Corporate Training Global Market Report 2024

The corporate training market size has grown steadily in recent years. It will grow from $383.14 billion in 2023 to $400.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. Historical growth can be attributed to several factors, including the expansion of emerging markets, increased budgets allocated for learning and development, higher utilization of digital platforms, and a growing demand for mobile-based learning solutions.

The corporate training market size is expected to see steady growth in the next few years. It will grow to $485.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The forecasted growth is due to government support, global urbanization, rising demand for soft skills, and increased investments by online education institutions. Trends include AI-driven personalized learning, tech advancements for skill development, AR/VR simulations, strategic partnerships, product innovations, and metaverse integration for collaborative learning.

The corporate training market is expected to witness growth driven by an escalating focus on soft skills. Soft skills, characterized by interpersonal and social abilities, are gaining prominence as they play a crucial role in relationship-building, navigating complex situations, and achieving individual objectives. As per the 'Future of Jobs Report 2023' by the World Economic Forum (WEF) in April 2023, employers are increasingly emphasizing the development of soft skills, with a focus on leadership and social influence (40% of companies), resilience, flexibility, and agility (32%), as well as curiosity and lifelong learning (30%). Additionally, a research report by Harvard University, the Carnegie Foundation, and the Stanford Research Center in September 2022 highlighted that 85% of career success is attributed to well-developed soft skills and people skills, surpassing the impact of hard skills (technical skills and knowledge), which contribute only 15% to career success. The growing demand for soft skills is anticipated to underpin the expansion of the corporate training market.

Government backing is poised to drive the corporate training market's growth in the forecast period. Governments across various nations are actively supporting skills training initiatives to enhance solutions and better cater to the corporate training sector. For instance, in July 2023, the Australian government introduced the Skills and Training Incentive, designed to aid mature Australians in updating their skills and extending their workforce participation. The Incentive offers financial assistance of up to $2,200 (GST inclusive) for jointly funding training, fostering collaboration between individuals and employers in investing in skills development. The Skills Checkpoint for Older Workers Program, part of the initiative, provides advice and guidance to 10,000 eligible older Australians annually, facilitating their transition into new roles within their current industry or guiding them toward new career pathways. The increasing support from governments is anticipated to be a key driver for the corporate training market in the future.

The corporate training market is witnessing a prominent trend marked by significant technological advancements. Leading companies in this sector are actively engaged in developing innovative technological solutions to enhance their positions. For instance, in July 2021, Adobe Inc., a US-based creative cloud and digital marketing company, introduced Adobe Analytics, a global program delivering sought-after data science skills to the future workforce. As part of the next generation of the Adobe Education Exchange, college professors and students gain free access to Adobe Analytics, an industry-leading consumer data analytics platform, along with a comprehensive course curriculum featuring hands-on activities.

A notable focus within major corporate training companies involves the integration of artificial intelligence (AI) to offer personalized learning experiences. Leveraging AI, companies aim to provide each employee with a unique learning path tailored to their individual skills, preferences, and learning styles. For instance, in June 2023, Microsoft, a leading US-based technology company, launched the AI Skills Initiative as part of its Skills for Jobs program. This initiative includes free coursework developed in collaboration with LinkedIn, offering individuals worldwide the opportunity to acquire AI skills. Additionally, the program features a grant challenge with data.org, encouraging organizations to devise innovative approaches for training, upskilling, and reskilling workers in generative AI. The AI Skills Initiative aligns with Microsoft's broader Skills for Jobs efforts, addressing critical skill gaps in areas such as cybersecurity and sustainability.

In May 2022, ELB Learning, a US-based computer support and services provider (formerly eLearning Brothers), acquired CoreAxis in a deal of undisclosed value. This acquisition offers ELB an opportunity for substantial growth in its sector by incorporating CoreAxis' global resources and a strong learning platform. It aims to leverage CoreAxis' expertise in high-impact business performance consulting and customized training development, fortifying ELB's position for both immediate and long-term success within the corporate training market.

Major companies operating in the corporate training market report are Skillsoft, GP Strategies Corporation, Cornerstone OnDemand Inc., John Wiley & Sons Inc., Franklin Covey Co,Adobe Inc., BTS Group AB, D2L Corporation, Blanchard Training and Development Inc., Simplilearn, 24 Karat Training, 27 Stars Consulting Group, 2C Training Solutions, 3 Seconds, 361 Degree Minds, 39Solutions, Ultimahub, Tang Cultural Media, 17Career, ACG, AMC TRAINING Ltd., AOE ChinEase, Art Of Education, AUIA International Summer School, Académie de Bernadac, Action Education, Adaptive Growth Solutions, Amerlish, Aplus Training, Cegos China, Beijing Champion Consulting Ltd., People Business, HewardMills, Scaled, NBT, Cosmic Velocity, Octave Digital, Blimpp, The Education and Skills Partnership Ltd., Rocky.AI, Changing Social, Real Trainers Group, Robot Albert, Ros Expert, Scrum Trek, Founder Institute Ukraine, Freedom Business Mentoring, GAO Global, GUARANTEE TNG, Galaxy Education Centre, Gestalt Coaching International, Golden Staff Study, Great Event School, HUB ONE, Canadian Management Centre, Global Knowledge, Cisco Systems Inc., GP Strategies Corporation, Sons Inc., Wilson Learning Worldwide Inc., FGV, Insper, Saint Paul Escola de Negócios, ISAE Escola de Negócios, UV CONSULTANTS, CounselTrain, Kompass Consultancy, IIPD Global, Kaplan Genesis, Learners Point, Centre for Management Development, Institute of Chartered Accountants of Nigeria, MasterStart, Milpark Education, NADIA Training Institute, Nigeria Institute of Management, Zabeel International Institute of Management and Technology.

North America was the largest region in the corporate training market in 2023. The regions covered in the corporate training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the corporate training market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary programs in corporate training encompass technical training, soft skills training, quality training, compliance training, and other specialized programs. Technical training focuses on developing skills related to technology, applications, product implementation, and service support. Training methods include virtual and face-to-face sessions. These programs cater to various industries such as healthcare, banking, finance, manufacturing, IT, retail, hospitality, and more.

The corporate training market research report is one of a series of new reports that provides corporate training market statistics, including corporate training industry global market size, regional shares, competitors with a corporate training market share, detailed corporate training market segments, market trends and opportunities, and any further data you may need to thrive in the corporate training industry. This corporate training market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The corporate training market includes revenues earned by entities through onboarding and orientation, hard skills training, and product knowledge training. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.