The global Training Market is estimated to be valued at US$ 132.2244 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Training refers to imparting technical skills and knowledge to enhance employee performance. Training helps employees to develop new skills relevant to their jobs through customized programs.
Market key trends:
The key trend in the training market is the adoption of online and blended learning formats. With the rise of connectivity and affordability of digital devices, online training has become more accessible. It allows learners to gain skills at their own pace and convenience. Training providers are introducing more online self-paced modules, webinars, and virtual classroom sessions to engage remotely located learners. Gamification of content and introduction of virtual reality/augmented reality are other trends gaining ground in the market.
SWOT Analysis
Strength: The training market offers a wide range of courses and training programs tailored to different industries and job roles. This variety helps businesses and individuals upskill and reskill as per changing needs.
Weakness: Due to the pandemic, in-person training programs have been significantly disrupted. This has hampered the overall revenue growth of players in the industry. High development and maintenance costs of online training platforms is also a concern.
Opportunity: Growing need for compliance, safety, and soft skills training across sectors presents an opportunity for market expansion. Adoption of virtual/digital training methods will continue increasing post-pandemic.
Threats: Intense competition among existing and new entrants. Shift of training budget towards in-house training programs can impact third-party training providers.
Key Takeaways
The Global Training Market Demand is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing demand for online and blended learning training programs.
Regional analysis
North America dominates the global training market currently, owing to presence of many training companies and high adoption of advanced learning techniques in the region. Asia Pacific training market is expected to grow at the fastest pace during the forecast period with China, India and other developing nations increasingly focusing on skill development to meet industry requirements.
Key players
Key players operating in the training market are Skillsoft Limited, Safety Media, GP Strategies Corp., UL EHS Sustainability, PRYOR Learning Solutions, Raytheon Company, DuPont Sustainable Solutions, 360training.com, Inc., SAP Litmos, Vector Solutions, Global Training Solutions, Inc., Cornerstone onDemand, Petroskills, Euro Petroleum Consultants Ltd . These players are focusing on new product launches, partnerships, and expansion of their global footprint to gain higher market share.
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