Corporate Training Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Corporate Training Market for the Period 2024 to 2033?
Over the years, the corporate training market size has been consistently expanding. It is projected to rise from $383.14 billion in 2023 to $400.94 billion in 2024, with a compound annual growth rate (CAGR) of 4.6%. The past growth can be credited to the emergence of new markets, an upward trend in learning and development budgets, a heightened spread of digital platforms, and a rising demand for mobile-centric learning.
Resilient expansion is predicted for the corporate training market size in the subsequent few years, eventually reaching the mark of $485.4 billion in 2028, with a compounded annual growth rate (CAGR) attaining 4.9%. The surge during the projected period is likely due to factors such as governmental backing, escalation in the global populace and urbanized regions, increased need for soft skills, and escalating investments by online academic institutions. Predominant trends consistent with the projected period incorporate the application of artificial intelligence (AI) to deliver personalized educational experiences, technical progressions assisting in skill development, utilization of augmented reality/virtual reality to design life-like simulations, strategic collaborations and takeovers to enhance financial resilience and geospatial presence, product innovations focusing on integrated solutions, and applying metaverse technology to develop cooperative learning atmospheres.
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What Factors Are Responsible for the Growth of the corporate training Market?
Throughout the forecasted timeline, there is an escalating emphasis on soft skills, which is projected to bolster the progress of the corporate training market. Soft skills comprise a blend of capabilities pertinent to interpersonal and societal scenarios, distinct from an individual’s technical proficiencies. The said skills enable an individual to foster relationships, traverse perplexing situations, and realize personal objectives. According to the Future of Jobs Report of 2023 unveiled by the World Economic Forum in April the same year, there is a surge in soft skills demand. Notably, many employers are strategizing on augmenting their personnel’s soft skills such as leadership and social influence (40%), resilience, agility, and adaptability (32%), and an appetite for lifelong learning and curiosity (30%). Moreover, in the research report by Harvard University, the Carnegie Foundation, and the Stanford Research Center in September 2022, it’s revealed that 85% of professional success is attributed to the development of advanced soft and people skills. Technical skills and knowledge, otherwise known as hard skills, account for a meager 15% of career success. This burgeoning necessity for soft skills shall, in turn, facilitate the growth of the corporate training market in the future.
Which Segments Are Important for Insight into the Corporate Training Market?
1) By Training Programs: Technical Training, Soft Skills Training, Quality Training, Compliance Training, Other Training Programs
2) By Training Methods: Virtual, Face-To-Face
3) By Industries: Healthcare, Banking And Finance, Manufacturing, IT (Information Technology), Retail, Hospitality, Other Industries
What Are the Significant Trends Reshaping the Corporate Training Sector?
The corporate training market is experiencing a significant trend with the rise of technological innovations. Major firms in this sector are striving to create novel technological solutions to fortify their place in the corporate training market. For example, in July 2021, US-based Adobe Inc., known for its creative cloud and digital marketing services, introduced Adobe Analytics. This global technology offers much-needed data science abilities to the upcoming workforce. Through the upcoming iteration of the Adobe Education Exchange, college instructors and students gain the ability to freely use Adobe Analytics, a top-tier consumer data analytics platform. They will also have entry to the course curriculum that offers practical activities.
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Which Regions Are Essential for the Growth of the Corporate Training Market?
North America was the largest region in the corporate training market in 2023. The regions covered in the corporate training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Corporate Training Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the corporate training market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Corporate Training Market Include
1. Corporate Training Market Executive Summary
2. Corporate Training Market Segments
3. Corporate Training Market Size And Template Market Growth Rate
4. Key Corporate Training Market Trends
5. Major Corporate Training Market Drivers
……
25. Key Mergers And Acquisitions In The Corporate Training Market
26. Top Corporate Training Companies
27. Corporate Training Market Opportunities And Strategies
28. Corporate Training Market, Conclusions And Recommendations
29. Appendix
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