Global Soft Skills Training Market to Witness Growth Through 2020, Owing to Geographic Expansion of the Corporate Sector: Reports Technavio

Technavio publishes a new market research report on the global soft skills training market from 2016-2020. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global soft skills training market to grow at a CAGR of close to 9% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global soft skills training market for 2016-2020. The report also segments the market based on end-users into the following categories which are academic sector and corporate sector, with the corporate sector accounting for over 71% of the market share in 2015.

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Technavio education analysts highlight the following four factors that are contributing to the growth of the global soft skills training market:

  • Rise in collaborative learning methods
  • Digitization of training methods
  • Increased corporate spending on trainings
  • Need for skill development

Rise in collaborative learning methods

Educational institutions, especially higher education, are laying stronger emphasis on collaborative learning that is accelerated due to the availability of new learning models within the overall e-learning framework. Collaborative learning enables students to improve a multi-dimensional skillset that consists of hard skills and soft skills. Soft skills training vendors can help educators develop and execute structured soft skills training sessions and facilitate ways in which students can explore critical thinking skills. “While technology does not play a primary role in improving soft skills, it does provide devices and tools to support the overall soft skills training programs,” says Jhansi Mary, a lead analyst at Technavio for K12 and higher education sector.

Digitization of training methods

The market has changed dynamically with regard to the technology used for content creation, delivery methods, and collaboration among trainers and learners. With the advent of the Internet, online training methods have been introduced to the users. The proliferation of hardware such as tablets, iPads, and smartphones is facilitating organizations to provide training to their employees. The market is expected to usher in an environment of live virtual training where mobile devices are used to conduct and participate in live online training.

Similarly, gamification is changing the way training is imparted. It helps organizations to train employees in a more engaging and entertaining way. The traditional classroom training has now transformed into a blended learning format where training involves instructor-led training with the help of online content and hardware such as computers. All these elements can be included by either soft skills training vendors or educators while designing and delivering soft skills training programs.

Increased corporate spending on trainings

The corporate sector is one of the major consumer segments of the global soft skills training market. Significant capital is spent by major companies on training programs that are carried out through personal lectures, videos, and audios. The geographic expansion of the corporate sector has further propelled the training needs of companies.

The rise in number of SMBs and high Internet penetration rate will further expand the need for soft skills training, and significantly contribute to the growth of the market. “Growth in the corporate sector will ensure that this segment will continue to be one of the prime consumers of soft skills training solutions, which in turn will drive the global soft skills training market,” says Jhansi.

Need for skill development

With globalization, there has been an increase in competition among corporates. It has become important for companies to achieve a competitive edge through skill enhancement of their employees.

Organizations have a structured training calendar for new and existing employees, with a significant proportion of the training budgets allocated to the latter. This is specifically required in cases where there are changes in the job responsibilities and duties of employees, leading to the need for skill development.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global soft skills training market to grow at a CAGR of close to 9% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com