The global corporate training market is expected to grow at a CAGR of 5% during the forecast period 2018-2023. The rising costs of instructor-led, classroom-based training is one factor in the increased use of eLearning. Also, the need for continuous, life-long learning has gradually driven its growth.
What is corporate training?
Corporate training refers to a system of professional development activities provided to educate employees. In simple terms it is referred as corporate education to train their employees on specific aspects of their job processes or responsibilities which are designed in-house. Corporate training includes certification of professional skills, skill building services, standardized quality content development and delivery.
What are the major applications for corporate training?
Organizations are now taking advantage of various digital tools such as a standardized classroom-based, instructor-led framework, for a new kind of learning experience. These tools make training interactive, virtual, mobile, and available on-demand by the student. A Learning Management System with robust capabilities can help a company build a training library, to ensure that employees are prepared with the skills and knowledge to meet current and future challenges.
Market Research and Market Trends of corporate training
- HR learning software is the most popular corporate training option for the companies this year. Most of the corporate companies are now preferring online HR modules to train their employees about the company regulations and rules. According to industry experts, companies are now interested in improving their HR technology. Furthermore, HR learning software has turned out to be an essential component in most of the corporate training regimens.
- Interactive video-based learning which feature interacting with students online, have live instructor, geographically diverse setting is now been preferred by most of the companies as it is cost effective and an easy way to train their employees. Basically, this is an instructor-led class that can accommodate live learners in different locations, without the need of on site arrangements.
- Millennial generation estimated to project employees by 2025, grew up with mobile phones, laptops, and social media, so they expect the same type of access to technology at work. Besides, they don’t prefer classroom learning instead they prefer training which is online and is accessible when and where they need it.
Who are the Major Players in corporate training market?
The companies referred in the market research report includes Global knowledge, IIL India, IMD, Allencomm, Simplilearn, Velociteach, Bizlibrary, Degreed, Litmus etc.
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The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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