March 2, 2024

Growing demand for customized training programs to boost the growth of Training Market

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 comprises companies that offer training and skill development programs to individuals and organizations. These programs are aimed at improving professional skills, knowledge, abilities and behaviors in the areas of safety, management, sales, information technology, personal development and others. Training offers many advantages such as enhanced productivity, improved safety, reduced costs, better customer service and regulatory compliance. With changing job requirements, advancements in technology and evolving business needs, training has become essential for organizations to gain competitive edge.

Market key trends:
One of the key trends gaining traction in the training market is growing demand for customized training programs. Organizations are increasingly focusing on role-specific and need-based training tailored to the requirements of individual teams and job functions. Customized training helps improve relevance, ensures programs are aligned with strategic goals and enhances employee engagement. It also allows addressing gaps in critical skills. With customized training, companies can optimize learning approach, content, format and delivery according to learner needs. Rapid advancements in augmented reality and virtual reality technologies are also augmenting the demand for immersive customized online training experiences. AR/VR based simulations and games are making training more engaging and effective.

Porter’s Analysis
Threat of new entrants: The Training market requires high initial investments to set up infrastructure. Also, there exist well established players in the market. These factors pose high threat of new entrants.

Bargaining power of buyers: Buyers have moderate to high bargaining power as there exist numerous training providers. However, switching costs for buyers are low.

Bargaining power of suppliers: The overall bargaining power of suppliers is low as there are numerous substitutes available for suppliers.

Threat of new substitutes: With advancement in technologies, there exists threat from new substitute products and services like online learning.

Competitive rivalry: The competitive rivalry in the market is very high due to presence of numerous global and regional players.

Key Takeaways
The Global Training Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period 2023 to 2030, due to increasing demand for online and blended learning training.

Regional analysis: North America dominated the Training market in 2022 owing to presence of key players in the US. However, Asia Pacific is expected to grow at fastest pace during the forecast period supported by increasing spending on talent development programs by emerging economies like India and China.

Key players: 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 new product launches and mergers & acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it