TRAINING MARKET ANALYSIS

Training MarketSize and Trends

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.

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

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

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 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.