LONDON--(BUSINESS WIRE)--The cross-cultural training market is expected to grow by USD 1.22 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The rise in expatriate assignments is expected to drive the growth of the market during the forecast period. Cultural awareness is an important element of any cross-cultural training course. Thus, companies are increasingly emphasizing the need for cultural awareness, thus, contributing to the rise of the cross-cultural training market across the world. Expatriate assignments require that employees know various skills that would help them set up a successful business, especially if the employee's role is strategically important and comprises of leadership responsibilities. As a result, companies enroll their employees in extensive cross-cultural training programs despite the high cost of the training involved. This enables vendors to pitch for elaborate course offerings to potential employers.
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As per Technavio, the rising emphasis on virtual 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.
Cross-cultural Training Market: Rising Emphasis on Virtual Training
Web-based virtual learning environment enables employees to access a wide range of materials in contrast to printed and audio-visual course materials. With advances in technology, there has been a surge in the usage of the virtual learning environment. Multimedia teaching materials are combining sound, text, and images, which help to enhance the soft skills of an employee. It also provides opportunities for independent learning along with group and collaborative learning. Virtual learning methods are expected to rapidly gain popularity among consumers during the forecast period. Vendors such as Aperian Global provide virtual team training on leadership development and cross-cultural training.
“Factors such as gamification of content, and increased focus on blended learning will have a significant impact on the growth of the cross-cultural training market value during the forecast period,” says a senior analyst at Technavio.
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Cross-cultural Training Market: Segmentation Analysis
This market research report segments the cross-cultural training market by deployment (workshop and online) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the cross-cultural training market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of many MNCs and large organizations, and the increased investments by organization in training employees working in different locations.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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