Major players in the corporate training market are Adobe Inc., Cisco Systems Inc., City And Guilds International Limited, D2L Corporation, Franklin Covey Company, GP Strategies Corporation, John Wiley & Sons Inc., NIIT Limited, Skillsoft Limited, Wilson Learning Worldwide Inc., Berlitz Corporation, Blanchard Training and Development Inc., BTS Group AB, Bizlibrary, Cornerstone Ondemand Inc., and AllenComm.
The global corporate training market is expected to grow from $363.26 billion in 2022 to $380.70 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The corporate training market is expected to grow to $460.04 billion in 2027 at a CAGR of 4.8%.
The corporate training market includes revenues earned by entities by onboarding and orientation, hard skills training, and product knowledge training.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Corporate training refers to the process of educating employees through a system of activities that apply various types of learning programs to teach them. The corporate training is used to enhance individuals’ job skills and knowledge, allowing them to perform better at work.
North America was the largest region in the corporate training market in 2022. The regions covered in the corporate training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main training programs of corporate training are technical training, soft skills training, quality training, compliance training, and other training programs.Technical Training refers to the training that teaches the skills needed to develop, design, implement, support, maintain, or operate a particular technology or related application, product, or service.
The training methods include virtual, and face-to-face. The various industries include healthcare, banking and finance, manufacturing, IT, retail, hospitality, and other industries.
The utilization of AI in corporate training is expected to propel the growth of the corporate training market going forward.Artificial intelligence refers to the replication of human intelligence in robots that are engineered to think and act like humans.
AI in corporate learning improves training efficiency and effectiveness.However, the benefits of a learning management system (LMS) with strong artificial intelligence capabilities become even more beneficial when it comes to developing a long-term healthy learning culture.
For instance, in February 2020, according to an article shared by Kea, a US-based highly customizable eLearning solution, 50% of firms worldwide aim to invest in data analytics powered by AI, with another 39% examining the usage to develop capabilities. Therefore, the utilization of AI in corporate training is driving the growth of the corporate training market.
Technological advancements are a key trend gaining popularity in the corporate training market.Major companies operating in the corporate training market are focused on developing new technological solutions to strengthen their position in the corporate training market.
For instance, in July 2021, Adobe Inc., a US-based creative cloud and digital marketing company launched Adobe Analytics. This technology is a global program that provides in-demand data science skills to the future workforce. College professors and students will be able to utilize Adobe Analytics, the industry-leading consumer data analytics platform, for free as part of the next generation of the Adobe Education Exchange, as well as have access to the course curriculum with hands-on activities.
In May 2022, ELB Learning (formerly eLearning Brothers), a US-based computer support and services provider acquired CoreAxis for an undisclosed amount.This acquisition provides an opportunity for ELB’s customers and talented associates to be part of the most exciting growth story in its industry.
Adding global resources and a robust learning platform will position ELB’s combination for immediate success and long-term growth. CoreAxis is a US-based CoreAxis provider of high-impact business performance consulting, with custom training development and delivery operating in the corporate training market.
The countries covered in the corporate training market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The corporate training market research report is one of a series of new reports that provides corporate training market statistics, including corporate training industry global market size, regional shares, competitors with a corporate training market share, detailed corporate training market segments, market trends and opportunities, and any further data you may need to thrive in the corporate training industry. This corporate training market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.