The Global Training Market is estimated to be valued at US$ 132.2244 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Training involves developing skills, concepts, and attitudes with employees, managers, new hires to improve work performance. Training allows employees to enhance their skills and abilities to perform day to day tasks effectively and efficiently.
Market key trends:
Augmented reality is one of the key trends in the training market. Augmented reality overlays digital information and graphics on the real world, enabling novel learning experiences. It makes complex concepts more accessible through interactive simulations and experiences. This technology has become popular for training purposes across various industries such as manufacturing, healthcare, retail, oil and gas. AR has the potential to improve retention rates and make training more engaging. As connectivity and computing power continue to advance, the adoption of AR in corporate training is expected to grow substantially over the forecast period.
The training market is segmented into technical, non-technical and regulatory compliance. The regulatory compliance segment dominates the market and accounted for over 30% of the total market share in 2023. This is because regulatory training is mandated for employees in industries like oil & gas, pharmaceuticals, chemicals and construction to ensure workplace safety. Regular updates in regulation and licensing requirements also drive the need for compliance training among these sectors.
The Global Training Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing need to enhance employee skills and meet regulatory compliance requirements.
The North American region dominates the training market with over 35% share owing to stringent workplace safety regulations and proactive government initiatives for skill development in the US and Canada. Asia Pacific region is expected to exhibit fastest growth due to growing industries, rising spend on education and skilled workforce needs in China and India.
Key players operating in the training market are Skillsoft Limited, Safety Media, GP Strategies Corp., UL EHS Sustainability, PRYOR Learning Solutions, Raytheon Company, DuPont Sustainable Solutions, 360training.com, Inc., SAP Litmos, Vector Solutions, Global Training Solutions, Inc., Cornerstone onDemand, Petroskills, Euro Petroleum Consultants Ltd . These players are focusing on development of advanced online training modules and partnering with corporates to capture increased demand for online learning.