Training Market Key Profiles, Driver, Outlook & Competitive Landscape To 2026
The global training
market was valued at US$ 94,828.5 Mn in 2017 and is expected to exhibit a CAGR
of 6.4% over the forecast period and reach US$ 174,596.6 Mn in 2027. North
America accounted for 45.1% of the revenue share in the global training market
in 2018. The market in India is expected to grow at a significant rate
over the forecast period, followed by rest of Asia Pacific. This growth is
attributed to growing adoption of learning management systems across the globe
to gain better returns on investment made in talent development, employee
training, and other similar programs.
The Asia Pacific market
is witnessing high growth due to increasing demand for cost effective learning
management solutions. Moreover, an increase in the number of start-ups
operating in the e-learning industry has aided growth of the training market in
this region. There has also been a marked shift from traditional methods to
technology driven methods in the past few years. For instance, in 2013, Oracle
introduced 'Oracle Learn Cloud 13A' with advanced training management and
delivery features in the Asia Pacific region.
Learning management
system segment held dominant position in the market in 2018
Learning management
system is a software application, which is used for planning, reporting,
tracking, administration, documentation, reporting, implementation, and for
accessing training or learning programs. Moreover, a learning management system
can help instructors to generate and distribute content, and monitor learner's
performance and progress. A learning management system has application in the
higher education sector and corporate sector due to its wide range of functions
such as managing and delivering all types of content such as documents and
videos; it also contains interactive features such as video conferencing,
discussion forums, and threaded discussions. For instance, various learning
management systems are available in the market, such as TalentLMS, Canvas LMS,
Edmodo, Schoology, Docebo, Litmos LMS, SkyPrep, iSpring Learn, and Brightspace
among others.
North America held the
dominant position in the Training market in 2017
North America is
expected to be the largest market in terms of size during the forecast period,
owing to rising demand for effective and quality education in the region.
Furthermore, several key players such as SafetySkills and IFP Training that are
engaged in providing training to employees, have high presence in this region.
The training industry in North America includes both internal and external
resources that are employed by key players to train their staff on specific and
required skills needed to perform their jobs. The primary factor that is
driving demand in the U.S. education LMS sector is the increasing number of
universities that offer online education, which in turn is facilitating growth
of the training market in the region. However, challenges with proper
implementation of learning management systems faced by educational institutions
due to budget constraints and lack of expertise, are expected to hamper growth
of the market.
Increasing demand for
continuous learning in Europe is expected to result in high adoption of
different training and learning methodologies and products. The training market
in Europe is expected to exhibit steady growth, owing to significant revenue
contributed by countries such as, Germany, U.K., and France over the forecast
period. Factors such as increasing number of small & mid-sized businesses (SMBs),
as well as increasing number of government initiatives to enhance technical and
non-technical skills of employees is expected to contribute to growth of the
Europe market.
Moreover, Europe-based
corporations are investing significantly in digitizing training processes, to
ensure quicker and convenient delivery of training content to employees.
Digitization also helps to overcome restrictions such as adherence to a set
time and place of training. Furthermore, many organizations prefer using
standardized courses provided by training content developers. For instance,
Pearson Education, a U.K. based education publishing and assessment service
company, offers IT certification training courses to leading networking,
hardware, and software companies such as Microsoft, Oracle, Cisco, and IBM.
The training market in
Latin America is expected to witness significant growth in the near future.
This growth is majorly attributed to evolution of digitized corporate training
in the region that is rapidly replacing conventional training methods.
Moreover, increasing number of mobile device users has led to considerable
demand for mobile-based training. As per analysis done by Coherent Market
Insights, in 2018, the number of mobile users in Latin America was 424 million,
and the number increased to 431 million by 2019. Additionally, emergence of
novel education programs such as game-based learning to promote online learning
via various platforms including social media, is expected to help market
players strengthen their footprint in the training market.
Global Training Market:
Key Players
Major players operating
in the global training market include 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, and Euro Petroleum Consultants Ltd. [EPC].
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