Key Market Insights
“Rising penetration of IoT based platform supports the market growth”
The soft skill management market is expected to grow at a CAGR of 12.5% during the forecast period from 2019 to 2027, starting from US$ 38,972.9 Mn in 2027.
Soft skills are defined as the attitudes, personality traits, habits, and behaviors of a person that is displayed by them during working with others. These skills play a vital role in any organization as it enhances the functionality and productivity of an organization. These skills are rapidly becoming critical for employees working in various industries and who are performing different functions. The companies, recruiters, and corporations tend to recruit and focus on the employees who are highly skilled and trained so that to maintain a healthy relationship within the organization.
Similarly, the increase in the demand for a highly skilled workforce by various industrial verticals is expected to drive the market during the forecast period. Moreover, with digitalization and urbanization, the availability of new learning techniques has increased, rising training institutions in the higher education sectors are also adopting collaborative learning methods which result in improving the personality development of an individual, and also allow them to develop a multi-dimensional skillset. Thereby, increases the demand for the soft skill management market. Moreover, new internet-based companies across various geographies are increasingly opting for soft skills management programs to train their workforce. Research studies suggest that companies spent about US$ 200 monthly on each employee for professional seeking services. The aforesaid reasons are some of the key factors that support the growth of the market.
Delivery Mode Analysis
“Offline mode holds the largest share in the overall soft skill management market”
In 2018, the overall soft skills management market was governed by the offline segment expected to contribute more than 55.0% of the market share. The rising number of institutes and classes for soft skill development is driving the market. Moreover, a survey conducted by the Institution of Engineering and Technology (IET) (U.K) suggests that about 65% of mid-sized companies impart soft skill training over technical training to new employees. Additionally, over 35% of companies prefer offline training methods as to maintain proper attendance records of employees.
The online delivery model is considered to be the fastest-growing segment during the forecast period due to increasing digitalization, internet penetration and adoption of smartphones have increased the usage of online content which is driving the online delivery mode. Online mode allows an individual to access any video associated with soft skills from anywhere irrespective of their location. Whereas, in offline delivery mode the individual has to attend classes physically and attend the classes.
Regional Analysis
“North America dominated the soft skill management market in the year 2018”
The global soft skills management market was dominated by North America contributing to about 35.0% in the year 2018. The rising demand and penetration of soft skills among employees across various industries are one of the major factors driving the growth of the market in the North America region. Moreover, the increasing investments from the government and private sectors are also contributing to the growth of the market. The U.S Labor Department suggests that there was growth in the jobs in the year 2019 but the skill gap among employees needs to be settled in a rapidly changing economy. Thereby, increases the demand for soft skill management.
“Asia Pacific is projected to grow at a considerable rate during the forecast period”
The Asia Pacific is expected to grow at an evident rate during the forecast period due to the increasing adoption of the digital platform across the region. Besides, the wide skill gap among employees in the region supports the market growth.
List of Companies Covered:
Key Industry Developments:
In June 2019, Skillsoft a global company incorporate learning expanded its geographical presence in India. The company established the city as a key development center for Percipo, soft skills intelligent program platform offered by the company.
In November 2019, NIIT Limited, a global leader in skill and talent development launched an initiative. The FutureFest initiative offered college students to enhance their skills through various future-ready programs.
In May 2018, Computer Generated Solutions entered into a partnership agreement with Custodia Technology. The partnership aims to offer cross-platform service and support to investment service providers.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall soft skill management market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
Key questions answered in this report
This product will be delivered within 2 business days.
“Rising penetration of IoT based platform supports the market growth”
The soft skill management market is expected to grow at a CAGR of 12.5% during the forecast period from 2019 to 2027, starting from US$ 38,972.9 Mn in 2027.
Soft skills are defined as the attitudes, personality traits, habits, and behaviors of a person that is displayed by them during working with others. These skills play a vital role in any organization as it enhances the functionality and productivity of an organization. These skills are rapidly becoming critical for employees working in various industries and who are performing different functions. The companies, recruiters, and corporations tend to recruit and focus on the employees who are highly skilled and trained so that to maintain a healthy relationship within the organization.
Similarly, the increase in the demand for a highly skilled workforce by various industrial verticals is expected to drive the market during the forecast period. Moreover, with digitalization and urbanization, the availability of new learning techniques has increased, rising training institutions in the higher education sectors are also adopting collaborative learning methods which result in improving the personality development of an individual, and also allow them to develop a multi-dimensional skillset. Thereby, increases the demand for the soft skill management market. Moreover, new internet-based companies across various geographies are increasingly opting for soft skills management programs to train their workforce. Research studies suggest that companies spent about US$ 200 monthly on each employee for professional seeking services. The aforesaid reasons are some of the key factors that support the growth of the market.
