Portland, OR, Feb. 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global corporate training market generated $332.93 billion in 2019, and is expected to garner $417.21 billion by 2027, witnessing a CAGR of 9.4% from 2021 to 2027. The report provides an extensive analysis of drivers & opportunities, key segments, top winning strategies, major investment pockets, value chain, and competitive landscape.
Surge in learning requirements at the workplace, emergence of the concept of microlearning, and rise in usage of gamification drive the growth of the global corporate training market. However, budgetary concerns and cost-effective e-learning training modules hinder the market growth.
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Covid-19 Scenario:
- Owing to lockdown imposed during the Covid-19 pandemic, many corporate organizations have adopted the “work from home” approach. So, they have adopted virtual training method for providing training to employees.
- Organizations have been remodeling their training approach and adopting online portals. Moreover, they have been investing into designing and developing online training modules and establishing necessary infrastructure.
- The offline training has been stopped as offices have been closed down. It will resume as organizations begin operations from the offices.
The report offers detailed segmentation of the global corporate training market based on training method, training program, industry, and region.
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Based on training method, the face to face segment contributed to more than two-thirds of the total market share in 2019, and is estimated to maintain its leadership position throughout the forecast period. However, the virtual segment is expected to witness the fastest CAGR of 16.4% from 2021 to 2027.
Based on training program, the technical training segment accounted for more than one-fourth of the total market revenue of the global corporate training market in 2019, and is expected to maintain its lead position by 2027. However, the soft skills training segment is expected to grow at the highest CAGR of 11.0% from 2021 to 2027.
Based on region, North America contributed to the highest share in 2019, holding nearly one-third of total market share, and will maintain its dominance in terms of revenue during the forecast period. However, LAMEA would manifest the largest CAGR of 11.1% from 2021 to 2027.
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Leading players of the global corporate training market analyzed in the research include Bizlibrary, Franklin Covey Co., City & Guilds Group, GP Strategies Corporation, Cornerstone Ondemand Inc., D2L Corporation, Allen Communications Learning Services, Wilson Learning Worldwide Inc., Simplilearn Solutions, and Skill Soft.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.