LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global corporate training market to grow at a CAGR of close to 10% during the forecast period, according to their latest report.
This market research report segments the global corporate training market into the following two product segments (technical training and non-technical training) and three major regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global corporate training market:
- Emergence of cost-effective e-learning training modules
- Increased need for skilled employees
Emergence of cost-effective e-learning training modules
Corporate training is one of the significant expenses of any organization. The overall productivity of any company depends significantly on how well new hires are being trained, and the existing employees are upgrading their skills. Consequently, organizations are increasingly adopting innovative and cost-effective ways to train their employees. Costs associated with traditional training in a brick-and-mortar setup that includes traveling expenses, employee and trainer time and facility charges are considerably high. Furthermore, costs associated with printing instruction materials and assessment papers are higher compared with just making them available online and giving employees access to the internet and digital content.
The transition of organizations from conventional training to e-learning assists them in saving employees' working hours, and it is convenient to maintain, update, and store information more effectively. Thus, vendors are introducing solutions, technologies, systems, and courses at affordable prices to corporations buying them in bulk quantities to meet the demand of their employees.
According to a senior analyst at Technavio for education technology, “A few of the organizations with limited budgets are in pursuit of alternative e-learning solutions. These solutions include creating or authoring their own content in Word or PowerPoint, saving and uploading learning content in HTML/XML formats and finally posting them on the web using a resident webmaster that would reduce the costs. Shifting to online platforms for training employees has not only allowed the employees to boost their productivity as per their flexibility and convenience but has also enabled trainers to engage learners in training programs effectively.”
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Global corporate training market segmentation
Of the two major products in the global corporate training market, the technical training segment accounted for the largest share of more than 70% in 2017, and it is expected to register a steady growth during the forecast period due to the increasing demand in a wide range of industries.
The Americas accounted for the largest share of almost 54% in 2017, and it is expected to witness consistent growth during the forecast period. This is because of the presence of robust and advanced infrastructure and increased realization of the need for corporate training for retaining and engaging employees in large multinational corporations (MNCs).
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