LONDON--(BUSINESS WIRE)--The corporate training market in Latin America is expected to grow by USD 3.18 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Evolving industrial tools and changing consumer requirements have created a need for improving skills in employees. Also, changing market dynamics are compelling organizations to effectively manage their workforce to achieve optimum productivity and remain competitive in the market. Hence, many companies are focusing on enhancing the skills of their employees on various aspects such as leadership, effective hiring, time management, and teamwork to make them competent in various cross-functional roles. This is increasing the demand for corporate training services, which is driving the growth of the market.
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As per Technavio, the expansion of SMBs and government emphasis on workforce skill enhancement 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 Training Market in Latin America: Expansion of SMBs and Increasing Government Emphasis on Workforce Skill Enhancement
Over the years, governing bodies across the world have adopted various initiatives to support the growth of SMBs. This trend is gaining traction in developing countries such as Brazil and Mexico. For instance, the Government of Mexico is focusing on changing the country's labor law to enhance the productivity of individual workers. In 2013, the country reformed the country's labor law and mandated employers to create, maintain, and update the skill sets of their workforce. Also, the newly published Mexico rules mandate employers to develop skills-upgrade plans as a part of routine workforce training. Such mandates are positively influencing the growth of the corporate training market in Latin America.
“The emergence of gamification in corporate training and the demand for cost-effective e-learning training modules will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Corporate Training Market in Latin America: Segmentation Analysis
This market research report segments the corporate training market in Latin America by Product (Technical training and Non-technical training), Application (Large enterprise, Medium enterprise, and Small enterprise), and Geography (Brazil, Argentina, and Mexico).
The technical training segment led the corporate training market in Latin America in 2019. During the forecast period, the technical training segment is expected to register the highest incremental growth due to the rising need for skill enhancement in a world of evolving technologies.
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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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