Global Corporate Training Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Corporate Training Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Corporate training, which is also known as workplace learning, is a system of learning activities that are designed to train employees to perform better on the job. The goal of a corporate training program is to enhance employees' personal and professional development. Corporate training enhances an employee's productivity, motivation, performance, and retention which in turn helps corporates to achieve their business goals. Additionally, the corporate training market analysis is done based on types, applications, regions, and key players segments.

Market Overview:

The latest research study on the global Corporate Training market finds that the global Corporate Training market reached a value of USD 145465.91 million in 2022. It’s expected that the market will achieve USD 251715.61 million by 2028, exhibiting a CAGR of 9.57% during the forecast period.

The COVID-19 pandemic has shown a negative impact on the corporate training market. COVID-19 has caused approximately 195 million job losses across the globe. Thus, this global economic disruption led to budget constraints in corporate sectors, which R&D teams had to deal with along with multiple challenges to showcase the ROI of their training programs.

Moreover, the COVID-19 outbreak broke the traditional enterprise training, and the organization was unable to gather employees in the conference room for instructor-led training (ILT) because they were out of the office. The epidemic has changed the way enterprises train. Social distance and telecommuting have become the new normal in many parts of the world, affecting the daily operation of organizations. Time efficiency has always been the biggest concern of professionals, and e-learning has always been the gospel to improve learning efficiency. Virtual training for remote employees introduces new collaboration and communication tools, which were not common before the epidemic. Therefore, organizations are adapting to the latest tools to train their employees. Distance training has become a new trend.

The rapid emergence of virtual corporate training platforms

The increased penetration of digital platforms supported by the rising penetration of the internet, the surge in adoption of smart devices, the development of information technology, and telecommunications platforms, and the rapid emergence of virtual corporate training platforms drive the growth of the global corporate training market. The key market players invested heavily in the digitization of their businesses. The corporate world started adopting virtual platforms for the purpose of providing training to their employees, which significantly fostered the growth of the virtual corporate training segment. Benefits associated with the virtual training method such as decreasing the training cost by mitigating the trainees' travel & lodging expenses, flexibility for a training schedule, and enhanced motivation of trainees and others are expected to drive the market growth of the market.

Enterprises need experienced trainers with professional knowledge and skills.

For enterprises, the labor cost of Corporate Training will be more obvious. A corporate trainer is an educator or instructor who works in a business environment and conveys knowledge or skills to a group of employees. Enterprises have great demand for workers with certain skills and proficiency. Enterprises will pay higher wages if they want to hire them. Moreover, when the actual development experience of these talents is mature, enterprises need to pay higher wages if they want to retain these talents. Secondly, in order to cultivate the ability and level of the company's workers, it is necessary to train them regularly or even go on business trips to study. However, a large number of costs and expenses incurred in the process of personnel training can only be paid by enterprises themselves, thus increasing the cost burden of enterprises.

Region Overview:

In global comparison, a significant portion of the revenue was generated in the United States (43.57% in 2021).

Company Overview:

Skillsoft is one of the major players operating in the Corporate Training market, holding a share of 0.43% in 2022.

Skillsoft

Skillsoft was founded by Charles Moran in 1998. Skillsoft is an American educational technology company that produces learning management system software and content. Skillsoft provides online learning and e-learning solutions for global enterprises, SMEs, governments, and educational institutions.

GP Strategies Corporation

GP Strategies Corp. is a provider of sales and technical training, E-learning, management consulting and engineering services headquartered in Columbia, Maryland. GP Strategies Corporation was founded in 1959 as a venture capital firm focusing on technology companies.

Segmentation Overview:

The Corporate Training market based on the product type is segmented into Technical and Non-technical. The Non-technical segment led the overall market in the year 2021, with a market share of 69.5%.

Technical

By training program, it is divided into technical training and non-technical training. The technical skill segment accounted for the highest global corporate training market share in 2021. Technical Training teaches the skills needed to design, develop, implement, maintain, support or operate a particular technology or related application, product or service. Owing to the benefits associated with it. It helps in acquiring the skills require to develop, design, implement, support, maintain, or operate technology or any related application, product, or service in different industries. Thus, this fact has increased the demand for technical training in corporate sectors, which in turn has fueled the growth of the corporate training market.

Non-technical

Non-technical training includes soft skills courses, brand training, compliance training, sales training, safety training, product and service training, etc. Soft skills training is training that focuses on developing skills such as communication, teamwork and problem solving. Other soft skills include emotional intelligence, a positive attitude and taking the initiative. Brand training is the process of educating employees on the company's values, vision, and what it stands for. A successful brand training program strikes the right balance between brand guidelines and policies and the experience of living the brand. Compliance training is the process of ensuring employees understand all the relevant laws, regulations, and internal policies that govern the function of an organization. It also ensures that they know how and why they need to adhere to them in their work.

Application Overview:

The market's largest segment by application is the segment Energy & Manufacturing, with a market share of 9.98% in 2021.

Key Companies in the global Corporate Training market covered in Chapter 3:

D2L
City & Guilds Group
Skillsoft
ProTrainings
S implilearn Solutions
GP Strategies Corporation
Skills Training UK
Phoenix Training and Development
SUNLANDS
Bauer Academy
Business Training Library, Inc.
W ilson Learning Worldwide, Inc.
F ranklin Covey Co.
Allen Communication Leaming Services
GBS Corporate Training

In Chapter 4 and Chapter 14.2, on the basis of types, the Corporate Training market from 2018 to 2029 is primarily split into:

Technical Training
Non-Technical Training

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Corporate Training market from 2018 to 2029 covers:

Transportation Industry
Healthcare
Retail
Energy & Manufacturing
Finance
Construction
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)