Global Soft Skills Management Market - 2023-2030

Global Soft Skills Management Market - 2023-2030

Global Soft Skills Management Market reached US$ 19.1 billion in 2022 and is expected to reach US$ 58.6 billion by 2030, growing with a CAGR of 11.9% during the forecast period 2023-2030.

Self-awareness is the foundation of soft skill development. It involves understanding strengths, weaknesses, values and emotions. Being aware of your areas for improving yourself, can focus on developing the soft skills that will benefit the individuals. Soft skills are not static they can be improved and refined over time. Engage in ongoing learning and development to enhance soft skills and this can involve reading books, taking courses, attending workshops or seeking mentorship.

Emotional intelligence is a key component of many soft skills, including empathy, self-regulation and interpersonal skills. Developing EQ leads to increase significant growth in these areas. In an increasingly diverse world, cultural awareness and sensitivity are important soft skills. Understanding and respecting different cultures and perspectives can enhance your ability to work with diverse teams and individuals. According to Ethicalangle, 40% of respondents said that their communication is the most important factor.

Asia-Pacific is the fastest growing region in the global soft skills management market covering less than 1/4th of the market. The region with a wide range of languages, cultures and traditions. Soft skills related to cultural sensitivity, cross-cultural communication and adaptability are crucial in this context. Understanding and respecting cultural differences is essential for effective interpersonal relationships and collaboration.

Dynamics

The Trend of Video-Based Learning

Video-based learning is easily accessible to learners, allowing them to access content at their own pace and convenience and this flexibility is especially important for busy professionals seeking to enhance their soft skills. It often incorporate animations, real-world scenarios and demonstrations that help learners relate to and understand soft skills concepts better.

According to the CEUR-WS organization, the transformative impact of the internet, particularly video platforms like YouTube. It highlights the tremendous volume of educational content available on YouTube and the critical role of search and recommendation algorithms in helping users find relevant learning materials. Platforms that host educational content need to ensure that their algorithms effectively match users with the most relevant materials from their vast databases.

Rising Government Initiatives

Many governments establish national skills development programs that include soft skills training as a crucial component and these programs provide funding and resources to educational institutions and training centers to offer soft skills courses to students and workers. Government-supported VET programs often incorporate soft skills training alongside technical or vocational education, these programs are designed to equip individuals with the necessary skills for employment, including communication, teamwork and problem-solving.

For instance, on 3 September 2023, the National Education Policy in India, effective from July 2020, aims to make the country a ""Global Knowledge Superpower"" and a ""Skill Hub."" In addition to focusing on entrepreneurship, technical knowledge and vocational training, NEP emphasizes the importance of imparting soft skills or life skills, to students in higher educational institutions.

Increasing Collaboration Between Companies

Companies collaborate on soft skills management initiatives, they can pool their resources, both in terms of financial investments and expertise and this allows for the development of more comprehensive and effective soft skills training programs. Collaborations often provide access to a wider range of soft skills training content. Different companies may specialize in various aspects of soft skills development, such as communication, leadership or emotional intelligence.

For instance, on 14 August 2023, Analytix Solutions, a prominent knowledge processing outsourcing provider, partnered with Skillsoft, a NYSE-listed leader in transformative learning experiences and this collaboration aims to offer Analytix employees an interactive and rewarding learning experience. Analytix has chosen Skillsoft's Percipio platform, known for its personalized, immersive and accessible learning features, including AI-driven content recommendations, learning goals, digital badges and more.

Difficulties in Assessing and Developing

Soft skills are often subjective and difficult to measure objectively. Unlike hard skills, which can be quantified soft skills like communication or empathy are open to interpretation, making it challenging to assess and track progress. Some soft skills, such as emotional intelligence or resilience, are deeply ingrained in an individual's personality and are challenging to develop or change through training alone.

Developing soft skills often requires ongoing effort and practice. It may take a considerable amount of time and commitment to see noticeable improvements, which can be a limitation in fast-paced work environments. Employees and individuals may resist efforts to improve their soft skills, particularly if they do not see immediate benefits or do not recognize the value of these skills.

Segment Analysis

The global soft skills management market is segmented based soft skills type, delivery mode, provider, end-user and region.

Rising Adoption of Management Based Programs

Management and leadership segment is expected to hold around 1/3rd of the global market in 2022. Organizations invest in leadership development programs that focus on enhancing soft skills and these programs are customized to address the specific needs of managers and leaders, including skills like emotional intelligence, communication and conflict resolution. Regular feedback from peers, subordinates and superiors can help managers and leaders identify areas where they can improve their soft skills.

For instance, on 11 August 2023, Blue Ocean announced training programs for UAE nations to support the Emiratisation drive. It is the biggest management training services brand and has a training program for upskilling UAE nationals and the program is designed to create significant retention of Emirati talents. According to the Ministry of Human Resources and emiratistaion, the number of emiratis has climbed by 11%.

