USD 151.75 billion
Report ID: SQMIG20P2003 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 70 | Figures: 75
Global Corporate Training Market size was valued at USD 151.75 billion in 2021 and is poised to grow from USD 163.58 billion in 2022 to USD 487.3 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
Corporate training is a system of learning activities aimed at empowering employees to perform better in the workplace. Corporate training improves employee productivity, motivation, performance, and retention, which in turn helps organizations achieve their business goals. There are two types of training methods, which include virtual training methods and face-to-face training methods. Furthermore, the Corporate Training market analysis is done on the basis of regions, key players, and segments.
The pandemic has had a negative impact on the corporate training market. COVID19 has caused approximately 195 million job losses worldwide. Additionally, Europe and the Arab States have experienced the worst employment impacts in percentage terms during this pandemic. Hence, this global economic disruption resulted in budget constraints in the corporate sectors that the R and D teams had to contend with, along with several challenges in demonstrating the ROI of their training programs.
US Corporate Training Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 151.75 billion
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The Global Corporate Training Market is segmented on the basis of Training Programs, Industries, and Regions. Based on Training Programs, the Corporate Training Market is segmented into Technical Training, Soft Skills, Quality Training, Compliance, and Others Training programs. Based on the Industries, the Corporate Training Market is segmented into Retail, Pharmaceutical And Healthcare, Financial Services, Professional Services, Public Enterprises, Information Technology, and Others Industries. Based on Region, the Global Corporate Training market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Corporate Training Market Analysis by Training Program
In 2021, the technical skills segment accounted for the highest global corporate training market share by training programs. Because of the benefits, it brings. It helps to acquire the necessary skills to develop, implement, maintain and operate technology to related applications, products, and services in various industries. In the retail industry, technical training may include teaching employees how to use the computer. Technical training for sales may require teaching employees how to improve and build the Customer Relationship Management and system to find new leads. And all these will push the market growth by 13.9% CAGR for the forecast period.
Corporate Training Market Analysis by Industries
Additionally, by industry, the Retail and FMCG segment is expected to be the fastest-growing segment in terms of value revenue during the corporate Training Market forecast period. As companies increase their investments in employee training in the Retail sector. The BPO sector requires a large number of trained and qualified employees to provide good services and it gives them the skills to solve consumer problems. Henceforth, the increasing adoption of training in this sector is, in turn, driving the growth of the corporate training market. This increased the market share by 9.6% CAGR for the research period from 2022 to 2028.
The growth of the corporate training market is anticipated to increase during the forecast period as the demands for on-the-job learning increase. Additionally, the emergence of a profitable online-learning training module is expected to propel the growth of the enterprise training market in terms of revenue over the forecast period.
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The US and Canada are the key market players in the corporate training sector followed by European nations and the Asia Pacific region. North America accounts for 43% of the total market sector of the world. The presence of large corporate MNC companies and giant IT organizations enables this country to lead the sector of corporate training globally. There are huge investments made by these companies into corporate training to improve the work-life balance and efficiency of employees and this will lead to driving the sector growth in the forecast period.
The European and the Asia Pacific region is set to grow at the fastest CAGR in the coming future and the increasing startup culture and setup of new companies will require corporate training for the candidate joining the organization with proper knowledge. So this will further push the growth of the sector in the forecast period of 2022 to 2028.
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Corporate Training Market Driver
Corporate Training Market Restraint
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The Corporate Training market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve market share and profitability. Some of the major players in the market are Adobe Inc., Cisco Systems Inc., Franklin Covey Co., and John Wiley and Sons Inc. among others who are driving the market.
Corporate Training Market Top Player’s Company Profiles
Corporate Training Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.
According to our analysis, the Corporate Training market is dominated by the technical skill training segment and has a revenue share of around 36.5% in 2021. This segment is about training the candidate just before onboarding them and starting to work on the project to get a better understanding of the technologies and tools necessary for the project in the organization. Technical training for sales may require teaching employees how to improve and build the Customer Relationship Management and system to find new leads. And all these will push the market growth by 13.9% CAGR for the forecast period.
|Market size value in 2021||USD 151.75 billion|
|Market size value in 2030||USD 163.58 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Corporate Training Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Corporate Training Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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