The global Training Market is estimated to account for US$ 122.43 Bn in terms of value by the end of 2022. Demand for trainings that are essential to fill the increasing gap in terms of skills required in the organizations is expected to increase exponentially as the technologies keep getting more and more advanced and complex which would make it increasingly difficult for the employees to match-up with the pace of technological advancements. Hence, the organizations would feel the need of devising effective training and development programs to ensure that the employees acquire the necessary skillsets required in the efficient working. Accordingly, organizations are making use of several e-learning programs that make the employees well versed with the latest industry trends and what are the expectations of the market when it comes to acquisition of vital skills.
According to the report from Trainingmag report published in 2022, the organizations operating in the service sector have spent the most on employee training programs. As the sector is highly dynamic and technological developments keep taking place in the sector the organizations naturally feel the need to invest on devising sound and effective training programs to increase the capabilities of their employees in order to increase the efficiency of the workforce.
Global Training Market: Drivers
Increasing preference for Learning Management Systems:
Learning Management System also known as Virtual Learning System or Virtual Content Management System is a web application that is used to assess the learning process. This is a comprehensive system which takes care of the entire learning process including designing the training programs, monitoring the progress of the employees, measuring the employee performance and participation, etc. The increasing preference from the organizations towards the adoption of LMS is a positive sign for the training market as this would boost the demand for the sector during the forecasted period.
Growing Adoption of software in Various Industries
Various industries across the business world are increasingly moving towards the integration of technological solutions in all the possible operations of the businesses. These technologies are employed in for of systems in all the functional departments of the organizations like, marketing, human resources, supply chain, etc. Moreover, the pace of the developments in these technologies is very high as the very nature of the technology sector is dynamic. This poses a huge challenge for the organizations in ensring that the employees are well versed with these changing technologies. For this, having effective training programs in place is crucial for the survival and growth of the organizations. All these factors point towards the fact that the growing adoption of technology in various industries is increasing the demand for the training market across the world.
Global Training Market: Restraints
Lack of measures to evaluate the actual effectiveness of e-learning programs on the employees:
The organizations have increasingly adopted the e-learning mode of training their employees. E-learning provides the much needed convenience to the organizations as well as the employees to learn from anywhere at the desired time. The training programs include both; live lectures and pre-recorded lectures and online assessment tests. But due to the lack of ways to monitor whether the employees actually attend the training programs with high focus is the he challenge, the effectiveness of such programs is highly doubtful. In majority of the cases these e-learning modules are not completed by the employees with the necessary attention and focus which defeats the primary objective of value-addition in terms of knowledge and skills of the employees. As this leads to the waste of organizational resources majorly the financial loss, organizations may avoid implementing such training programs. This might afftect the growth prospects of the training market negatively.
Global Training Market- Impact of Coronavirus (Covid-19) Pandemic
Covid-19 pandemic changed the dynamics of how the businesses operate. Due to the country-wide lockdowns most of the companies which could implement remote working made use of the e-learning training programs for their employees. The training market saw an unprecedented increase in demand in the e-learning segment as it was the safest and most efficient way to provide the necessary trainings for the employees. The rise of online training modules, assessment tests, etc. were the key developments in the sector during the pandemic period.
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Key Takeaways:
The global Training Market was valued at US$ 122.43 Bn in 2022 and is forecast to reach a value of US$ 226.08 Bn by 2030 at a CAGR of 8.0% between 2023 and 2030.
Online learning segment held dominant position in the global Training Market in 2022, accounting for 33.4 % share in terms of value, increasing demand for effective online training programs from the organization has been fueled by the rapid changes in the technology and processes employed in the organizations.
Global Training Market: Competitive Landscape
Major players operating in the global training market include 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, and Euro Petroleum Consultants Ltd. [EPC].
Global Training Market: Recent Developments
In May 2023, NBCC, a leading public sector company in India organized a training program on leadership and motivation for its employees. The training program was aimed at improving the leadership skills of its women employees and provide a platform to exhibit their skills.
