The rapid adoption of digital learning technologies is anticipated to open up the new avenue for Training Market
Market Overview:
The training market offers various online and offline training programs to
organizations and individuals across different industries. The trainings help
in developing skills of employees and individuals. Some common training
programs include leadership training, safety training, soft skills training,
technical skills training, and compliance training. The trainings are delivered
through online platforms, mobile applications, and traditional classroom
sessions.
Market Dynamics:
The growth of the training market is driven by the increasing demand from
organizations to enhance competencies of workforce. Rapid change in
technologies has rendered many existing job roles redundant and is creating
demand for reskilling and upskilling of employees. This is prompting companies
to invest substantially in ongoing training programmes. Additionally, stringent
government regulations regarding safety and compliance training across
industries such as oil & gas, manufacturing, and construction are also boosting
the market growth.
Segment Analysis
The global training market is segmented based on training method, delivery
mode, end use industry, and region. Based on training method, e-learning is the
dominating segment owing to its flexibility and cost effectiveness. E-learning
allows learners to study at their own pace and time, minimising travel costs.
PEST Analysis
Political: The growth of training market is supported by government initiatives
for skill development and workers' safety training across regions. Many
countries offer tax benefits for corporate training.
Economic: Growth in sectors such as healthcare, IT, and manufacturing is
increasing demand for specialised training programs. Organizations spend on
training to enhance productivity and compliance.
Social: Rising emphasis on lifelong learning and changing job roles driven by
emerging technologies is propelling the need for continuous skill enhancement.
Technological: Virtual reality and augmented reality offer immersive learning
experiences. Adaptation of learning management systems and gaming in training
is enhancing user engagement.
Key Takeaways
The Global
Training Market Demand is expected to witness high growth, exhibiting
CAGR of 8.0% over the forecast period, due to increasing skills gap and
changing job requirements. The market size for 2023 is US$ 132.2244 Bn.
Regional analysis: North America dominates the training market currently owing
to stringent safety and compliance requirements. Asia Pacific is expected to be
the fastest growing region with increasing spend on skill development programs
in major countries like India and China.
Key players operating in the 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 . Key players are
focusing on customized eLearning solutions and virtual instructor-led training
to target niche industry requirements.
For more insights, Read- https://www.pressreleasebulletin.com/training-market-growth-market-size-share-analysis/
Comments
Post a Comment