LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global corporate compliance training market to grow to USD 7.79 billion by 2021, at a CAGR of close to 11% over the forecast period, according to their latest report.
The research study by Technavio on the global corporate compliance training market for 2017-2021 provides detailed industry analysis based on the training method (blended corporate compliance training and online corporate compliance training) and geography (North America, Europe, APAC, and ROW).
North America is the dominant segment of the corporate compliance training market, responsible for generating both the highest revenue and maximum incremental growth over the forecast period. The organizations in the region have successfully incorporated new developments in corporate training and spearheaded technology enabled training, which is driving the market dominance of the regional segment.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global corporate compliance training market:
- Rise in continuous monitoring approach
- Growing popularity of mobile-based compliance training
- Increasing inclination of organizations towards customization
Rise in continuous monitoring approach
“Globally, organizations are introducing various rules and regulations to maintain a compliance conductive culture to minimize compliance breaches and are engaging their employees in compliance management activities,” says Jhansi Mary, a lead analyst at Technavio for K12 and higher education research.
Compliance practices are followed in tandem with corporate governance and ethics to build a risk mitigation system and avoid instances of compliance breaches. These activities include resource coverage and continuous assessments, to enable better change management, planning, and other activities in scenarios of specific risk problems.
Growing popularity of mobile-based compliance training
Companies are capitalizing on the large-scale adoption of bring your own device (BYOD) and corporate-owned personally enabled (COPE) policies in workplaces by integrating these devices across enterprises to conduct compliance training. Mobile platforms are widely used by the L&D department for the onboarding process, to provide training on sales and products, impart compliance training, and as an overall part of its mobile learning strategy. The mobile-based compliance training approach also provides the added benefit of reducing the dependency on time and place to participate in such training sessions.
Increasing inclination of organizations towards customization
“Organizations are showing an inclination towards customizing compliance training content and delivery methods. They are adopting solutions to help develop course content that is unique to their employees' needs and fulfil compliance-related goals,” says Jhansi.
Codes of conduct and processes vary among organizations, creating a demand for customized compliance training courses to effectively serve the training goals and objectives. Therefore, organizations are working in close collaboration with vendors to develop and provide customized compliance training content to their customers through their subject matter experts.
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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, resellers, and end-users.
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