The global learning and development services market was valued at almost USD 5 billion in 2016 and is expected to reach around USD 7 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on learning and development services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the learning and development services market during the forecast period. Some of the top vendors listed in this industry analysis include ADP, Accenture, Aon, IBM, and Xerox.
In terms of geographical analysis, North America accounted for 42% of the global market to become the key revenue contributing geographical segment. The growth of the market in this region is attributable to the increased spend on training services among buyers to seek major cost savings and process standardization in talent management operation.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Buyers increasingly prefer to engage with L&D service suppliers that have specialization in contemporary sectors such as insurance, IT, and manufacturing. For instance, global buyers have availed vertical LBPO services in mortgage origination and servicing, insurance/annuities servicing, and managing credit card analytics, from leading suppliers such as Wipro.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need to improve and retain global talent
Buyers are improving their L&D services by incorporating advances in technology such as unified cloud-based learning platforms and use of analytics to evaluate the performance of a training program. Effective L&D solutions enable buyers to develop employee skills as well as attract potential candidates.
Demand for implementing centralized training platform
Buyers in the market are expanding their presence into foreign markets. This creates a demand for consistent training programs across geographies so that employees get effective knowledge regarding the industry and technology being used. Corporates are constantly looking to align training goals with their business goals and this can be achieved through a streamlined training curriculum across geographies to increase employee productivity and domain knowledge.
Increased competitiveness of the job market
Industry sectors are experiencing a shortage of skilled workforce due to high attrition rates. Individuals who look for jobs seek attractive salary packages along with good employee benefits such as career development and substantial incentives. As a result, there is high demand from individuals seeking professional growth, which is spurring organizations to deploy effective L&D programs along with competitive packages to retain employees.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global language and Development Services – Procurement Market Intelligence 2017’.
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