CAGR of 9.6%.
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-Business English Language Training market is projected to grow from USD 19710 million in 2023 to USD 32600 million by 2029, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period.
-Microlearning Platforms market was valued at USD 1604.9 million in 2022 and is anticipated to reach USD 3341.3 million by 2029, witnessing a CAGR of 13.0% during the forecast period 2023-2029.
-Employee Training Service Market
-Employer of Record Platform market was valued at USD 4450.5 million in 2022 and is anticipated to reach USD 6604.4 million by 2029, witnessing a CAGR of 6.8% during the forecast period 2023-2029.
-Corporate E-Learning market size was valued at USD 22.5 Billion in 2021 and is forecast to reach size of USD 44.6 Billion by 2028 with a CAGR of 10.5% during the forecast period 2022-2028.
- The global corporate learning management system (LMS) market size is projected to reach USD 9296 Million by 2026, from USD 2136.9 million in 2019, at a CAGR of 22.8% during 2021-2027.
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-Cognitive Assessment & Training market is projected to grow from USD 2998.3 million in 2023 to USD 4110.7 million by 2029, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.
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