LONDON--(BUSINESS WIRE)--According to Technavio market research analysts, the corporate training market in the US will grow at a CAGR of close to 10% during the forecast period, 2018-2022.
Technavio’s latest market research report on the corporate training market in the US provides an analysis of the most important trends, which are expected to impact the market outlook through 2022. Technavio has defined an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The structural changes in the manufacturing industry is a major factor driving the market’s growth. There are several factors, which contribute to the gaps in the required and available skill sets in the manufacturing sector in the US. This can inhibit employees’ growth in their respective careers and result in long-term unemployment. For instance, the specific skills required to operate a special machine and the codes, which are used in the programming of such machines should be understood by the designated employees. As new machines are introduced in business operations, ad-hoc training is essential to certify a smooth transition. Such developments drive continuous training requirements.
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Technavio analysts, in this report, have highlighted the analytical applications of training data as one of the key emerging trends in the corporate training market in the US:
Analytical applications of training data
The major objectives of vendors in the market are to bridge the skill gaps in the corporate sector at all levels and assist clients in enhancing efficiency and effectiveness of their business operations. As a part of this endeavor and to strengthen their competitive advantage, vendors are concentrating on improving the learning process, enhancing learning outcomes, providing personalized learning, creating curated content and strengthening formative assessments. These focus areas boost their credibility and allow them to justify the cost of training to existing and potential clients.
“Digitization of training provides access to data sources on aspects such as the demographics of learners, reading activity, the navigation of course materials, the discussion on forums, and the extent of engagement in each course a learner enrolls for. Vendors use this data to understand the primary aspects they need to consider while designing learning processes for each course as well as the learning methods,” says a senior analyst at Technavio for research on education technology.
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Corporate training market in the US segmentation
This market research report segments the corporate training market in the US into the following products (technical courses and non-technical courses) and end-users (manufacturing, healthcare, BFSI, and IT).
Of the two products, the technical courses segment held the largest market share in 2017, accounting for over 66% of the market. This product is expected to dominate the market throughout the forecast period.
The manufacturing segment led the corporate training market in the US in 2017, accounting for a market share of more than 21%. This application segment is anticipated to witness steady growth during the forecast period.
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