PUBLISHER: KBV Research | PRODUCT CODE: 1529288
PUBLISHER: KBV Research | PRODUCT CODE: 1529288
The Global Corporate Training Market size is expected to reach $582.6 billion by 2031, rising at a market growth of 6.8% CAGR during the forecast period.
European businesses prioritize skills development and lifelong learning to enhance workforce productivity, adaptability, and competitiveness in a global economy. The training programs focus on upskilling and reskilling employees in emerging technologies, digital literacy, industry-specific knowledge, languages, and soft skills, aligning with industry demands and market trends. Consequently, the European region would acquire nearly 32% of the total market share by 2031.
Organizations that prioritize employee development through training show dedication to their employees' professional growth and career progression. In addition, well-designed training programs improve employee performance and productivity by enhancing job-specific knowledge, technical competencies, and operational efficiency. Thus, increasing focus on employee development and retention drives the market's growth. Additionally, Remote and hybrid work arrangements necessitate the adoption of virtual learning platforms that facilitate online training and development. Likewise, virtual training platforms incorporate interactive features such as live chat, breakout rooms, polling, and collaborative tools that enhance participant engagement and interaction. Therefore, the rise of remote and hybrid work models drives the market's growth.
However, developing engaging and informative training content requires expertise in instructional design, subject matter experts, and often external consultants. Furthermore, hiring skilled trainers or instructors can be costly, especially if they specialize in their fields. Therefore, the high development and delivery costs of comprehensive training programs are hindering market growth.
Training Program Outlook
Based on training program, the market is divided into technical training, soft skills, quality training, compliance, and others. The soft skills segment procured 23% revenue share in the market in 2023. As workplaces become more diverse and globalized, communicating effectively, collaborating across cultures, and managing diverse teams has become crucial.
Industries Outlook
On the basis of industries, the market is segmented into retail, pharmaceutical & healthcare, professional services, financial services, public enterprises, information technology, and others. The pharmaceutical and healthcare segment acquired 21% revenue share in the market in 2023. Training in the pharmaceutical and healthcare sectors emphasizes patient safety protocols, infection control measures, medication management, and adverse event reporting.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 36% revenue share in the market in 2023. North America boasts advanced technological infrastructure and widespread access to digital tools, online learning platforms, and e-learning solutions.
List of Key Companies Profiled
Global Corporate Training Market Report Segmentation
By Training Program
By Industries
By Geography