Soft Skills Training Market: Introduction
Transparency Market Research delivers key insights on the global soft skills training market. In terms of revenue, the global soft skills training market is estimated to expand at a CAGR of 12.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global soft skills training market.
Soft skills refer to a combined set of behavior, which defines a person’s personality and the ability to interact with other people. Soft skills are a combination of social skills, communication skills, character or personality traits, attitudes, career attributes, social intelligence, and emotional intelligence. In the current scenario, soft skills are considered one of the most important abilities during the recruitment process. According to McKinsey’s research, more than 25% rise in the demand for soft skills training by 2030 is anticipated due to the fact that soft skills have become essential with the growing corporate culture. Moreover, soft skills play a crucial role to communicate effectively, solve a problem, and manage & effectively coordinate with the team. The soft skills training market report provides an overview of types of soft skills, various soft skills training methods being adopted to train employees in different markets, and describes different industries and their adoption of soft skills training.
Increase in investment in skill development programs, equal importance to digital and soft skills, penetration of online digital learning platforms, and corporate policy with regard to skill development of employees are likely to be some of the major drivers for the growth of the soft skills training market during the forecast period.
Soft Skills Training Market: Dynamics
Globally, enrolment in higher studies has been increasing significantly. For instance, according to the UNESCO report, in the past 20 years, enrolment rates for higher education have increased by 5% in lower middle income countries and 7% per year in upper middle income countries. It also mentioned that even low income economies are gaining pace and matching the global average growth rate of 4%. Students look forward to higher education to prepare themselves for new professions, careers, and life opportunities, as more students complete cycles of secondary education. Therefore, the increase in the demand for higher education is boosting the soft skills training market growth. Soft skills training could reduce the overall cost to the company by the positive changes in the behavior of the employees and better understanding of the role and responsibility of employees toward the organization. Cost benefits on a large-scale are driving the soft skills training market growth.
Soft skills such as leadership and management skills, communication skills, emotional intelligence, teamwork, time management, empathy, and problem-solving skills, are important in personal as well as professional life. These skills have a large impact on day-to-day work (solving problems, interacting with others, etc.). Hence, organizations across the globe are giving importance and taking the initiative to develop soft skills within their workforce. Several organizations across the world have been investing to upskill their employees, which helps to demonstrate success in their careers. Multiple benefits associated with soft skills training such as increased productivity, consistency in output, increased sales, better employee morale, and building a stronger team, leads to the adoption of soft skills training programs in the corporate sector, which drives the growth of the market.
Soft Skills Training Market: Prominent Regions
North America is expected to hold major share of the global soft skills training market in 2021, owing to the high adoption of soft skills training in the corporate sector and academics to improve communication, management, creativity, strategic thinking, presentations, and problem-solving. Businesses recognize the critical need of soft skills and are continuously working to help students obtain the skills. For instance, a survey carried out by the Wall Street Journal stated that 92% of executives said that soft skills are more important or equally important than technical skills. Moreover, according to a report by Freifeld 2018, the United States-based organizations allocate an average of 11% of their budget on employee training and development. Europe follows North America in terms of share of revenue of the global soft skills training market. An increasing number of enterprises in the region are expected to adopt soft skills training in the near future. Online delivery model is one of the most adopted modes for soft skills training, which is majorly driven by the work from home policy by companies across the globe.
The soft skills training market in Asia Pacific is projected to expand at a robust pace during the forecast period. Asia Pacific is expected to witness the highest CAGR with major dominance by China, Japan, India, and Australia by the end of the forecast period. The expansion of small and medium enterprises in Asia Pacific is expected to boost the market during the forecast period. The demand for soft skills training is continuously rising across education and corporate sectors to bridge the soft skills gap in the region, which is significantly propelling the soft skills training market in the APAC region.
Soft Skills Training Market: Key Players
Key players operating in the global soft skills training market are Articulate Global, Inc., Cengage Learning, Inc., Computer Generated Solutions, Inc., D2L Corporation, edX, Inc., Franklin Covey Co, Interaction Associates, Inc., Mind Gym, New Horizons Worldwide, LLC., NIIT Limited, Pearson PLC, QA Ltd., Skillsoft Corporation, Tata Interactive Systems, The Insights Group Ltd., VitalSmarts, and Wilson Learning Worldwide.
Global Soft Skills Training Market: Segmentation
Soft Skills Training Market, by Delivery Model
- Asynchronous Online Courses
- Synchronous Online Courses
- Hybrid Courses
Soft Skills Training Market, by Soft Skill Type
- Management & Leadership
- Administration & Secretarial
- Communication & Productivity
- Personal Development
- Team work
Soft Skills Training Market, by Sourcing Type
Soft Skills Training Market, by Channel (Provider)
- Corporate/ Enterprise
- Academic/ Education
Soft Skills Training Market, by End-use Industry
- Banking, Financial Services & Insurance (BFSI)
- Energy & Power
- IT & Telecom
- Healthcare & Pharmaceuticals
- Media & Entertainment
Soft Skills Training Market, by Region
- North America
- Rest of North America
- Nordic region
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa (MEA)
- South America
- Rest of South America
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