Market Overview:
The training market comprises services and products offered by corporate training companies to businesses, government agencies and educational institutions. This includes classroom training, online/digital training as well as blended learning approaches which combine online and offline learning. Corporate training provides soft skills and technical skills training to employees to enhance productivity, compliance and career development. It helps organizations adapt to changing technologies and business needs. Training and development of workforce is crucial for businesses to gain competitive advantage in the modern digital economy.
Market key trends:
One of the key trends in the training market is growing demand from corporate sector for management and leadership training programs. Continuous skill enhancement of workforce has become essential for organizations to stay relevant. There is increased focus on training middle and upper level management in areas such as change management, communication, problem solving, decision making and people management. Another major trend is the rising adoption of online and digital learning models. Blended learning combining offline classroom sessions with online courses on learning management systems (LMS) has gained popularity. This provides flexibility to learners and reduces training costs for organizations. Growing emphasis on compliance training and certification programs is also shaping the training market dynamics.
Porter’s Analysis
Threat of new entrants: The training market requires significant investments and expertise to produce high-quality training content and programs. These barriers make it difficult for new companies to enter the market.
Bargaining power of buyers: Large enterprises and corporate clients have significant bargaining power over training providers due to their high purchasing volume. However, the bargaining power of individual learners and small businesses is relatively weak.
Bargaining power of suppliers: There is a abundance of content creators, such as subject matter experts and instructional designers. Hence, training companies face low threat from suppliers.
Threat of new substitutes: With the rise of online learning platforms, the threat of substitute options for training like online courses and microlearning is increasing. However, substitutes cannot fully replace customized in-person trainings.
Competitive rivalry: The global training market is highly fragmented with many local and regional players competing. This leads to intense competition among vendors on parameters like pricing, innovation, and customer experience.
Key Takeaways
The Global Training Market Demand is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period 2023 to 2030, due to increasing demand for compliance, safety, and soft skills training across industries.
Regional analysis: North America dominated the global training market in 2023 with a share of over 35%, owing to stringent regulatory mandates and an early adoption of online and blended learning approaches in the region. Asia Pacific is expected to witness fastest growth during the forecast period, with China and India emerging as lucrative markets.
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 . Skillsoft Limited and GP Strategies Corp. are recognized as leading global players due to their comprehensive portfolio of learning solutions.
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