TRAINING MARKET ANALYSIS

The global Training Market size was valued at US$ 122.43 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. A key driver for the expanding use of eLearning is the increasing expenses of instructor-led, classroom-based training. The necessity for ongoing, lifelong learning has also increasingly fueled its development. A system of professional development activities offered to educate employees is referred to as corporate training. To train their staff on particular components of their job processes or tasks that are created in-house is known as corporate education, in basic terms. Corporate training involves the certification of professional abilities, skill development services, and the creation and distribution of standardized, high-quality content.

Global TRAINING Market: Regional Insights

North America accounted for 35.2% of the revenue share in the global training market in 2022.  The market in India is expected to grow at a significant rate over the forecast period, followed by rest of Asia Pacific. This growth is attributed to growing adoption of learning management systems across the globe to gain better returns on investment made in talent development, employee training, and other similar programs.

The Asia Pacific market is witnessing high growth due to increasing demand for cost effective learning management solutions. Moreover, an increase in the number of start-ups operating in the e-learning industry has aided growth of the training market in this region. There has also been a marked shift from traditional methods to technology driven methods in the past few years. For instance, in 2013, Oracle introduced 'Oracle Learn Cloud 13A' with advanced training management and delivery features in the Asia Pacific region.

Figure 1: Global Training Market Share (%), By Region, 2022

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Global Training Market- Impact of Coronavirus (Covid-19) Pandemic

The corporate training market has been negatively impacted by the COVID-19 pandemic. Globally, the COVID-19 has resulted in the loss of almost 195 million jobs. The worst effects on employment have been observed in Europe and the North America. As a result of this global economic turbulence, business sectors faced budget limits, which R&D teams had to deal with along with several difficulties to demonstrate the return on investment of their training programmes.

Global Training Market Drivers:

Increasing Demand continuous learning across the globe

Rising demand for continuous learning would lead to widespread use of various training and learning approaches and solutions. Due to the large revenue that countries like Germany, the United Kingdom, and France are likely to provide over the forecast period, the training market in Europe is predicted to rise significantly. The expansion of the European market is anticipated to be influenced by factors such as the rising number of small and mid-sized enterprises (SMBs) and the rising number of government efforts to improve the technical and non-technical skills of employees.

Additionally, businesses are making major investments in digitizing training procedures to ensure that staff receive training materials quickly and easily. Digitization also makes it possible to get over limitations like having to attend instruction at a specific time and location. Additionally, a lot of organizations favor adopting pre-made courses that training content creators have created. For instance, leading networking, hardware, and software firms like Microsoft, Oracle, Cisco, and IBM can enrol in IT certification training courses provided by Pearson Education, a U.K.-based education publishing and assessment service provider.

Rise Trend Towards Online Based Learning

The development of high-speed internet networks has led to the inclusion of uploaded and streamed videos in the educational process. Learning methods are given new dimensions through video-based learning. For instance, the use of video has made it simple to complete duties like taking notes, giving feedback, answering questions, and tracking progress. Students may rewind, store, and watch the content at their convenience with video-based learning, which also allows users the option to watch the video at any time and from any location. The development of e-learning software is being aided by the strong expansion in wireless network access which is likely to boost the market growth over forecast period.

Global Training Market Opportunities:

The Increased Investment in Remote Learning Models and Digital Learning Platforms

To ensure increased employee retention and enhance brand recognition, established players are heavily spending in the development and strengthening of their training programmes. Collaboration with up-and-coming startups enables established businesses to capitalise on the benefits of their products and broaden their product line. In order to maintain learners' interest in the learning process, market participants are implementing online or web-based training modules due to the rapid use of mobile devices and rising levels of digital literacy among employees. Vendors in the market are expanding their collaborations with cloud service providers which is likely to create more opportunities in the market.

Increasing Number of Mobile Users

The increasing number of mobile device users has led to considerable demand for mobile-based training. As per analysis done by Coherent Market Insights, in 2022, the number of mobile users in Latin America was 430 million, and the number increased to 466 million by 2025. Additionally, emergence of novel education programs such as game-based learning to promote online learning via various platforms including social media, is expected to help market players strengthen their footprint in the training market.

Global Training Market Trends:

Enterprises are focusing on employee development program

Enterprises are investing more in employee development: Companies are recognizing the importance of employee development and are investing more in training and development programs. According to a survey by the American Society for Training and Development (ASTD), company spending on employee training and development activities. This trend is expected to continue, with companies investing even more in their employees' development over the forecast period.

Growing trend towards technology advancement such as AI in Corporate Training

Corporate training solutions are utilizing artificial intelligence similarly, Bots are being used by service providers to direct learners through the programme. For corporate training, integrating artificial intelligence with LMS can help forecast the learner's behaviour and help the programme create personalised learning patterns. To ensure an interactive learning environment, voice-guided bots are being used in the corporate training ecosystem. These AI-based training solutions benefit from the shift to micro learning as well. Microlearning is a particular style of learning. This kind of instruction entails learning through condensed modules that include tests, minigames, and movies. The average retention capacity of persons has increased dramatically as a result of this pattern, which has increased demand of training software.

Global Training Market Restraints:

Budgetary Concerns Limiting Corporate Training

Cost difficulties are the main obstacle to the expansion of the corporate training sector. Despite being used in many different sectors, including healthcare, IT, and professional services, corporate training solutions are frequently too expensive and generalized to be used in these sectors. Due to the high cost of corporate training, they are only able to attract customers from a relatively small segment of the market. The external corporate training market will be restricted by the use of internal training solutions, which provide a highly customized and less expensive preference.

Figure 2: Global Training Market Share (%), By Training Type, 2022

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Global Training Market Segmentation:

The Global Training Market Report Is Segmented Into Offering Type, Component Type, and Application

Learning management system is a software application, which is used for planning, reporting, tracking, administration, documentation, reporting, implementation, and for accessing training or learning programs. Moreover, a learning management system can help instructors to generate and distribute content, and monitor learner's performance and progress. A learning management system has application in the higher education sector and corporate sector due to its wide range of functions such as managing and delivering all types of content such as documents and videos; it also contains interactive features such as video conferencing, discussion forums, and threaded discussions. For instance, various learning management systems are available in the market, such as TalentLMS, Canvas LMS, Edmodo, Schoology, Docebo, Litmos LMS, SkyPrep, iSpring Learn, and Brightspace among others.

Global TRAINING Market: Key Developments

• In January 2020, Curricula Group, Inc., a fun security awareness training platform announced that it has raised a US$ 3milion  growth investment from RCP Equity to continue the rapid expansion of their fun, story-based security awareness training platform
• In May 2022, ELB Learning, a US-based computer support and services provider acquired CoreAxis for an undisclosed amount. This acquisition provides an opportunity for ELB's customers and talented associates to be part of the most exciting growth story in its industry.

Global Training Market: Key Companies Insights

The market players operating in the market are focusing on product launch and merger, acquisition strategies to expand the global presence

Some of the key players in the global 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 [EPC]

*Definition: Training is teaching, or developing in oneself or others, any skills and knowledge or fitness that relate to specific useful competencies. eLearning, or electronic learning, is the delivery of learning and training through digital resources.