Market Challenges And Opportunities

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.

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.