LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global corporate workforce development training market is expected to grow at a CAGR of more than 13% through 2021.
This research report titled ‘Global Corporate Workforce Development Training Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The workforce development training is highly popular among graduates and professionals as they want to train themselves based on organization requirements. They want to acquire essential knowledge related to their designation, thereby making them best fit for the job of their interest. With the help of online training courses in this market, many vendors have acquired traction as this helps learners save time and acquire personalized learning.
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Technavio’s analysts categorize the global corporate workforce development training market into three major segments by learning method. They are:
- Online learning
- Instructor-led learning
- Blended learning
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Global corporate workforce development training market by online learning
Various workforce development training programs offered by vendors, using the online learning model, are in business language skills, cross-cultural skills, and communication skills. This method of knowledge delivery is advantageous as it enables real-time assessment of employee performance during training sessions.
According to Jhansi Mary, a lead K12 and higher education research analyst from Technavio, “Online training also increases employee engagement as it provides various chats or discussion boards by which employees can discuss with their peer groups. This aspect plays a vital role as a significant part of a learner base comprises fresh graduates who are hesitant in interacting with trainers to clear their queries.”
Global corporate workforce development training market by instructor-led learning
During the forecast period, the demand for instructor-led training in corporations will be moderate. The demand will be driven by the persistent demand for specific industry-related technical training, which requires guidance in a classroom environment. In the healthcare industry, there are many training areas wherein the workforce development training has to be conducted in classrooms to ensure that students have an appropriate understanding of concepts.
“In the oil and gas industry, the classroom training involves extensive simulation-based training to ensure learners have an exact understanding of oil rigs and facilities for their own safety during field operations. As a result, despite innovations in online learning programs, the instructor-led training learning method will continue to be an integral part of the global workforce development training market during the forecast period,” says Jhansi.
Global corporate workforce development training market by instructor-led learning
The blended learning model will be the most sought-after learning method during the forecast period. This is because it allows corporations to develop training programs using digital and traditional resources. These learning models will allow workforce development training vendors to develop smaller modules of training sessions by blending technical and non-technical aspects of the workforce development training.
This is beneficial for companies as well, as they can optimally use training hours and available budget for increased training activities. As a result, the blended learning model will witness a sustained demand in this market during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Eton Institute
- LearnQuest
- NIIT
- Pearson
- Wilson Learning
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