Corporate training Market 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

Corporate Training Market

The global corporate training market was valued at USD 332.9 Billion in 2019, and is projected to reach USD 487.3 Billion by 2030, growing at a CAGR of 8% from 2021 to 2030.

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 global corporate training market segment is categorized on the basis of training method, training program, industry, 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 FMCG/retail, pharmaceutical and healthcare, financial services, professional services, public enterprises, information technology, and other industries. Region-wise, the corporate training market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global corporate training market witnessed an impetus due to the outbreak of the COVID-19 pandemic in 2020. The market dynamics changed rapidly and the whole globe shifted online. The virtual training came under the spotlight. The key market players invested heavily on the digitization of their businesses. The corporate world started adopting the virtual platforms for the purpose of providing training to their employees, which significantly fostered the growth of the virtual corporate training segment. The increased penetration of the digital platforms supported by the increasing penetration of internet, rising adoption of smart devices, developing information technology and telecommunications platform, and rapid emergence of virtual corporate training platforms across the globe are some of the significant factors that are held responsible for the growth of the corporate training market in the past couple of years. The rising trend of work from home and a significant shift towards the digital technologies is expected to sustain its position in the market in the foreseeable future and boost the growth of the market during the forecast period.

The virtual segment is expected to witness a significant growth during the corporate training market forecast period, owing to benefits associated with the virtual training method, which includes decreasing the training cost by mitigating the trainees’ travel & lodging expenses, provides flexibility for training schedule, enhances the motivation of trainees and others.

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. 

Furthermore, by industry, the FMCG/retail segment is anticipated to be the fastest-growing segment, in terms of value sales, during the corporate training market forecast period, owing to rise in corporate investments in the staff and employee training in the retail sector to improve sales and achieve customer satisfaction. Soft skills training is an essential part of both ITES and BPO Training. The BPO industry needs a lot of skilled and trained employees so that it can provide quality services, as it provides them with the skills to solve the problems of the customers or at least are trained in the art of solving problems. Thus, increase in the adoption of training in this sector, in turn is boosting the corporate training market growth.

The growth of the corporate training market is expected to increase during the forecast period, owing to rise in learning requirement at the workplace. In addition, the emergence of cost-effective e-learning training module is expected to boost the growth of the corporate training market, 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 2020. 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.