The training market involves the development and delivery of training programs for employees of organizations. It covers areas such as technical training, leadership training, compliance training and soft skills training. The demand for training programs is driven by the need for continuous skill enhancement of employees in order to cope with the changing business environment and technological advancements. Organizations are increasingly focusing on training programs to develop skillsets in emerging technologies like AI, IoT, blockchain in their workforce. This helps in improving employee retention and engagement along with business growth.

The global training market is estimated to be valued at US$ 14.47 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the training market are Anaqua Inc., Clarivate PLC, DoketTrak, WebTMS Limited, TM Cloud Inc. These players are focusing on developing comprehensive learning management solutions and customizing training programs as per client needs.

The Training Market Demand is growing significantly from industries like IT, manufacturing, healthcare and banking & finance due to changing job roles and need for multi-skilling of employees. Sectors like construction, retail and automotive are also increasing their training budgets to develop future-ready workforce.

Technological advancements like adoption of augmented reality, virtual reality and artificial intelligence in training are making it more innovative and engaging for learners. Gamification of content and micro-learning modules are helping achieve better learning outcomes and ensuring retention of trained skills over long-term.

Market Trends

Increased focus on remote and online training: With rise in flexible work culture, the demand for online and remote training programs has grown tremendously. Various LMS platforms are enabling organizations to transition their training functions virtually.

Emphasis on outcome based training: Organizations are shifting focus from traditional training models to outcome based models where results are directly mapped to key performance indicators. This is helping quantify return on investment from training spend.

Market Opportunities

Customized training for small and medium businesses: Majority of SMBs have limited training budgets and lack resources to develop in-house training programs. There is potential to offer customized and cost-effective training solutions for SMBs.

Partnerships with educational institutions: Training companies can partner with universities and skill development centers to leverage their expertise and infrastructure for offering advanced industry-centric programs. This will help enhance their service offerings.

Impact of COVID-19 on Training Market Growth

The COVID-19 pandemic severely impacted the training market globally. With lockdowns and social distancing norms, the traditional in-person training programs had to be suspended. This led to an initial decline in the market growth during 2020. However, organisations increasingly adopted online and virtual training methods to upskill their workforce during this period. Interactive webinars, e-learning courses, video conferencing, and other digital training solutions saw significant rise in demand. Training providers fast-tracked their plans to move training content and delivery online. They developed new online curriculum focusing on areas like remote working, risk management, crisis leadership etc.

The pandemic accelerated the shift towards online and blended learning models. Many organisations now plan to continue offering hybrid training programs with both in-person and virtual components even post-COVID. This is expected to boost the long term growth prospects of the training market. However, lack of personal interactions, practical learnings and assessments continue to be challenges for certain training domains like management, leadership and technical skills development which largely relied on in-classroom training earlier. Training providers are working on advanced technologies like augmented reality, virtual reality and mixed reality simulations to overcome these issues.

Geographic Concentration of Training Market

North America accounts for the largest share of the global training market in terms of value. This is attributed to early adoption of technology-enabled training solutions in the region. Countries like the United States and Canada have a high penetration of online learning platforms, mobile apps, big data analytics tools and AI technologies in the corporate training space. Furthermore, presence of leading training companies and availability of quality infrastructure and resources provide competitiveedge to the North American training market.

Fastest Growing Region in Training Market

The Asia Pacific region is emerging as the fastest growing marketfor training globally. Factors such as rising investments in digital transformation initiatives, increasing demand for skill-based & outcome-based training programs, and rapid urbanization are fueling the growth. Countries like China, India, Japan and South Korea are digital powerhouses with massive online user base and growing technical skills requirement. This offers massive untapped market potential for training providers. Also, presence of young workforce and infrastructure development are contributingto the growth momentum of APAC training industry.

Get more insights on Training Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)