Corporate training constitutes of multiple programs that are implemented to enhance the competency of employees. The training involves specific programs and/or tasks that require completion in a particular manner to extract maximum benefits from the training. The whole idea of corporate training is to enhance the ability of the employees in terms of precise skills and knowledge so that the business can further benefit from their efficiency.
Global Corporate Training Market Analysis:
Corporate training comes under the canopy of Learning and Development (L&D) industry, and based on the corporate training market analysis, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4-5 percent until 2020 to reach a value of approximately $446.1 billion. However, the corporate learning industry alone is expected to grow at a CAGR of 11-14 percent which is quite high.
In the global industrial scenario, regions including North America, Western Europe, and some parts of APAC have high market maturity in which North America alone holds approximately 45 percent market share. Some other countries such as Australia, Hong Kong, Japan, and Singapore are also considered as mature L&D markets. In addition, APAC and some regions of LATAM are expected to grow at a rapid pace and become driving future markets for the L&D industry.
Upcoming Global L&D Market Trends:
Market trends show that the L&D industry has adopted an e-learning model that has completely changed the corporate learning scenario across the globe. Hiring expert trainers from across the globe and training employees through e-learning have completely eliminated geographical boundaries and limitations. This is setting new industry trends along with new opportunities for emerging markets.
- Due to the increased demand for various e-learning tools, Learning Management Systems (LMS), and gamification, developed regions such as the U.S. and Europe will notice a rise in the market share. A major reason for that is the rising trend of self-paced learning and access to the learning topics that are usually preferred by the employees.
- Easy access to learning platforms is also a prominent reason for the exponential growth of the L&D industry. The platforms provided by industry leaders such as Adobe, Articulate, Educomp, Blackboard, and Inspiring are playing a major role in promoting corporate training seamlessly.
- With the development of technology, service providers are also promoting Virtual Reality (VR). Although this is still a less found phenomenon due to availability issues, service providers are trying their best to integrate e-learning to VR technology. Despite not being highly popular incorporates, this is going to be a future trend for sure.
- A noticeable increase in the expenditure for corporate training by the corporate is also there. Businesses understand that corporate training directly affects their revenue and therefore, they want to explore every avenue.
Corporate training allows employees to be more aware of policies and procedures. They can also learn the best corporate practices and enhance the skills that will help them deliver efficient performance. Although corporate training is quite popular in the developed regions and is also used as a tool for retaining employees, it is gaining popularity in developing countries with emerging economies.
