The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 3, 2023 /PRNewswire/ -- As per The Business Research Company's Corporate Training Global Market Report 2023, the global corporate training market is set for remarkable growth, with expectations to rise from $363.26 billion in 2022 to $380.70 billion in 2023, boasting a noteworthy compound annual growth rate (CAGR) of 4.8%. This growth momentum is expected to continue, with the corporate training market size projected to reach $460.04 billion in 2027, maintaining a steady CAGR of 4.8%.
Driving Factors
Several compelling factors are propelling the corporate training market's growth. Government support, global population expansion, urbanization, the surge in demand for soft skills training, and increasing investments by online educational institutions are driving forces behind the corporate training market's expansion.
Market Landscape
The global corporate training market presents a diverse landscape, characterized by a multitude of players. In 2022, the top ten competitors collectively accounted for a modest 0.66% of the total market. Skillsoft emerged as the market leader with a 0.14% corporate training market share, followed by GP Strategies Corporation (Learning Technologies Group plc), Cornerstone OnDemand Inc., John Wiley & Sons Inc., Franklin Covey Co., Adobe Inc., BTS Group AB, D2L Corporation, Blanchard Training and Development Inc., and Simplilearn.
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https://www.thebusinessresearchcompany.com/report/corporate-training-global-market-report
Cutting-Edge Innovations
An intriguing trend in the corporate training market is the utilization of augmented reality (AR) and virtual reality (VR) to create realistic training simulations. Major companies are increasingly adopting these technologies to provide learners with immersive experiences and a safe environment for skill development. For instance, Bank of America introduced VR training in its financial centers, allowing employees to practice tasks and simulate client interactions, enhancing their professional skills.
Market Segmentation
The global corporate training market is segmented along various dimensions:
- By Training Programs: Technical Training, Soft Skills Training, Quality Training, Compliance Training, and Other Training Programs
- By Training Methods: Virtual, Face-to-Face
- By Industries: Healthcare, Banking & Finance, Manufacturing, IT, Retail, Hospitality, and Other Industries.
Among these segments, the virtual training method shines with the highest growth potential. It is expected to contribute a substantial $57,323.3 billion in global annual sales by 2027.
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Regional Dominance
North America leads the corporate training market, with a market worth of $140.7 billion in 2022.
The corporate training market in North America thrives on strategic partnerships, collaborations, and substantial government investments. In a notable example, the Canadian government allocated nearly CAN$7.5 billion (approximately $6 billion) annually to support employment and skills training programs, benefitting students, indigenous groups, and unemployed Canadians with over CAN$3 billion (approximately $2.4 billion) directed towards provinces and territories.
The Corporate Training Global Market Report 2023 offers comprehensive insights into this dynamic industry, equipping businesses with the knowledge to navigate the evolving landscape and harness the potential of enhanced employee training for sustainable business success.
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