NEW YORK, Jan. 23, 2023 /PRNewswire/ -- According to Technavio, the US corporate training market size is estimated to grow by USD 1.21 billion from 2021 to 2026. The market is expected to grow at a CAGR of 6.49% during the forecast period. Moreover, the growth momentum will accelerate. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. For more insights on market size, buy the report!
Corporate training market in US - Five forces
The corporate training market in US is fragmented, and the five forces analysis covers–
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
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Corporate training market in US – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Corporate training market in US - Segmentation assessment
The technical courses segment will account for a significant share of the market during the forecast period. Technical courses are used for training employees on skills that are relevant to specific industries. These courses mainly include training related to plant or facility management, new recruitment fundamentals, product and software features, programming languages, sales, and process safety management, among others. Various vendors operating in the corporate training market in US are focusing on offering technical courses with respect to the job opportunities available in the country. Such initiatives by the vendors are expected to increase the enrollment of corporate trainees into corporate training programs during the forecast period.
Corporate training market in US – Market dynamics
Key factor driving market growth
The emergence of cost-effective e-learning and online training modules is driving the corporate training market in US.
Organizations are adopting innovative and cost-effective ways to train their employees.
Transition from conventional training methods to e-learning and online training helps organizations in saving working hours and offers a convenient and effective way of maintaining, updating, and storing information.
Therefore, the emergence of cost-effective e-learning and online training modules is expected to fuel the growth of the corporate training market in US during the forecast period.
Leading trends influencing the market
The emergence of IoT and wearable devices is a key trend in the market.
Many companies use e-learning, IoT, and wearable devices for training modules, especially in the technology and healthcare industries.
Wearable devices or apps are convenient and save time. They also help in logging the attendance of trainees to monitor their performance.
For instance, in the US, smart glasses and smartwatches are rapidly gaining popularity among corporate trainers to create an interactive and immersive learning experience.
Therefore, the adoption of IoT-based devices for corporate training sessions in the US is expected to support the market growth during the forecast period.
Major challenges hindering market growth
The growing prominence of MOOCs in corporate learning is challenging the market growth.
MOOCs have become a viable alternative to corporate training in organizations in the US over the last few years.
Several organizations are investing in the creation of personalized MOOCs. For instance, Microsoft Corp. offers MOOCs to train employees and job seekers through learning platforms such as edX and Coursera.
Moreover, MOOCs provide flexible access to learning content and encourage real-time, on-the-job learning.
These factors are expected to hamper the market growth during the forecast period.
What are the key data covered in this US corporate training market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the corporate training market in US between 2022 and 2026
Precise estimation of the size of the corporate training market in US and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of US corporate training market vendors
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US Corporate Training Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.49%
Market growth 2022-2026
USD 1.21 billion
YoY growth 2021-2022 (%)
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled
Adobe Inc., Benesse Holdings Inc., Blanchard Training and Development Inc., Cisco Systems Inc., City and Guilds Group, D2L Corp., DEMOS, Development Dimensions International Inc., edX LLC., Franklin Covey Co., Interaction Associates Inc., John Wiley and Sons Inc., Learning Technologies Group Plc, Learning Tree International Inc., Mind Gym Plc, NIIT Ltd, Skillsoft Corp., Stride Inc., Udemy Inc., and Wilson Learning Worldwide Inc.
Parent market analysis, market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Table of contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Product
5.1 Market segments
5.2 Comparison by Product
5.3 Technical courses - Market size and forecast 2021-2026
5.4 Non-technical courses - Market size and forecast 2021-2026
5.5 Market opportunity by Product
6 Market Segmentation by End-user
6.1 Market segments
6.2 Comparison by End-user
6.3 Manufacturing - Market size and forecast 2021-2026
6.4 Healthcare - Market size and forecast 2021-2026
6.5 BFSI - Market size and forecast 2021-2026
6.6 IT - Market size and forecast 2021-2026
6.7 Others - Market size and forecast 2021-2026
6.8 Market opportunity by End-user
7 Market Segmentation by Method
7.1 Market segments
7.2 Comparison by Method
7.3 Blended Learning - Market size and forecast 2021-2026
7.4 Offline learning - Market size and forecast 2021-2026
7.5 Online learning - Market size and forecast 2021-2026
7.6 Market opportunity by Method
8 Customer Landscape
8.1 Customer landscape overview
9 Drivers, Challenges, and Trends
9.1 Market drivers
9.2 Market challenges
9.3 Impact of drivers and challenges
9.4 Market trends
10 Vendor Landscape
10.2 Vendor landscape
10.3 Landscape disruption
10.4 Industry risks
11 Vendor Analysis
11.1 Vendors covered
11.2 Market positioning of vendors
11.3 Adobe Inc.
11.4 Cisco Systems Inc.
11.5 City and Guilds Group
11.6 D2L Corp.
11.7 Franklin Covey Co.
11.8 John Wiley and Sons Inc.
11.9 Learning Technologies Group Plc
11.10 NIIT Ltd
11.11 Skillsoft Corp.
11.12 Wilson Learning Worldwide Inc.
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
12.3 Currency conversion rates for US$
12.4 Research methodology
12.5 List of abbreviations
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.
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