Training Market to Surpass US$ 174.6 Billion by 2027 - Coherent Market Insights

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 to reach US$ 174,596.6 Mn in 2027. North America accounted for 45.1% revenue share in the global training market in 2018, according to Training Market Report, 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 Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.

Digital technologies are creating a huge impact on the global economy and therefore, demand for employees with high skill sets is increasing. These technologies are rapidly changing and the institutions, education system, and enterprises are unable to meet demand for such skill sets. Therefore, skill gap arises due to lack of investment in training for users. Thus, enterprises and educational institutions are adopting e-Learning programs that help students and employees to learn required skill sets. E-learning has transformed workplace training programs and has made it easier, affordable and provided access to a wide range of learning resources. Large number of enterprises are shifting their focus from conventional classroom training to e-Learning programs as it offers convenient and effective solutions to train employees. Also, there is increasing focus on e-Learning activities that are based on experiences which include case studies, branching scenarios, and simulation-based training. Moreover, advent of advanced technologies will lead to integration of artificial intelligence technology, which, in turn, has the potential to offer personalized e-Learning programs. This will result in better learning management and improve employee performance. Therefore, due to several benefits of e-Learning, it is expected to create growth opportunities in the corporate and education sector that will increase demand for training solutions globally.

Innovative manufacturing practices are introduced in the manufacturing sector due to the emerging technology trends. Employees in the industry need to be trained on the latest technology in automated manufacturing facilities. However, the primary challenge in the manufacturing sector is the lack of multi-skilled and technically sound workforce. Also, manufacturing training programs can be expensive depending on the required skill set, require extensive involvement of trainers, and training hours. As a result high cost of training in some industries can hamper growth of the training market.

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Key Takeaways of the Market:

• In 2017, Asia Pacific training market generated revenue of US$ 22,377.1 Mn and is expected to reach US$ 40,942.9 Mn by 2027, witnessing a CAGR of 7.0% over the forecast period. Organizations in Asia Pacific are increasingly opting for learning management systems (LMS) to gain better returns on investments made in talent development, employee training, and other similar programs. Several organizations in this region prefer technology enabled learning which has led to higher growth opportunities for training solution providers in this region. Furthermore, Asia Pacific is witnessing high growth due to increasing demand for cost effective learning management solutions by end use industries, which is projected to aid growth of the training market in the region. Furthermore, factors such as increasing number of start-ups in the e-learning industry, and changes in the traditional education systems due to emergence of technology driven learning system, is expected to facilitate the training market growth in Asia Pacific . For instance, in 2013, Oracle introduced “Oracle Learn Cloud 13A” with advanced training management and delivery features in Asia Pacific.
• 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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