Soft Skills Management Market Size 2023-2032, By Types, Applications & Top Key Players

The global soft skills management market size is estimated at USD 24.55 billion in 2022 and is expected to reach USD 61.6 billion by 2028, growing at a CAGR of 12.4% from 2023 to 2030.

Soft skills training helps focus on improving skills such as communication, critical thinking, time management, problem solving, proactivity, emotional intelligence and teamwork. It helps employees develop favorable personality traits and navigate the work environment to achieve personal and business goals. It also helps improve customer service, sales, employee retention, and overall employee productivity. Rapid urbanization and the growing need to narrow the skills gap in the workforce are among the key factors positively impacting the market growth. According to a recent MIT Sloan research, 12-month soft skills training program in five different factories delivered a 250% return on investment (ROI) in just eight months. This proves that soft skills training is essential no matter where people study or work. As a result, many companies are investing in soft skill management trainings which helps to expand the market growth. In addition, various leading companies are focusing on delivering high-quality training modules for faster achievement of goals. At the same time, new hires are enrolled in a soft skills training program that teaches delegation, cohesion and collaboration skills, creating a positive outlook for the market. Therefore, the inclusion of these training programs for academics as part of their curriculum offer lucrative opportunities for the market growth.

For instance, many federal agencies, including the Defence Finance and Accounting Service (DFAS), have developed stand-alone soft skills assessments to help secure quality entry-level jobs. Also, The Ministry of Skills Development and Entrepreneurship has launched Pradhan Mantri Kaushal Vikas Yojana. The program aims to provide many young Indians with industry-related qualifications that will help secure their livelihoods. Individuals with previous learning experience or skills were also assessed and certified in the Recognition of Previous Learning (RPL) category.

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Furthermore, increasing trend of digitization and massive integration of soft skills training programs with advanced technologies such as cloud computing, artificial intelligence (AI), and virtual reality (VR) are driving the growth of the market. Such technologies provide repeatable and reusable content and have the ability to identify and address an individual's specific needs. Integration of artificial intelligence with learning management systems can offer advantages such as voice-generated bots, regular module updates and much more. Technologies such as VR and AR can teach employees soft skills in real time while providing an interactive communication system. Additionally, the platforms such as Udemy, Coursera, and Skill share offer online courses for soft skills certification. Hence, the growing trend towards e-learning via modules and tasks also benefits the market.

However, implementing soft skills management solutions and systems can be quite costly. Using AR and VR technology and integrating video-based learning technology into existing enterprise solutions is a cumbersome and expensive process. Budget constraints in smaller organizations can hinder market growth rates. In addition, the lack of expertise and technical knowledge, especially the lack of awareness of the importance of soft skills in developing countries, creates hurdles in the market in terms of smooth market value growth. Moreover, the shortage of skilled professionals coupled with low adoption rate in developing countries hinders the market growth rate again.

Impacts of the COVID-19 Pandemic:
The COVID-19 pandemic has positively and negatively impacted the revenue of the soft skills management industry. Offline schools and workplaces are closed during the pandemic to prevent the spread of coronavirus. This factor has had a significant impact on the revenue of major players and other outsourcing companies operating in the industry. In response to declining sales conditions, companies have shifted their training focus to online platforms, often referred to as e-learning platforms. Major players took advantage of the pandemic by announcing the availability of online courses through various social media platforms. Online platforms have helped stakeholders maintain revenue. The soft skills management market has grown significantly during the pandemic as virtually every student or worker has gone online. As a result, online courses are performing admirably despite the disruption of traditional education during the pandemic.

Delivery Mode Insights
The online segment is expected to grow at the highest CAGR during the forecast period due to the increasing acceptance of online educational institutions in both developed and developing countries across the globe. For example, edX, Inc. was founded by MIT and Harvard University as a non-profit open source learning destination that offers online courses. The company is a leading provider of MOOCs (Massive Open Online Courses).

Provider Insights
Corporate/enterprise has the largest market share among all channel providers in 2021. Corporate soft skills management is just as important as hard skills training as it promotes skills such as decision making and problem solving. This helps individuals be more productive, complete complex tasks efficiently, and invest more in their work and community. On the one hand, providers of academic/educational channels are expected to develop the fastest in the coming years as the number of academic institutions increases and government policies to include soft skills exercises in their curricula are favourable.

End-use Industry Insights
BFSI has the largest market share in 2021 and importance of soft skills training in the banking and financial sector is important as such training helps bank staff to sell products and services efficiently. On the other hand, the media and entertainment sub-segment is expected to grow significantly from 2022 to 2030.

Regional Insights
North America will dominate the market with the highest share in 2021. Increasing technological innovation, increasing government investment, presence of advanced infrastructure, and enrolment in soft skills management in both academic and business environments are just some of the drivers driving the North American soft skills management market. However, the Asia-Pacific region is poised for rapid growth owing to favourable government initiatives, a growing young population and an increase in multinational companies in countries such as China, India, Japan and Singapore.

Key Companies Insights
Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. In addition, constant research and development bring innovative products to market. For example, In January 2018, New Horizons Worldwide, LLC announced the launch of a new Center for Leadership and Development program. This is a series of multi-curricular courses designed for business professionals of all disciplines.

Recent Developments
• Skillsoft Corporation announced the acquisition of Pluma, Inc. in June 2021. The acquisition will enhance the company's leadership development capabilities.
• Wilson Learning Worldwide Inc. entered into a strategic alliance with Profiling Online in November 2020. This agreement strengthens Wilson Learning World wide's ability to provide learning solutions to its international clients.
• Cloud Academy, a leading enterprise technology training platform, was acquired by San Francisco-based QA Ltd in July 2019. As a result of this acquisition, over 500 certified courses and over 1500 instructor-led courses have been added to the company's portfolio.

Some of the key players operating in the global soft skills management market include:
• Articulate Global, Inc.
• Cengage Learning, Inc.
• Computer Generated Solutions, Inc.
• D2L Corporation
• edX, Inc.
• Interaction Associates, Inc.
• New Horizons Worldwide, LLC.
• NIIT Limited
• Pearson PLC
• QA Ltd.
• Skillsoft Corporation
• Tata Interactive Systems
• The Insights Group Ltd.
• VitalSmarts
• Wilson Learning Worldwide
• Other Players

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Segments
By Delivery Mode
• Regular/Offline
• Online
o Asynchronous Online Courses
o Synchronous Online Courses
o Hybrid Courses

By Provider
• Corporate/ Enterprise
• Academic/ Education

By Soft Skill Type
• Management & Leadership
• Administration & Secretarial
• Communication & Productivity
• Personal Development
• Others

By End-use Industry
• Banking, Financial Services & Insurance (BFSI)
• Manufacturing
• Hospitality
• IT & Telecom
• Education
• Retail
• Media & Entertainment
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt

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