by 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.
Market Overview:
The training market offers various learning programs aimed at developing skills required for performing in different job roles and industries. These programs are delivered through online and offline mediums to help employees gain new knowledge and enhance their competencies.
Market key trends:
One of the major trends driving the growth of the training market is the rapid growth of online learning. The shift towards digital learning delivery modes offers employees a flexible learning experience while minimizing travel costs and time away from work. Various training providers have launched online self-paced and live virtual classes covering diverse topics. This allows learners to access training from any location using desktops, laptops or mobile devices. The availability of customizable and cost-effective online learning solutions is boosting the adoption of e-learning in corporate and academic settings.
Segment Analysis
The training market is segmented into technical, non-technical, and regulatory compliance. Among these, the regulatory compliance segment dominated the market in 2022. Regulatory compliance training ensures adherence to various regulations across industries. It helps companies and professionals work safely and legally. Stringent compliances related to safety, quality standards, and environmental protection have boosted the demand for regulatory compliance training programs.
Key Takeaways
The Global Training Market Demand is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing demand for skill development and competence training among working professionals.
The North American region dominated the training market in 2022, accounting for over 35% of the global market share. Growth in this region can be attributed to the availability of advanced training technologies, focus on continuous learning and development, and strict mandates regarding workforce safety and skills.
Key players operating in the training market include 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, and Euro Petroleum Consultants Ltd . These players are focusing on partnerships, acquisitions, new product launches and technological innovations to gain a competitive edge in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
