Corporate training refers to the organized process of enhancing employees' skills, knowledge and competencies to improve job performance and meet company objectives in a corporate organization. It involves structured learning activities, workshops and programs designed to develop specific job-related skills, foster professional growth and align individuals with the company's goals. Corporate training aims to ensure a skilled and capable workforce, leading to increased productivity and overall organizational success.
The corporate training market consists of sales, by entities (organizations, sole traders and partnerships), of corporate training services that are aimed at enhancing the skills and knowledge of employees within organizations.
The global corporate training market was valued at $301,109.3 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Increased Penetration Of Digital Platforms
The increased penetration of digital platforms propelled the growth of the corporate training market in the historic period. Online learning has also helped bridge the skills gap that exists in many industries. From doctoral students to lifelong learners, people are increasingly accessing online tools to learn and acquire new skills. Increased competition, consolidation by a handful of big players, an influx of investments and rising standards for quality are the major factors reshaping online education. In February 2022, the U.S. Small Business Administration (SBA) announced the launch of Journey 6 of the Ascent e-learning platform, which is focused on educating women business owners about venturing into government contracting, to help expand their businesses. Further, in August 2020, the City University of New York (CUNY), partnered with the New York Jobs Chief Executive Officer (CEO) Council to launch the EverUp Micro-Credential Program, which offers 100-hour online intensives alongside traditional degree programs. Shaped by input from the largest employers in New York City, these credentials aim to better prepare students for jobs or internships, by helping them master specific job-related skills. Therefore, the increased penetration of digital platforms drove the corporate training market.
Use Of Artificial Intelligence (AI) To Provide Personalized Learning Experiences
Major companies in the corporate training market are focusing on using artificial intelligence (AI) to provide personalized learning experiences. With the use of AI, each employee can have a unique learning path that is tailored to their skills, interests and learning style. For example, in June 2023, Microsoft, a US-based technology company, launched a new AI Skills Initiative, to help people and communities around the world learn to harness the power of AI. The new initiative, part of Microsoft's Skills for Jobs program, includes new, free coursework developed with LinkedIn; a new grant challenge with data.org for organizations to create new ways of training, upskilling and reskilling workers in generative AI. As part of the Skills for Jobs program, this new initiative continues Microsoft's work of bringing digital skills to people worldwide, joining Microsoft's other Skills for Jobs efforts to close the cybersecurity and sustainability skills gaps.
The global corporate training market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 0.71% of the total market in 2023.
Corporate Training Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global corporate training market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for corporate training? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The corporate training market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider corporate training market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by training programs, by training methods and by industries.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the corporate training market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by training programs, by training methods and by industries in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for corporate training providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 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
- Companies Mentioned: Skillsoft Corp.; GP Strategies Corporation (Learning Technologies Group plc); Cornerstone OnDemand, Inc.; Cisco Systems Inc.; John Wiley & Sons Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; corporate training indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.