Soft Skills Management Market - Snapshot
Soft skills are becoming increasingly critical for employees working in different industries and performing different functions. Soft skills are refined behavior and communication styles that help make a work environment or interaction with another person easier to manage. Soft skills include communication skills, such as gestures, voice, and inflection. They also include attributes such as adaptability and flexibility. Soft skills are the personal attributes, inherent social cues, communication abilities, and personality traits needed for success on the job. Recruiters and corporates tend to recruit employees who are highly skilled and trained. Rising demand for highly skilled workforce is expected to drive the market during the forecast period. Furthermore, with the availability of new learning techniques, training institutions specifically in the higher education sector are focusing on the adoption of collaborative learning methods that allow students to develop a multi-dimensional skill set. Soft skills management is estimated to reach value of US$ 33,736.1 Mn by 2026, recording a CAGR of 11.9%.
Demand for higher education is increasing globally which is compelling students to enroll in soft skills training programs, thus supporting the growth of the market. Furthermore, with the rising penetration of smartphones and other technologies, candidates are enrolling for online soft skills management courses. Soft skills are necessary for any candidate, irrespective of the professional qualification and domain knowledge.Corporates are emphasizing on optimizing business operations and enhancing productivity by employing highly skilled candidates. They offer training to employees to make them aware of new technologies and upgrades taking place all over the world.Furthermore, soft skills improve customer interactions which help businesses to generate more revenue. Thus, rising demand for highly skilled workforce and increasing demand for higher education all around the world is expected to drive the market during the forecast period.
However, lack of awareness about soft skills is a major factor affecting the large-scale adoption of such training methods, though governments and corporates are investing huge amounts in training candidates with leadership & management and other different soft skills.
Furthermore, increasing demand for cloud-based soft skill training courses is creating various opportunities for vendors in the market. Furthermore, collaborative learning methods are accelerating soft skills education among candidates/students which is helpful for trainers to simplify processes. Collaborative learning allowscandidates to increase their multi-dimensional skill set consisting of hard skills and soft skills.
The soft skills management market is segmented on the basis of soft skill types, delivery mode, industry, and provider. Based on soft skill types, the market is segmented into management & leadership, administration & secretarial, communication & productivity, personal development and others.Based ondelivery mode, themarket is segmented into regular/offline, online. Online soft skill management courses can be further segmented into asynchronous online courses, synchronous online courses, and hybrid courses. Based onindustry vertical, the marketis segmented into banking, financial services & insurance (BFSI), manufacturing, hospitality, IT & telecom, education, retail, media & entertainment and others. Provider segment is bifurcated into corporate/ enterprise, and academic.From a geographical perspective, North America is expected to holda major sharein the soft skills management market.Growth in this region is attributed to strong adoption and penetration of soft skills management courses, as well as presence of large number of high quality soft skills service providers.Asia Pacific is expected to witness lucrative growth due to rising adoption of digital services because of the wide skill gap in the region. Furthermore, various MNCs are recruiting huge labor force in this region.
Attracted by this prominently expanding market and crucial technological advancements, many startups are trying to enter the market. The market is highly fragmented and consists of many local and regional players. Companies across industries are emphasizing on strengthening their foothold in the soft skills management market. For instance, in May 2018, Computer Generated Solutions announced its partnership with Custodia Technology, a communications compliance solution specialist, to cooperatively offer cross-platform support and services to the global investment services community. Moreover, existing software providers are rapidly expanding their distribution network in order to reach the most distant customers. Some of the active players profiled in the soft skills management market report include Articulate Global, Inc., Cengage Learning, Inc., Computer Generated Solutions, Inc., D2L Corporation, edX, Inc., Global Training Solutions, Inc., Interaction Associates, Inc., New Horizons Worldwide, LLC., NIIT Limited, Pearson PLC, QA Ltd., Skill Key Interactive, LLC, Skillsoft Corporation, Tata Interactive Systems, The Insights Group Ltd., VitalSmarts, and Wilson Learning Worldwide.
Soft Skills ManagementMarket: Overview
The soft skills management market report provides analysis for the period 2016 – 2026, wherein 2018 to 2026 is the forecast period and 2017 is the base year. The report covers all the major trends and technologies expected to play an influential role in the market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities for the analysis of market growth during the said period. The study provides a complete perspective on the global soft skills management market’s evolution throughout the above mentioned period in terms of revenue (US$ Mn).
The market overview section of the report demonstrates the market dynamics such as the drivers, restraints, and opportunities that influence the current nature and future statusof this market, key indicators, integration challenges, end-user adoption analysis and trends of the market. Further, key market indicators included in the report provide significance of the factors which are capable of changing the market scenario. These indicators are expected to define the market position during the forecast period and provide an overview about the global soft skills management market. Market attractiveness analysis has also been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario in the soft skills management market. The report also provides an overview of various strategies adopted by key players present in the market.
Global Soft Skills Management Market: Scope of the Report
The report segments the market on the basis ofsoft skill type, end-use industry, and provider.Based on soft skill type, the market is segmented into management & leadership, administration & secretarial, communication & productivity, personal development and others. Based on type, the market is segmented into regular/offline, and online. Online soft skill management courses can be further segmented into asynchronous online courses, synchronous online courses, and hybrid courses. On the basis of industry vertical, the market is segmented into banking, financial services & insurance (BFSI), manufacturing, hospitality, IT & telecom, education, retail, media & entertainment and others.The report provides in-depth segment analysis of the global soft skills management market, thereby providing valuable insights at the macro as well as micro levels.
The report also highlights the competitive landscape of the global soft skills management market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them. The comprehensive soft skills management market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the growth of the soft skills managementmarket.
This report provides all the essential information required to understand the key developments in the soft skills managementmarket, and growth trends of each segment and region. It also includesstrategies, financial information, SWOT analysis, and developmentsunder the company profile section. Also, the report provides insights related to trends and their impact on the market. Porter’s Five Forces analysis explains the five forces namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in themarket.This report also provides a comprehensive ecosystem analysis for the soft skills management market. It provides in-depth analysis of political, economic, social, and technology factors (PEST) concerning the soft skill management market. It explains the various participants including software vendorsand training providers of the ecosystem operating in the market.
Global Soft Skills Management Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database, and industry white papers are usuallyreferred.
Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the soft skills management market,across geographies. Primary interviews are usually conducted on an ongoing basis with industry expertsand participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer firsthand information on important factors such as market trends, market size, competitive landscape,growth trends, and outlook, etc. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.
Global Soft Skills Management Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global soft skills management market. Some of the key players profiled include Articulate Global, Inc., Cengage Learning, Inc, Computer Generated Solutions, Inc., D2L Corporation, edX, Inc., Global Training Solutions, Inc., Interaction Associates, Inc., New Horizons Worldwide, LLC., NIIT Limited, Pearson PLC, QA Ltd., Skill Key Interactive, LLC, Skillsoft Corporation, Tata Interactive Systems, The Insights Group Ltd., VitalSmarts, and Wilson Learning Worldwide.
The global soft skills management market is segmented as below:
Global Soft Skills Management Market, by Delivery Mode
- Asynchronous Online Courses
- Synchronous Online Courses
- Hybrid Courses
Global Soft Skills Management Market, by Soft Skill Type
- Management & Leadership
- Administration & Secretarial
- Communication & Productivity
- Personal Development
Global Soft Skills Management Market, by Industry
- Banking, Financial Services & Insurance (BFSI)
- IT & Telecom
- Media & Entertainment
Global Soft Skills Management Market, by Provider
- Corporate/ Enterprise
- Academic/ Education
Global Soft Skills Management Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K.
- Nordic region
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East &Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America