LONDON--(BUSINESS WIRE)--The corporate compliance training market is expected to grow by USD 2.42 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
With the large-scale adoption of bring your own device (BYOD) and corporate-owned personally enabled (COPE) policies in workplaces, employees have access to various mobile devices to deliver their duties and job responsibilities. Companies are trying to gain maximum advantage from the adoption of mobile devices across enterprises to conduct compliance training. Mobile platforms are already in place and are used by the L&D department for the onboarding process and to provide training on sales and products. Mobile platforms have extended the functionality to impart compliance training and are an overall part of its mobile learning strategy. Vendors have realized the need for a mobile learning strategy of organizations and have come forward with responsive design tools that will enhance employee experience in terms of accessibility and visibility. Thus, the growing popularity of mobile-based compliance training will drive the growth of the market.
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As per Technavio, the increasing role of analytics in compliance training will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Corporate Compliance Training Market: Increasing Role of Analytics in Compliance Training
The implementation of various learning technologies by corporations has necessitated the deployment of analytics. The adoption of online training methods in workplaces produces large amounts of data pertaining to types of courses undertaken, the complexity level of each course, and employee feedback about the training. Also, organizations get an understanding of the course content in various aspects, such as comprehensiveness and curriculum. Organizations can extract and analyze the data with the help of learning analytics tools. Learning analytics can also be used to track the progress of learners. This helps in performance evaluation. Therefore, organizations can successfully personalize their learning content for individual learners. Thus, the increasing role of analytics in compliance training will drive the growth of the market.
"The growing demand for microlearning and the rising need for informal and social compliance training will have a positive impact on the growth of the corporate compliance training market value during the forecast period," says a senior analyst at Technavio.
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Corporate Compliance Training Market: Segmentation Analysis
This market research report segments the corporate compliance training market by type (online and blended), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the corporate compliance training market in 2019, followed by Europe, APAC, MEA, and South America. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased spending by MNCs on training and new developments in corporate training methods.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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