The training market involves the development and delivery of training programs for employees of organizations. It covers areas such as technical training, leadership training, compliance training and soft skills training. The demand for training programs is driven by the need for continuous skill enhancement of employees in order to cope with the changing business environment and technological advancements. Organizations are increasingly focusing on training programs to develop skillsets in emerging technologies like AI, IoT, blockchain in their workforce. This helps in improving employee retention and engagement along with business growth.
The global training market is estimated to be valued at US$ 14.47 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the training market are Anaqua Inc., Clarivate PLC, DoketTrak, WebTMS Limited, TM Cloud Inc. These players are focusing on developing comprehensive learning management solutions and customizing training programs as per client needs.
The Training Market Demand is growing significantly from industries like IT, manufacturing, healthcare and banking & finance due to changing job roles and need for multi-skilling of employees. Sectors like construction, retail and automotive are also increasing their training budgets to develop future-ready workforce.
Technological advancements like adoption of augmented reality, virtual reality and artificial intelligence in training are making it more innovative and engaging for learners. Gamification of content and micro-learning modules are helping achieve better learning outcomes and ensuring retention of trained skills over long-term.
Market Trends
Increased focus on remote and online training: With rise in flexible work culture, the demand for online and remote training programs has grown tremendously. Various LMS platforms are enabling organizations to transition their training functions virtually.
Emphasis on outcome based training: Organizations are shifting focus from traditional training models to outcome based models where results are directly mapped to key performance indicators. This is helping quantify return on investment from training spend.
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