The training market comprises digital and non-digital solutions that support employee development within organizations. Training aids enable improved skills through techniques like online courses, video tutorials, virtual classes, and assessments. With industries integrating digital technologies at a rapid pace, continuous learning and skills enhancement have become critical for the modern workforce.
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:
Rapid digitalization across industries has accelerated the demand for online training solutions in recent years. Traditional classroom-led training is giving way to virtual formats that allow asynchronous, self-paced learning from remote locations. Learning management systems (LMS) and content authoring tools have emerged as popular platforms for digital course delivery. Their user-friendly interfaces make the training experience more engaging while eliminating geographic and time constraints. Going forward, advanced technologies like augmented and virtual reality, artificial intelligence and blockchain are expected to further evolve online learning through immersive 3D environments and personalized recommendations. The increasing ubiquity of the internet and proliferation of smart devices are enabling anywhere-anytime access to digital training, driving the market growth.
Strength: Training market players have strong domain expertise and capabilities to train large workforce in an organization. They offer customized and need-based training programs.
Weakness: High employee turnover rates in training industry poses challenges in designing and delivering long-term training programs. Language barrier issue also limits the clientele to certain geographies only.
Opportunity: With hybrid and remote working becoming new normal, there is vast opportunity for online and virtual training platforms. Demand for upskilling and reskilling existing workforce will continue to rise in years to come.
Threats: Stiff competition from open educational resources and free online courses available. Economic slowdowns may force organizations to cutdown on training budgets.
Global Training Market Size is expected to witness high growth in the forecast period of 2023 to 2030. The market size is projected to reach US$ 132.22 Billion by 2023, growing at a CAGR of 13%.
North America dominates the global training market currently due to high focus on employee development programs. Asia Pacific training market is fast emerging with growing digitization of learning and increasing spend on training by corporates in major 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. and Clarivate PLC are leaders in providing digital learning and compliance training platforms for enterprises. DoketTrak and WebTMS offer specialized SaaS solutions for skills development and credential management. TM Cloud Inc. caters to SMBs with their affordable online and hybrid training courses.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it