Geographical Penetration

Rising Initiative in North America

North America is the largest region in the global soft skills management market covering about 1/3rd of the market. The region's cultural diversity, with people from various backgrounds working together and this diversity emphasizes the importance of soft skills such as communication, cultural sensitivity and inclusivity in the workplace. Government and industry associations often collaborate on initiatives to promote soft skills development, these initiatives may include workforce development programs, apprenticeships and certifications.

For instance, on 6 April 2022, in Canada Seneca College launched an initiative to equip students with a comprehensive set of soft skills, beyond technical knowledge, to prepare them for success in any field. The initiative will begin with the Public Relations Corporate Communications program and aims to incorporate skills like creative thinking, communication, problem-solving and adaptability into the curriculum from the start.

Competitive Landscape

The major global players in the market include Articulate Global, Inc., Cengage Learning, Inc., Computer Generated Solutions, Inc., D2L Corporation, edX, Inc., Interaction Associates, Inc., New Horizons Worldwide,LLC., NIIt Limited, Pearson PLC and QA Ltd. .

COVID-19 Impact Analysis

The widespread adoption of remote work, effective communication skills have become even more crucial. The pandemic brought forth a range of emotions, including anxiety, stress and uncertainty. Soft skills related to emotional intelligence, such as empathy, resilience and self-awareness, became essential for supporting the well-being of employees and maintaining team cohesion.

The ability to adapt to rapidly changing circumstances and remain flexible in the face of uncertainty became vital during the pandemic. Soft skills like adaptability, problem-solving and agility gained prominence as organizations navigated disruptions. Effective leadership during a crisis required heightened levels of empathy and the ability to connect with employees on a human level.

Managing remote teams posed new challenges for leaders. Soft skills related to remote leadership, such as trust-building, communication and virtual team management, became crucial for maintaining team productivity. The pandemic brought increased stress and burnout for many employees. Soft skills related to stress management, such as self-care, mindfulness and time management, became important for maintaining mental and emotional well-being.

AI Impact

AI-powered tools assess and evaluate an individual's soft skills by analyzing their verbal and non-verbal communication, such as tone of voice, body language and facial expressions and these assessments provide more objective insights into areas for improvement. AI-driven chatbots and virtual coaches can provide real-time feedback and coaching on soft skills like communication, empathy and active listening. Learners can practice these skills in a safe and controlled environment.

AI algorithms can analyze individual learning styles, strengths and weaknesses to create personalized learning paths for improving specific soft skills, this tailored approach enhances the effectiveness of training programs. AI can recommend relevant learning materials, courses or resources to help individuals develop specific soft skills based on their goals and needs, this ensures that learners have access to the most appropriate content.

For instance, on 20 August 2023, Beqom, a provider of compensation and performance management solutions, launched Beqom Performance Pro, a suite of AI-powered features designed to enhance performance management processes for soft skills and this suite includes Goal Genius, which leverages generative AI to help employees set meaningful and individualized goals that align with company objectives.

Russia- Ukraine War Impact

The geopolitical tensions resulting from the conflict have contributed to increased global uncertainty. Soft skills such as adaptability, resilience and emotional intelligence have become crucial for employees and leaders dealing with heightened instability and unpredictability. In regions affected by the conflict, disruptions to infrastructure and economic activities may have forced organizations to rely more on remote work.

The war and its consequences can take an emotional toll on individuals, including those indirectly affected. Soft skills related to emotional intelligence, empathy and providing support to colleagues dealing with stress and anxiety have gained importance. Organizations with a global presence may have employees from diverse backgrounds, including those directly impacted by the conflict. Cultural sensitivity and cross-cultural communication skills are vital for maintaining respectful and inclusive workplaces during sensitive geopolitical events.

By Soft Skills Type
• Management & Leadership
• Administration & Secretarial
• Communication & Productivity
• Personal Development
• Others

By Delivery Mode
• Regular/Offline
• Online

By Provider
• Corporate/Enterprise
• Academic/Education

By End-User
• Banking
• Financial Services & Insurance
• Manufacturing
• Hospitality
• IT & Telecom
• Education
• Retail
• Media & Entertainment
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On 29 March 2022, Skillsoft, a global leader in corporate digital learning, has launched Skill Benchmark Assessments, a new feature within its Percipio immersive learning platform and this capability enables organizations to assess the proficiency of their learners in in-demand technology, leadership and business skills and provide personalized development paths to accelerate skill mastery.
• On 30 June 2021, Skillsoft, a global leader in corporate digital learning, acquired Pluma, a digital professional development and coaching platform, for approximately US$ 22 million in cash and this acquisition enhances Skillsoft's Leadership Development portfolio, introduces personalized coaching to its offerings and expands its blended learning model.
• On 9 April 2020, NIIT Limited, a global leader in skills and talent development, introduced the NIIT 'Remote Work Excellence Kit' course to support India's efforts against COVID-19. The online course is available for free and is designed to facilitate remote working for adults, including corporate executives, small and medium businesspersons and management students.

Why Purchase the Report?
• To visualize the global soft skills management market segmentation based on soft skills type, delivery mode, provider, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of soft skills management market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global soft skills management market report would provide approximately 69 tables, 73 figures and 202 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies