The research study covers the present scenario and growth prospects of the global corporate training market for 2016-2020. To calculate the market size, the report considers the revenue generated through the sales of training products and related services for a fee or subscription.
Companies are expanding their businesses worldwide, leading to intense competition in recruitment, training, and retaining talent. Advanced tools and technologies are available in the market to help organizations design and develop training programs for employees irrespective of the location of the delivery center. Aspects such as incorporation of virtual reality and wearable technology in training programs are further offering companies with the required aid to provide flexible options to their employees. In addition, training content is provided in varied areas apart from traditional modules such as compliance, which is attracting the attention of corporates and widening the scope for market penetration.
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Technavio education analysts highlight the following three factors that are contributing to the growth of the global corporate training market:
- Expanding SMB market
- Incorporation of online badges in corporate training
- Changing work models
Expanding SMB market
Globally, SMBs have begun to play a stronger role in strengthening the respective region’s economic situation. Irrespective of the businesses conducted by each country’s SMB sector, they are recording significant growth. This factor has attracted heavy financial support from private and public sources of funds. In addition, technology developments such as cloud and analytics are also accelerating the number of SMB establishments in many countries. These developments are highly visible in countries like the US, which has various institutional, ICT, and government initiatives to support the growth of the SMB sector.
Jhansi Mary, a lead education technology analyst at Technavio, says, “Unlike the trainings offered to large-scale enterprises, vendors targeting the SMB sector need to consider two factors with utmost importance. First, most SMBs, especially in countries like the US and the UK, use the latest available technologies related to cloud, data security, and storage to streamline operations and dedicate sufficient time and resources for strategic activities. Second, the training requirements of these companies will be niche and technical.”
Incorporation of online badges in corporate training
A digital badge, also known as a micro-credential, is an indicator of skills and accomplishment earned in a learning environment. Digital badges are increasingly supported and adopted by corporates globally. They are observed as a means of recognizing talent across the company and rewarding them appropriately. They also monitor progress of training initiatives and efforts, which consequently leads to employee engagement and motivation.
“Companies are also creating customized badges that reward employees on varied actions, metrics, and communications. Extreme Networks, a provider of wireless network equipment and infrastructure, have incorporated badges in its departments of customer support, sales, marketing, and partner and sales training,” adds Jhansi.
Changing work models
Corporates are facing immense pressure to manage their workforce in the best possible manner to achieve optimum productivity and drive innovation. The workforce composition of organizations in the past few years has evolved dynamically with heavy reliance on external talent. This diversity in workforce includes freelancers, contractors, partners, outsourced employees, and open-source talent apart from full-time employees. Such diverse talent pool demands customized training programs for each work model to ensure efficiency of operations. Corporates rely on external training providers that can assist in conducting training programs and on-boarding activities for various categories of employees.
The adoption of cloud computing is another development driving changes in the corporate training landscape. Cloud-based training offers an easy way for employees to access and download business apps at their convenient time and location. It also enables employees to choose their materials and courses as per their learning requirements. With cloud-based platforms, users can access, edit, update, and add training materials easily stored in the cloud.
- City & Guilds Kineo
- GP Strategies
- MHI Global
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