Corporate Training Market growth is attributed to Increased Demand for Virtual Training

According to Precision Business Insights (PBI) latest report, the corporate training market is expected to be worth USD 349.8 Billion in 2022, growing at a 6.9% CAGR from 2022 to 2028. Innovative and cost-effective training methods are becoming increasingly popular among businesses. Organizations that switch from traditional training to e-learning save time and money, and it's easier to retain, update, and save information. Vendors are bringing solutions, technologies, systems, and courses to organizations buying in large numbers to meet the need of their employees at cheap pricing. Unlike enrolling in traditional training programs conducted in businesses, which require more time outside of regular working hours, the growing popularity of online learning has helped employees save time and money in reskilling themselves. Advancements in corporate training drive the market.

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Virtual Segment Dominates the Corporate Training Market:
The virtual segment is expected to account for a larger revenue share in the global corporate training market with value share in the global market and is projected to grow at 6.7% CAGR over 2022 and 2028. The virtual segment is expected to grow significantly during the forecast period of the corporate training market, owing to the benefits associated with the virtual training method, which include lowering training costs by reducing trainee travel and lodging expenses, providing flexibility for training schedules, and increasing trainee motivation, among others.

The Asia Pacific Leads Corporate Training Market
The Asia Pacific is expected to hold the 19.7% market share in the global corporate training market in the forecast period, and it is projected to grow at a CAGR of 7.9% in the coming years. Expanding the use of mobile devices in emerging economies such as China, India, Malaysia, and South Korea, and the region's growing internet penetration, Asia Pacific is expected to grow at the most significant CAGR. The market is being boosted by rapidly expanding 5G infrastructure, cloud technologies, and other technologies. The government and businesses in India are putting much emphasis on employability skills, which is driving up demand for e-learning in the country.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global corporate training market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region. For instance, In ¬¬March 2020, Wiley, a research and education provider, acquired Madgex, a provider of job board software and career center services.

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The corporate training market is segmented based on end-user industry, training services, delivery mode, organizational size, designation, deployment, training type, and geography.
Based on the end user industry, the market is segmented into the following:
• BFSI
• IT and Telecom
• Healthcare
• Automotive
• Manufacturing

Based on the training services, the market is segmented into the following:
• Technical
• Leadership
• Managerial
• Sales
• Customer Support

Based on the delivery mode, the market is segmented into the following:
• Classroom Training
• Blended Training
• Virtual Training
• Online Training (No Instructor)

Based on the organizational size, the market is segmented into the following:
• Large Companies
• Medium Companies
• Small Companies

Based on the designation, the market is segmented into the following:
• Managerial
• Non-Managerial
• Integrated

Based on the deployment, the market is segmented into the following:
• On-Site
• Off-Site

Based on the training type, the market is segmented into the following:
• Customized
• Open

Based on geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the corporate training market report are GP Strategies, Franklin Covey, NIIT, Learning Tree International, Global Knowledge, Pluralsight, Centre for Creative Leadership, Skillsoft, Udemy, Udacity, Coursera, and Simplilearn.

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