Delivery Mode Analysis
“Offline mode holds the largest share in the overall soft skill management market”
In 2018, the overall soft skills management market was governed by the offline segment expected to contribute more than 55.0% of the market share. The rising number of institutes and classes for soft skill development is driving the market. Moreover, a survey conducted by the Institution of Engineering and Technology (IET) (U.K) suggests that about 65% of mid-sized companies impart soft skill training over technical training to new employees. Additionally, over 35% of companies prefer offline training methods as to maintain proper attendance records of employees.
The online delivery model is considered to be the fastest-growing segment during the forecast period due to increasing digitalization, internet penetration and adoption of smartphones have increased the usage of online content which is driving the online delivery mode. Online mode allows an individual to access any video associated with soft skills from anywhere irrespective of their location. Whereas, in offline delivery mode the individual has to attend classes physically and attend the classes.
Regional Analysis
“North America dominated the soft skill management market in the year 2018”
The global soft skills management market was dominated by North America contributing to about 35.0% in the year 2018. The rising demand and penetration of soft skills among employees across various industries are one of the major factors driving the growth of the market in the North America region. Moreover, the increasing investments from the government and private sectors are also contributing to the growth of the market. The U.S Labor Department suggests that there was growth in the jobs in the year 2019 but the skill gap among employees needs to be settled in a rapidly changing economy. Thereby, increases the demand for soft skill management.
“Asia Pacific is projected to grow at a considerable rate during the forecast period”
The Asia Pacific is expected to grow at an evident rate during the forecast period due to the increasing adoption of the digital platform across the region. Besides, the wide skill gap among employees in the region supports the market growth.
List of Companies Covered:
- Skillsoft Corporation
- Tata Interactive Systems
- The Insights Group Ltd.
- VitalSmarts
- Wilson Learning Worldwide
- Articulate Global, Inc.
- QA Ltd.
- Skill Key Interactive, LLC
- Cengage Learning, Inc.
- Computer Generated Solutions, Inc.
- D2L Corporation
- edX, Inc.
- Interaction Associates, Inc.
- New Horizons Worldwide, LLC.
- NIIT Limited
- Pearson PLC
Key Industry Developments:
In June 2019, Skillsoft a global company incorporate learning expanded its geographical presence in India. The company established the city as a key development center for Percipo, soft skills intelligent program platform offered by the company.
In November 2019, NIIT Limited, a global leader in skill and talent development launched an initiative. The FutureFest initiative offered college students to enhance their skills through various future-ready programs.
In May 2018, Computer Generated Solutions entered into a partnership agreement with Custodia Technology. The partnership aims to offer cross-platform service and support to investment service providers.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall soft skill management market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the soft skill management market and valuable opportunities for emerging players?
- What is driving the soft skill management market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which segment holds a larger market share and why?
- Are low and middle-income economies investing in the soft skill management market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
This product will be delivered within 2 business days.
Table of Contents
1. Preface
2. Executive Summary
3. Market Dynamics
4. Global Soft Skill Management (SSM) Market, by Type, 2017-2027 (US$ Mn)
5. Global Soft Skill Management (SSM) Market, By Providers, 2017-2027 (US$ Mn)
6. Global Soft Skill Management (SSM) Market, by Delivery Mode, 2017-2027 (US$ Mn)
7. Global Soft Skill Management (SSM) Market, by Industry Segment, 2017-2027 (US$ Mn)
8. North America Soft Skill Management (SSM) Market Analysis, 2017-2027 (US$ Mn)
9. Europe Soft Skill Management (SSM) Market Analysis, 2017-2027 (US$ Mn)
10. Asia Pacific Soft Skill Management (SSM) Market Analysis, 2017-2027 (US$ Mn)
11. Rest of the World Soft Skill Management (SSM) Market Analysis, 2017-2027 (US$ Mn)
12. Company Profiles
List of Figures
List of Tables
Companies Mentioned
- Skillsoft Corporation
- Tata Interactive Systems
- The Insights Group Ltd.
- VitalSmarts
- Wilson Learning Worldwide
- Articulate Global, Inc.
- QA Ltd.
- Skill Key Interactive, LLC
- Cengage Learning, Inc.
- Computer Generated Solutions, Inc.
- D2L Corporation
- edX, Inc.
- Interaction Associates, Inc.
- New Horizons Worldwide, LLC.
- NIIT Limited
- Pearson PLC
