The global corporate training market has been growing steadily over the years, and it is expected to continue growing in the coming years. According to a report by ResearchAndMarkets, the global corporate training market was valued at $370.3 billion in 2020 and is projected to reach $554.2 billion by 2026, growing at a CAGR of 6.8% during the forecast period.
Increasing Competition in the Corporate Training Industry
The industry is becoming increasingly competitive as more companies enter the market and existing players expand their offerings. There are several factors contributing to this trend:
Globalization
With the rise of globalization, companies are expanding their operations to new markets, creating a need for training programs that are tailored to local cultures and business practices. This has led to the emergence of new players in the corporate training industry, including local training providers and international companies with a global presence.
Digital Transformation
The adoption of digital technologies has transformed the way training programs are delivered, making it easier for new players to enter the market. E-learning platforms, virtual reality, and other technologies are being used to create more engaging and effective training programs.
Focus on Employee Experience
Companies are increasingly focused on providing a positive employee experience, including investing in training programs that meet the needs and preferences of their employees. This has created a demand for more customized training programs, which has led to the emergence of specialized training providers.
Diversification of Training Offerings
To stay competitive, many training providers are expanding their offerings to include a wider range of topics, including soft skills, leadership development, and diversity and inclusion. This has led to increased competition among training providers, as they compete to offer the most comprehensive and effective training programs.
Price Pressures
As the market becomes more crowded, price pressures are increasing, making it more difficult for training providers to differentiate themselves based on price alone. This has led to a focus on quality and innovation, as companies compete to offer the most effective and engaging training programs.
Six Niche Opportunities for Corporate Training Companies
Despite the growth in competition, corporate training offers significant opportunities in the following niches.
Soft Skills Training
Soft skills such as communication, leadership, teamwork, and problem-solving are becoming increasingly important in the workplace. Corporate training programs that focus on developing these skills are in high demand.
Diversity, Equity, and Inclusion (DEI) Training
Many companies are recognizing the importance of creating a diverse and inclusive workplace. DEI training can help employees understand and appreciate differences in race, gender, sexual orientation, and other areas.
Cybersecurity Training
As cyber threats become more sophisticated, companies are investing in cybersecurity training to help employees identify and respond to potential threats.
Data Literacy Training
With the rise of big data, companies are looking for employees who can make data-driven decisions. Data literacy training can help employees understand and analyze data effectively.
Mental Health and Well-Being Training
The COVID-19 pandemic has highlighted the importance of mental health and well-being in the workplace. Companies are starting to invest in training programs that help employees manage stress, build resilience, and improve their overall well-being.
Remote Work Training
With the rise of remote work, companies are looking for training programs that help employees adapt to new ways of working, manage their time effectively, and stay productive while working from home.
About LMS Portals
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.
The system includes an embedded course authoring tool that enables most anyone to build engaging courses quickly and easily.
We offer a complete library of ready-made corporate training courses. So you can build your own courses, utilize our off-the-shelf library, or some combination of the two.
If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program. The system also supports Virtual Instructor-Led Training (VILT) and provides tools for online coaching and social learning.
Together, these platform capabilities provide our corporate training partners with a powerful solution for online employee training.
Contact us today to get started or visit our Partner Program pages
Comments