LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global learning and development services market is expected to grow at a CAGR of 7.9% over the next five years due to the need to improve and retain global talent.
The research report titled ‘Global Learning and Development Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global learning and delivery services market is expected to grow because of the advances in technology in cloud-based platforms and mobile learning,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Large organizations opt for service providers that can help reduce administration processes by eliminating the use of internal resources while formulating the L&D program and its evaluation in an automated process,” adds Angad.
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Cost saving opportunities in the global learning and development services market
The adoption of various cost-optimization levers helps buyers of learning and development services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global learning and development services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Online learning portals are becoming increasingly popular platforms that are used by suppliers to upload training materials to be used by buyers' employees based on individual requirements.
Also, with the increased use of digital learning activities, buyers gather and analyze data from training programs using big data and other analytical tools.
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Optimization of procurement practices saving aspects
Buyers prefer to streamline their training process at a global level. Therefore, buyers seek services that help in the centralization of their learning processes through cloud-based platforms.
Additionally, category managers should evaluate the RFQ's from suppliers against the industry benchmarks because this helps buyers to gain a better understanding of the market prices and save cost.
Bundling of services saving aspects
Buyers can ensure cost savings by bundling services such as installation, custom content development, user and administration training, and technical support.
Bundling L&D service with other talent management services or HR services like workforce management and time and attendance management is another key cost saving aspect of the learning and development services market.
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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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