Corporate Training Market Size Hits $487.3 Billion by 2030, Growing At a CAGR of 8%

The global corporate training market was valued at $332.9 billion in 2019, and is projected to reach $487.3 billion by 2030, growing at a CAGR of 8% from 2021 to 2030.

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The market dynamics changed rapidly and the whole globe shifted online. The virtual training came under the spotlight. The key market players invested heavily on the digitization of their businesses. The corporate world started adopting the virtual platforms for the purpose of providing training to their employees, which significantly fostered the growth of the virtual corporate training segment. The increased penetration of the digital platforms supported by the increasing penetration of internet, rising adoption of smart devices, developing information technology and telecommunications platform, and rapid emergence of virtual corporate training platforms across the globe are some of the significant factors that are held responsible for the growth of the corporate training market in the past couple of years. The rising trend of work from home and a significant shift towards the digital technologies is expected to sustain its position in the market in the foreseeable future and boost the growth of the market during the forecast period.

The virtual segment is expected to witness a significant growth during the corporate training market forecast period, owing to benefits associated with the virtual training method, which includes decreasing the training cost by mitigating the trainees' travel & lodging expenses, provides flexibility for training schedule, enhances the motivation of trainees and others.

ey players operating in the global corporate training market have adopted developmental strategies such as introduction of new training methods, and different training programs to strengthen their foothold in the market, in terms of value sales. They emphasize on continuous innovation to formulate new training methods and gain a competitive edge in the global market and to boost the demand for corporate training in various industries.

According to the key market players, growing demand of micro-learning and use of gamification across the corporate sectors will boost the growth of the corporate training market. These players are focused on investing in R&D activities to offer easy and effective ways to train employees of corporate sectors and maintain their position in the market.

According to some key corporate training players, emergence of cost-effective e-learning training module is anticipated to fuel the growth of the market across the globe. Moreover, key manufacturers are providing training programs including soft skills, sales training, compliance training, technical training and others, in order to enhance trainee's skill sets and making them more efficient and productive at the workplace. However, budget concern of corporate sectors is expected to hamper the market growth in terms of value sales.

Based on training method, the face to face segment contributed to more than two-thirds of the total market share in 2019, and is estimated to maintain its leadership position throughout the forecast period. However, the virtual segment is expected to witness the fastest CAGR of 16.4% from 2021 to 2027.

Based on training program, the technical training segment accounted for more than one-fourth of the total market revenue of the global corporate training market in 2019, and is expected to maintain its lead position by 2027. However, the soft skills training segment is expected to grow at the highest CAGR of 11.0% from 2021 to 2027.

Based on region, North America contributed to the highest share in 2019, holding nearly one-third of total market share, and will maintain its dominance in terms of revenue during the forecast period. However, LAMEA would manifest the largest CAGR of 11.1% from 2021 to 2027.

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Leading players of the global corporate training market analyzed in the research include Bizlibrary, Franklin Covey Co., City & Guilds Group, GP Strategies Corporation, Cornerstone Ondemand Inc., D2L Corporation, Allen Communications Learning Services, Wilson Learning Worldwide Inc., Simplilearn Solutions, and Skill Soft.

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