United States/WA: The global Training market is estimated to account for US$ 174.6 Billion by 2027 Report Pages:[251 Pages] Emergence of Covid-19 Leads to Increase in Adoption of Various Training Market Solutions Global Training Market, By Industry (Government, Pulp & Paper, Oil & Gas, Chemicals & Petrochemicals, Pharmaceuticals, Rail, Industrial Manufacturing, Mining, Power & Utilities, […]
Global Training Market Expected to See Significant Growth Ahead
United States/WA: The global Training market is estimated to account for US$ 174.6 Billion by 2027
Report Pages:[251 Pages]
Emergence of Covid-19 Leads to Increase in Adoption of Various Training Market Solutions
Global Training Market, By Industry (Government, Pulp & Paper, Oil & Gas, Chemicals & Petrochemicals, Pharmaceuticals, Rail, Industrial Manufacturing, Mining, Power & Utilities, Marine, Offshore, Alternative Energy, Nuclear, Healthcare, and Aerospace), By Training Type (Online, Offline, and Classroom), By Method (Computer-based Training, Distance Learning, Learning Management System, App-based Learning, CD-distribution based Learning, Mentoring/Coaching Based Learning, Table-top Exercise Based Learning, Train the Trainer, Learning Methods that are Annuitized, Video/Audio Tape, Blended e-Learning /Instructor-led, Social Learning, Game-based Learning, and Simulation e-Learning) and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is expected to exhibit a CAGR of 6.4% over the forecast period to reach US$ 174,596.6 Mn in 2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Learning in the flow of work is a concept that is growing in popularity across the training market because it brings together vendors, learners, businesses and leaders from every walk of life in an integrated talent management solution. Basically, it just means that vendors are bringing their IT support and marketing resources into the LMS platform so that businesses can gain real value from their employees without having to add any additional training budget. This also allows for training companies to re-design their modules and products so that they can provide the best training experience to their employees. In addition to this, LMS vendors are starting to utilize their own in-house and third-party developers as well as SaaS and IaaS applications to leverage the power of their platform. With this new approach, businesses can gain a true learning experience from vendors on the go and this translates to more productivity and less training budget.
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Competitive Landscape:
Major players operating in the global training market include, Skillsoft Limited, Safety Media, GP Strategies Corp., UL EHS Sustainability, Pryor Resources, Inc., Raytheon Company, DuPont Sustainable Solutions, 360training, Inc., SAP Litmos, Vector Solutions, Global Training Solutions, Inc., Cornerstone onDemand, Petroskills, and Euro Petroleum Consultants Ltd.
Key Market Drivers:
Increasing M&A activities are expected to propel growth of the global training market over the forecast period. For instance, in June 2021, Skillsoft Corp. acquired Pluma, Inc., a digital professional development and executive-quality coaching platform, for approximately US$ 22 million in cash.
Moreover, launch of new products is also expected to aid in growth of the global training market over the forecast period. For instance, in August 2021, UL EHS Sustainability launched Windographer 5, a new version of its software for analyzing, visualizing and validating wind resource data from meteorological towers and remote sensing systems.
Covid-19 Impact Analysis
Emergence of Covid-19 has led to increase in adoption and launch of various training solutions worldwide. For instance, in September 2020, the Women’s Tennis Association, U.S., partnered with Qualtrics, an SAP company, to understand how their players felt about returning to play as sports leagues around the globe work to return to live competition in the era of COVID-19.
In August 2021, Vector Solutions launched an online training course in its Coronavirus Resource Center, Coronavirus 109: What You Should Know About Variants.
Key Takeaways
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The training market is expected to exhibit a CAGR of 6.4% over the forecast period, owing to increasing M&A activities. For instance, in July 2021, GP Strategies Corporation entered into a definitive agreement to be merged with Learning Technologies Group, a provider of services and technologies for digital learning and talent management.
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Among regions, North America is expected to witness significant growth in the training market, owing to launch of new products. For instance, in August 2021, Vector Solutions re-released courses in a new next-generation Vector Solutions Course Player.
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