Corporate Training Market Opportunities and Strategies to 2033

This report describes and explains the corporate training market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global corporate training market reached a value of nearly $383.14 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.9% since 2018. The market is expected to grow from $383.14 billion in 2023 to $511.97 billion in 2028 at a rate of 6%. The market is then expected to grow at a CAGR of 6.9% from 2028 and reach $713.47 billion in 2033.

Growth in the historic period resulted from the increased penetration of digital platforms, increased learning and development budgets, rising internet penetration, increased demand for mobile-based learning and growing adoption of connected devices or IoT devices. Factors that negatively affected growth in the historic period were limited access to technology and high cost of training programs.

Going forward, favorable government support, increasing focus on soft skills, increasing investments by online educational institutions and emergence of affordable e-learning training modules will drive the growth. Factor that could hinder the growth of the corporate training market in the future include increasing employee preference for workplace training and lack of standardized training programs.

The corporate training market is segmented by training programs into technical training, soft skills training, quality training, compliance training and other training programs. The technical training market was the largest segment of the corporate training market segmented by training programs, accounting for 45.4% or $173.76 billion of the total in 2023. Going forward, the soft skills training segment is expected to be the fastest growing segment in the corporate training market segmented by training programs, at a CAGR of 9.5% during 2023-2028.

The corporate training market is segmented by training methods into virtual and face-to-face. The virtual market was the largest segment of the corporate training market segmented by training methods, accounting for 64.5% or $247.14 billion of the total in 2023. Going forward, the face-to-face segment is expected to be the fastest growing segment in the corporate training market segmented by training methods, at a CAGR of 6.8% during 2023-2028.

The corporate training market is segmented by industries into healthcare, banking and finance, manufacturing, IT (information technology), retail, hospitality and other industries. The IT (information technology) market was the largest segment of the corporate training market segmented by industries, accounting for 23.7% or $90.76 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the corporate training market segmented by industries, at a CAGR of 7.1% during 2023-2028.

North America was the largest region in the corporate training market, accounting for 38.7% or $148.27 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the corporate training market will be Asia Pacific and South America where growth will be at CAGRs of 7.6% and 6% respectively. These will be followed by Middle East and North America where the markets are expected to grow at CAGRs of 5.8% and 5.5% respectively.

The global corporate training market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 0.71% of the total market in 2023. Skillsoft Corp. was the largest competitor with a 0.14% share of the market, followed by GP Strategies Corporation (Learning Technologies Group plc) with 0.11%, Cornerstone OnDemand, Inc. with 0.10%, Cisco Systems Inc. with 0.072%, John Wiley & Sons Inc. with 0.065%, Adobe, Inc. with 0.06%, Franklin Covey, Co. with 0.05%, BTS Group AB with 0.043%, D2L Corporation with 0.043% and Simplilearn Americas LLC with 0.02%.

The top opportunities in the corporate training market segmented by training programs will arise in the technical training segment, which will gain $55.63 billion of global annual sales by 2028. The top opportunities in the corporate training market segmented by training methods will arise in the virtual segment, which will gain $76.08 billion of global annual sales by 2028. The top opportunities in the corporate training market segmented by industries will arise in the IT (information technology) segment, which will gain $37.06 billion of global annual sales by 2028. The corporate training market size will gain the most in the USA at $35.36 billion.

Market-trend-based strategies for the corporate training market include use of artificial intelligence (AI) to provide personalized learning experiences, advanced technology training solutions for workforce, enhancing workforce skills for future needs, hybrid training solutions for industry professionals, enhancing learning efficiency through ai-powered course authoring platforms and increasing focus on launching ESG training to empower businesses.

Player-adopted strategies in the corporate training market include strengthening operational capabilities through the strategic partnerships, focusing on developing new product solutions, strengthening business operations through new product launches and strengthening business operations through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the corporate training companies to focus on AI-driven personalized learning experiences, focus on personalized advanced technology training solutions, focus on enhancing workforce skills for future needs, focus on deploying hybrid training solutions, focus on developing AI-powered course authoring platforms, focus on launching ESG training programs, focus on soft skills training segment, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels, focus on value-based pricing strategies, focus on leveraging digital channels, continue to use B2B promotions and focus on targeting IT professionals.