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NEW YORK, March 21, 2022 /PRNewswire/ — The soft skills training market is expected to grow by USD 14.9 billion from 2019 to 2024, progressing at a CAGR of 11% as per the latest market report by Technavio. 44% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for soft skills training in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions. The rising demand for soft skills and their contribution to organizations in driving the productivity of employees will facilitate the soft skills training market growth in North America over the forecast period.
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Soft Skills Training Market: Emergence of cost-effective e-learning training modules to drive growth
The key factor driving growth in the soft skills training market is the emergence of cost-effective e-learning training modules. Soft skills training is one of the key expenses of any organization, especially for companies that have a footprint in many countries. A large extent of a company’s overall productivity depends on how well new employees are trained in soft skills. Therefore, organizations are increasingly adopting innovative and cost-effective ways of providing soft skill training to their employees. The transition of organizations from conventional training to e-learning helps employees in saving their working hours while providing them with the convenience of maintaining, updating, and storing information more effectively. Shifting to online platforms for training employees has not only enabled employees to boost their productivity by providing flexibility and convenience but also enabled trainers to effectively engage with learners during training programs. Therefore, using affordable solutions or technologies, which are less expensive than traditional methods, is expected to drive the growth of the global soft skills training market during the forecast period.
Soft Skills Training Market: Gamification of content to be a major trend
The gamification of content is a major trend supporting the soft skills training market share growth. Game culture has become an integral part of training in a business scenario. Soft skills training is a type of training in which trainees are trained in various aspects such as communication, critical thinking, and others. The soft skills training industry is expected to grow at a steady rate, with corporates showing immense interest in the area of gamification of training. The gamification industry has found significant traction in the business scenario as a useful training and motivational tool. Gamification takes the essence of gaming and applies it to real-time processes in organizations. This will help organizations train their employees and increase their efficiency. Gamification drives higher business performance among employees and helps them build leadership skills.
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Soft Skills Training Market: Segmentation Analysis
This market research report segments the soft skills training market by End-user (corporate and academic) and Geography (North America, Europe, APAC, South America, and MEA).
The soft skills training market share growth by the corporate segment will be significant for revenue generation. The global soft skills training market in the corporate segment has the highest penetration and is expected to grow steadily during the forecast period. With the increase in the number of corporate companies, many senior managers and HR managers are focusing on managing people and developing soft skills in employees to improve the operational efficiencies of an organization. As most organizations lack the awareness of the specific type of training required to bridge the skill gap, vendors that define soft skills and incorporate them into leadership, industry-specific, management, and compliance skills training have a stronger place in the market than stand-alone training providers.
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Related Reports:
Soft Skills Training Market Scope
Report Coverage
Details
Page number
120
Base year
2019
Forecast period
2020-2024
Growth momentum & CAGR
Accelerate at a CAGR of 11%
Market growth 2020-2024
USD 14.9 billion
Market structure
Fragmented
YoY growth (%)
11.15
Performing market contribution
North America at 44%
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
Articulate Global Inc., Computer Generated Solutions Inc., Coursera Inc., D2L Corp., edX Inc., NIIT Ltd., Pearson Plc, Skillsoft Ltd., Udemy Inc., and Wilson Learning Worldwide Inc.
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Content
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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