Corporate workforce development training is provided to the employees who have newly joined the organization as fresher or have re-joined a new organization on the same or different post. Corporate workforce development training includes training of technical as well as non-technical skills, depending on the need of an organization.
Training programs such as business language skills cross-cultural skills, and communication skills etc. also use the online learning model. This online method of knowledge delivery is advantageous for organizations as employees can watch videos according to their convenience, and trainers can effectively assess an employee’s performance during training sessions.
Factors Driving Growth of the Global Corporate Workforce Development Training Market
Moreover, the growing IT industry is expected to drive the adoption of corporate workforce training in the IT industry. Technical workforce training includes training for various IT languages such as C, C++, Java, and Python. Organizations provide training to their employees depending on their roles and responsibility. For instance, according to India Brand Equity Foundation, The IT-BPM (business process management) sector in India stood at US$ 177 billion in 2019 witnessing a growth of 6.1% year-on-year and it is estimated that the size of the industry will grow to US$ 350 billion by 2025.
Regional Analysis of the Global Corporate Workforce Development Training Market
On the basis of region, the global corporate workforce development training market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
In 2018, the North America region accounted for the largest share in the corporate workforce development training market, and it is expected to retain its dominance during the forecast period owing to presence of companies such as Google, Microsoft, and IBM. For instance, according to Coherent Market Insights' analysis, in 2020, the global IT industry is expected to reach US$ 5.18 trillion, and the U.S. is expected to hold the largest share of around 31% in 2020. This is expected to facilitate growth of the market over the forecast period in North America.
Asia Pacific is also expected to witness significant growth during the forecast period. The growth in this region is mainly attributed to rising adoption of cloud-based solutions, and rising investment in technology in emerging economies such as India and China.
Key Players in the Global Corporate Workforce Development Training Market
Some of the key players operating in the global corporate workforce development training market include CARA Group, Dale Carnegie & Associates, Inc., Eton Institute, GP Strategies Corporation, Infopro Learning, Inc., LearnQuest, Inc., NIIT Limited, Pearson, Raytheon Company, Skillsoft Corporation, Wilson Learning Worldwide Inc. and others.
Global Corporate Workforce Development Training Market: Taxonomy
The global corporate workforce development training market is segmented on the basis of mode of training, training type, enterprise size, end-use industry and region.