by The global training market helps upskill professionals to meet the demands of new technologies and job roles across industries. Traditional on-site training methods are evolving with blended learning approaches that combine online and classroom sessions for more flexibility. Organizations are embracing digital formats to increase accessibility of training programs worldwide. Soft skills and technical expertise are constantly evolving, necessitating frequent training interventions. With the rise of artificial intelligence, automation, cloud computing and other digital technologies, workers need reskilling to keep pace with innovation. The global training market encompasses a wide array of solutions for compliance, soft skills, leadership and career development training. It caters to industries like IT, manufacturing, healthcare, education and more. The market provides learning platforms, virtual classrooms, authoring tools and analytics for creating and delivering online and offline courses. The need for continuous learning and multi-disciplinary knowledge is driving significant demand.
The global Training Market is estimated to be valued at US$ 132.22 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the training market is the growth of online and blended learning models. With digitalization spreading across industries, organizations are adopting virtual classrooms and video conferencing tools to train off-site employees. Learning management systems (LMS) integrated with multimedia content and gamification are also gaining traction. Customized microlearning using short video and audio clips on mobile apps allows learners to upskill on the go as per their schedules. Virtual reality and augmented reality are being leveraged to simulate real work environments for health and safety trainings. As digital technologies enhance training delivery, more institutions, universities and corporations will move from traditional to hybrid formats to maximize learner engagement.
Porter’s Analysis
Threat of new entrants: The training market has medium threat of new entrants due to high initial capital investment required for content development and distribution channels.
Bargaining power of buyers: Buyers have high bargaining power in the training market due to availability of substitutes and less switching costs.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of many content creators and less differentiation in content and services.
Threat of new substitutes: Threat of new substitutes is medium as virtual and online training services can replace the existing traditional classroom training methods.
Competitive rivalry: The training market experiences high competitive rivalry due to many global and regional players offering similar training programs and certifications.
Key Takeaways
The Global Training Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to grow at a CAGR of 13% during the forecast period and estimated to reach a size of US$ 132.22 billion by 2023.
Regional analysis:
North America region dominates the global training market currently. However, Asia Pacific region is expected to be the fastest growing market during the forecast period due to increasing demand for skill-based and compliance training programs from expanding corporate sectors in countries like China and India.
Key players operating in the training market are Anaqua Inc., Clarivate PLC, DoketTrak, WebTMS Limited, TM Cloud Inc. Anaqua Inc. specializes in providing intellectual property management software and is one of the leading players. WebTMS Limited offers cloud-based learning management system to various industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
