LONDON--(BUSINESS WIRE)--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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