In a changing economy, there is a persistent need to bridge the technical skill gaps for workforces across industries. Many corporations utilize corporate training software to virtually manage their training courses for their distributed workforce. In addition to offering training, corporate training software enables corporates to track and report on training status and finished courses as well as manage reports on compliance training. Companies with more than a few employees require some sort of training management system. Online learning offers ample opportunity for high-quality, scalable, and low-cost corporate training programs. Corporate training software is used to streamline training and for the evaluation of training conducted for employees. Incorporation of social media in training software is a rising trend.
The global corporate training software market is expanding at a rapid pace due to an increase in emphasis of enterprises on including re-skilling and training of employees as their core initiatives. It is believed that organizations investing in training programs are more successful in achieving their goals and have employees who are more productive. Furthermore, corporate training programs help in automating assessment functionalities, which is expected to drive the market growth during the forecast period. Corporate training software helps in improving content delivery systems to professionals. Furthermore, implementation of cloud-based software reduces storage-related issues. The adoption of BYOD policies by corporates is further fuelling the growth of the corporate training software market.
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However, lack of skilled trainers and instructors is expected to limit the expansion of the global market in the coming years. Furthermore, low motivation and engagement by organizations is anticipated to restrain the market. Moreover, high cost of producing e-learning content is projected to limit the market growth during the forecast period. Nevertheless, the integration of corporate training software with various third-party tools and the adoption of artificial intelligence (AI) is expected to offer significant growth opportunities to the market.
The global corporate training software market can be segmented based on skill, enterprise size, deployment, industry vertical, and region. Based on skill, the market can be segmented into soft skills and technical skills. In terms of deployment, the market can be classified into cloud and on-premise. The cloud segment is expected to expand significantly due to an increase in the adoption of cloud technology. Cloud-based software decreases the effort and time required to update and assimilate new services offered by the software.
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In terms of region, the global corporate training software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the market as the region is significantly receptive toward the adoption of the latest technology.
Various players are entering the corporate training software market. Key players operating in the market include D2L Corporation, Coggno, Crossknowledge, Oracle Corporation, SAP SE, Cornerstone Ondemand, G-Cube, Geenio, Adobe Systems, Growth Engineering, Latitude CG, Learnupon, Edulight, Mindflash, NIIT Limited, Tata Interactive Systems, Absorb Software and Cypher Learning. Major players are executing several strategies such as R&D investments, partnerships, acquisitions, production innovation, and others in order to remain competitive in the market.