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 covers products and services related to developing and enhancing skills through workshops, online programs and classroom instructions. This includes corporate training focused on technical, soft and safety skills for varied industries. The key end users are corporates, government organizations and educational institutes.
Market Dynamics:
The training market is expected to witness significant growth owing to growing emphasis on developing skills to cope with rising complexity and changing nature of jobs. With rapid digitalization and emerging technologies, job roles are transforming significantly necessitating continuous upskilling and reskilling of workforce. This is driving increased demand for training programs across industries. Furthermore, shifting regulatory standards related to safety, quality and environment is also propelling organizations to focus on training and developing required competencies among employees. stringent regulatory policies. Growing importance of safety and risk management is also boosting demand for safety training programs.
SWOT Analysis for Training Market
Strength:
Training enhances employee retention as it makes them more skilled and employable. Many organizations offer diverse online and classroom training programmes to upskill their workforce. Customized training solutions help address specific needs of clients.
Weakness:
High development and delivery costs associated with training programmes increases the overall expense for organizations. Traditional training methods like classroom training have low flexibility. Participant attrition and engagement during training can reduce its effectiveness.
Opportunity:
Rise of microlearning and online training platforms has expanded the outreach of training globally. Growing emphasis on safety and regulatory training from industries like oil and gas offers new opportunities. Emerging technologies like AR/VR and analytics provide avenues to enhance training experience.
Threats:
Freelance learning resources and informal training methods pose threat to traditional training providers. Economic slowdowns may force companies to cut training budgets. Intense competition among training companies limits their pricing power and bargaining ability.
Key Takeaways:
The global training market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing need for compliance and safety training across industries. Rapid digitalization and work from anywhere culture have boosted demand for online training solutions.
Regional analysis:
North America dominates the global training market, holding over 35% share in 2023, owing to presence of many training vendors in the US. Asia Pacific exhibits fastest growth supported by growing economies, expanding workforce and investments in technical education by governments in China and India. Europe and Latin America also present lucrative opportunities for training providers.
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 offer customized and online training programmes catering to industries like oil and gas, manufacturing, IT etc.
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