The global corporate training services market was valued at almost USD 356 billion in 2016 and is expected to surpass USD 588 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on corporate training services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Pearson, GP Strategies, Skillsoft, RPS, and NIIT.
In terms of geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 48%. The large gap in demand and supply of skilled personnel will drive the market for corporate training services in the Americas.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The vendors in the market are providing adaptive learning modules to help increase the productivity of employees attending the training sessions. Adaptive learning focuses on the individuals’ learning requirement, and this method of training focuses on employees who are individually monitored in real-time to improve their efficiency.”
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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.
Transition in workforce across organizations
The global market is witnessing the transitional phase with older generation employees reaching their retirement phase. This transition will increase the demand for designing training modules that are suited to the new workforce requirement such as gamification, and self-pace learning, resulting in the growth of the training services market. For instance, organizations are adopting different learning methods for baby boomers and younger workers.
Adoption of e-learning
The adoption of e-learning methods in training services gives the consumers access to training content from any part of the world. Online training modules decrease the time and location gaps for the organization and help save the cost of trainer commutation, classrooms, and infrastructure rentals. For instance, pharmaceutical industry adopts the e-learning facilities to train sales representatives about the features of new products while avoiding interruption in work.
Need for skill development
The rising adoption of automation and virtualization across the industry will encourage vendors and service providers to launch products with the help of advanced technology. Development in various sectors across the globe will increase the requirement of advanced skillsets to handle such developments by the workforce in organizations. Several companies are outsourcing training services to take advantage of the expertise of various service providers.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Corporate Training Services Market – Procurement Market Intelligence Report 2017.’
