Technavio, a tech-focused market research firm, has published a new report on the global soft skills training market, which is expected to post an impressive a CAGR of around 10% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global soft skills training market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global soft skills training market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global soft skills training market for 2015 (market share %)
|
North America |
45.69% |
|
Europe |
27.78% |
|
APAC |
15.44% |
|
ROW |
11.09% |
Source: Technavio
Soft skills training market in North America
North America accounted for a maximum share around 46% of the global soft skills training market in 2015 and is expected to witness a steady growth during the forecast period. The key contributor to the market is the US where the companies are facing challenge against bridging the skill gap among the employees. The rise in the number of graduates has further intensified job hunts which has led higher education institutes to adopt training methods to enhance the skills of their students. With the expansion of organizations, there is a necessity to train employees to ensure smooth cross-country interaction, effective knowledge transfer, and job transition. Advances in technology is another factor that is contributing to the dominance of North America in this market.
According to Jhansi Mary, a lead analyst at Technavio, specializing in research on K12 and higher education, “Essential soft skills requirements of corporates include interpersonal skills, executive function abilities, and self-management skills. Corporates and educational institutes, with the help of a better IT infrastructure, can reach out to their employees and students through virtual training sessions. While some organizations in the country have developed patented trainings by collaborating with training institutes, others use specifically licensed services developed by the leading training institutes.”
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Soft skills training market in Europe
The softs skills training market in Europe is expected to grow rapidly during the forecast period. The implementation of advanced technologies and rise in digitization in education and corporate sectors are the main factors driving the market in this region. The new technologies not only improve teaching and learning methods but also enhance the quality of training, which is compelling the educational institutions and companies to update their training programs. Services such as IT, tourism, and healthcare are expected to generate more jobs in the coming years and is likely to create equal demand for technical and soft skills training. The European region is likely to witness a huge demand for profiles such as IT-related associated professionals, corporate managers, and sales personnel in the coming years. As a result, vendors in the market understand the skill gaps in these segments, design relevant courses and enter into strategic agreements, subsequently contributing to the growth of the soft skills market.
Soft skills training market in APAC
In the global soft skills training market, APAC is expected to have the highest growth rate during the forecast period. India and China are the key contributors to the soft skills training market, especially in the corporates segment of the region. The growth in the region is mainly due to the rise in the number of business enterprises and MNCs along with increasing demand for new technologies from businesses. Besides these, increased Internet penetration and widespread availability of mobile devices are also contributing to the market growth in the region. The prevalence of e-learning for soft skills trainings is comparatively high in APAC, as most MNCs are based in developed economies in different time zones. Therefore, these MNCs use e-learning methods more due to the features such as flexibility, mobility, and convenience.
Soft skills training market in ROW
The emerging markets in the MEA are integrating training programs for both technical and soft skills courses to bridge the talent gap. Acquiring the right talent for top management has become a priority for companies that are looking forward to expand their operations in Africa. Latin America is another promising market that is exploited by soft skills training solution providers. Companies are using training programs to prepare the labor force for new roles that are likely to be created due to the establishment of newer companies during the forecast period. Large markets such as Brazil and Argentina are dominated by international training institutes, while small domestic training institutes prevail in smaller countries such as Colombia. It will be beneficial for soft skills training vendors to focus on Argentina, as this country is expected to be the most promising market for the establishment of companies in the next few years.
The top leading vendors operating in the global soft skills training market are:
- Articulate
- Pearson
- Skillsoft
- VitalSmarts
Other prominent vendors in the market include Computer Generated Solutions, Desire2Learn, Global Training Solutions, Interaction Associates, New Horizons Computer Learning Centers, NIIT, QA, Tata Interactive Systems, and Wilson Learning Worldwide.
A more detailed analysis is available in the Technavio report tilted, ‘Global Soft Skills Training Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Online Language Learning Market 2016-2020
- Global E-learning Market 2016-2020
- Global Soft Skills Training Market 2015-2019
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