LONDON--(BUSINESS WIRE)--Technavio analysts forecast the business etiquette training market in APAC to grow at a CAGR of more than 16% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the business etiquette training market in APAC for 2017-2021. The market is segmented on the product (customized and proprietary) and learning model (classroom and online).
China and India are the key countries that contribute significantly to soft skills training in the corporate segment in APAC. In China, the majority of training expenditure is focused on middle and senior management followed by the sales function of enterprises. In India, organizations are finding it difficult to retain skilled labor, making hiring new talent competitive as well as expensive. Organizations have stopped ad hoc training and have started to invest in complete interactive and objective-based training to enhance employee satisfaction and engagement.
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Technavio education research analysts highlight the following three factors that are contributing to the growth of the business etiquette training market in APAC:
- Different regional requirements
- Increasing demand from SMBs
- Huge soft skills gaps
Different regional requirements
With the increase in globalization, it has become important on the part of the companies to invest in etiquette training. Companies are focusing to gain competitive advantage through skill enhancement of their employees. Thus, companies are identifying the skill requirements of their employees and providing adequate resources for training them.
Jhansi Mary, a lead K12 and higher education research analyst at Technavio, says, “In APAC, the exchange of business card and gifts must be done by both the hands and not just one. People are judged by the way they exchange business cards and gifts. Also, in China and other Asian countries, people greet each other with a bow and extend a handshake only after the host has extended his hand first. Thus, it is important that employees undergo business etiquette training to identify these small but significant gestures.”
Increasing demand from SMBs
Globally, small and medium-sized business (SMBs) have begun to play a stronger role in strengthening the respective region’s economic situation. Companies focus more on India and China for making investments. Companies are also targeting countries such as Indonesia and Thailand for expanding their business.
“The training requirements of SMBs will be niche and vendors will be required to design their training on those niche markets. Hence, corporate etiquette training vendors looking to capitalize on the training requirements of the sector should have the technical, technological, and financial leverage to develop sustainable training programs for the SMB segment,” adds Jhansi.
Huge soft skills gaps
There is a huge gap in the soft skills of employees in countries such as China. The growth in the tertiary education has resulted in the growth of workforce ready graduate in the country. However, these graduates lack the necessary soft skills. Many firms in China are finding it difficult to find suitable candidates proficient with business etiquette skills.
China's domestic firms have become more globalized and require bringing business practices to global standards. This would require individuals that are well equipped with the necessary technical skills and soft skills with business etiquette skills being the most important. The culture of the Chinese economy also influences the way in which business is carried out in the country.
Top vendors:
- Suneeta Kanga
- Etiquette & Image International
- Pria Warrick Finishing Academy
- The Standard Companion
- Académie de Bernadac
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