by The 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:
The training market offers various services like corporate training, compliance training, safety training, technical training etc. These training helps organizations and individuals to enhance their skills & knowledge according to changing business needs. Training services are important for employees as it helps improving their productivity and efficiency at work.
Market key trends:
One of the key driving factor for training market is growth of corporate training. With increasing globalization, organizations are focusing more on updating their employees’ skills according to changing business requirements. Corporate training helps building capabilities of employees and equipping them to handle complex business operations. It further enhances organizational productivity and effectiveness. Rapid digital transformation across various industries has also boosted demand for technical and soft skills training. Growing need for compliance and safety training from industries like manufacturing, oil & gas, healthcare etc is another factor fueling growth of this market.
Porter’s Analysis
Threat of new entrants: The training market requires high startup costs for software and instructional design which poses moderate threat of new entrants. Bargaining power of buyers: Large corporations have high bargaining power as buyers due to their ability to negotiate pricing and service-level agreements. Bargaining power of suppliers: Suppliers of training content and platforms have moderate bargaining power given the availability of substitutes. Threat of new substitutes: Emerging technologies like virtual and augmented reality pose a rising threat of new substitutes in the training market. Competitive rivalry: Intense competition exists between existing players to capture market share.
SWOT Analysis
Strength: Training Market leaders have strong brands, global reach and expertise in multiple domains. Weakness: Small players have limited resources for R&D and infrastructure development. Opportunity: Growth in digital learning and rise of micro-learning present new opportunities. Threats: Economic slowdowns may reduce training budgets while regulations can impact compliance 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. North America dominated the market in 2023 with a share of over 35% due to focus on technical skills and workforce development programs in the region.
Regional analysis Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by increasing spending on employee learning and development programs by companies across industries such as IT, manufacturing and financial services in emerging countries like India and China.
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 . Key players are focusing on mergers and acquisitions to expand their offerings and geographic footprint.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
