Market Overview

The global training market was valued at US$ 94,828.5 Mn in 2017 and is expected to exhibit a CAGR of 6.4% over the forecast period and reach US$ 174,596.6 Mn in 2027. North America accounted for 45.1% of the revenue share in the global training market in 2018. The market in India is expected to grow at a significant rate over the forecast period, followed by rest of Asia Pacific. This growth is attributed to growing adoption of learning management systems across the globe to gain better returns on investment made in talent development, employee training, and other similar programs.

The Asia Pacific market is witnessing high growth due to increasing demand for cost effective learning management solutions. Moreover, an increase in the number of start-ups operating in the e-learning industry has aided growth of the training market in this region. There has also been a marked shift from traditional methods to technology driven methods in the past few years. For instance, in 2013, Oracle introduced 'Oracle Learn Cloud 13A' with advanced training management and delivery features in the Asia Pacific region.

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Market Dynamics

North America is expected to be the largest market in terms of size during the forecast period, owing to rising demand for effective and quality education in the region. Furthermore, several key players such as SafetySkills and IFP Training that are engaged in providing training to employees, have high presence in this region. The training industry in North America includes both internal and external resources that are employed by key players to train their staff on specific and required skills needed to perform their jobs. The primary factor that is driving demand in the U.S. education LMS sector is the increasing number of universities that offer online education, which in turn is facilitating growth of the training market in the region. However, challenges with proper implementation of learning management systems faced by educational institutions due to budget constraints and lack of expertise, are expected to hamper growth of the market.

Increasing demand for continuous learning in Europe is expected to result in high adoption of different training and learning methodologies and products. The training market in Europe is expected to exhibit steady growth, owing to significant revenue contributed by countries such as, Germany, U.K., and France over the forecast period. Factors such as increasing number of small & mid-sized businesses (SMBs), as well as increasing number of government initiatives to enhance technical and non-technical skills of employees is expected to contribute to growth of the Europe market.

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Major players operating in the global training market include 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, and Euro Petroleum Consultants Ltd. [EPC].

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