Soft Skills Training Market - Opportunities Await in Developing Countries
The soft skills training market is witnessing colossal growth, which remains significantly driven by the need to bridge the knowledge gap and prepare individuals for various business operations. As developing countries become the business destination for organizations seeking expansion, companies realize the importance of soft skills for middle- and senior-level officials.
As found by the study published by Transparency Market Research, the pace at which the IT and telecom sector has been scaling its business operations, it unsurprisingly remains the leading revenue catalyzer in the soft skills training market. Apart from this, determined attempts made by the governments of numerous countries towards introducing lenient reforms to attract Foreign Direct Investments (FDI) in the retail industry have been instrumental for its exponential gait. As part of such initiatives, retailing goliaths - Walmart, Tesco, JC Penney, and GAP - are scrambling towards establishing their businesses in developing countries, which creates attractive prospects for the soft skills training market.
All-in-all, given the impressive growth pace and future filled with lucrative opportunities, market players can look at a value of ~US$ 38 Bn by 2027.
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Technology Holds the Key to a Lucrative Future
As organizations realize the need for their workforces to imbibe new skills to stay relevant in workplaces, market players are pushed to rethink their approach to bring interactive learning to life. Currently, AR and VR technologies are taking over soft skills training, and are no longer merely limited for the training of technical and hands-on roles. In addition, AR- and VR-based soft skills training sessions are repeatable and reusable, which makes them easy on the pockets of organizations.
Since language is a crucial aspect of soft skills training, market players can launch training modules in different languages to target a broad range of end users, which is illustrated by Skillsoft Corporation. The company announced the delivery of its content in French, besides English, in the Canada market.
Market players should also note the performance of online courses over offline courses. As per the study, by 2027, online courses will outgrow offline courses, and their 24x7 availability will be a crucial driver causing this shift, given the prowess of cloud-based technology.
Since innovation in the landscape narrows down to technology, market players can partner with IT companies to benefit from the development of nascent technologies, and, in turn, deliver improved learning experiences.
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Asia Pacific Holds Huge Potential for Future Growth
Despite the technological maturity that North America holds and lenient regulations that Europe possesses, Asia Pacific will witness unprecedented growth through to 2027. Especially, the impressive performance of China in numerous industries across the world will encourage organizations to invest in disseminating soft skills among their employees. Also, the availability of cheap labors in Asia Pacific remains attractive enough for organizations headquartered in the other parts of the world to reap the cost-cutting opportunities available in this region, which further encourages enterprises to invest in soft skills training modules.
The study shows that, the deployment of soft skills training will be of large scale in mid-level enterprises over academic and government institution. This is on account of the accelerated pace at which these organizations expand, and the need to impart valuable knowledge to the workforce. In future, enterprises will continue to grow at an exponential rate, which makes them the end-use industry to focus on for market players.
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Authors of the report opine that, the soft skills training market will grow at a staggering CAGR of ~12% during 2019-2027, and the focus of market players on the digital transformation of offline soft skills training modules will help them stay relevant in the landscape in the long term. Though enterprises hold a majority of share in the landscape, partnerships with leading educational institutions can make a good deal for market players. With the penetration of smartphones in numerous regions, market players are resorting to the development of mobile apps as a measure to offer an 'on-the-go' learning experience to end users. The development of soft skills training modules by simplifying them will help market players in scaling their businesses in the landscape.
Soft Skills Training Market in Brief
- The global soft skills training market is expected to register a CAGR of ~12% during the forecast period. The soft skills training market is projected to be driven by the increasing skill gap in developing countries, and the availability of online training platforms.
- The soft skills training market is expected to reach ~US$ 38 Bn by 2027 from ~US$ 15.1 Bn in 2019. The introduction of cloud-based soft skill courses and increased government initiatives in developing countries are some of the factors creating significant opportunity in the global soft skills training market.
- The corporate segment is anticipated to capture the largest share among the channels (providers) considered for analyzing the soft skills training market.
- North America remains the dominant leader in the global soft skills training market, with revenues in 2019 estimated to reach ~US$ 5.5 Bn. The presence of a large number of corporates and educational institutes is the main reason attributed to the dominance of this region in the global soft skills training market.
- In terms of delivery mode, the online segment is expected to expand at the highest rate of ~14% in the global soft skills training market during the forecast period. Increasing adoption of online education facilities in developing countries is the reason for this dominance.
Soft Skills Training Market Definition
- The soft skills training market report provides analysis of the global soft skills training market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that are enhancing the value of the soft skills training market and various opportunities prevailing in the market.
- Soft skills training providers are focused on developing innovative and differentiated courses to serve the specific requirements of trainees, which is expected to drive the market demand in the coming years.
Asia Pacific Soft Skills Training Market– Snapshot
- Asia Pacific is one of the fastest-growing regions as it holds more than half of the world’s population. The region is also witnessing a huge shift in the education industry.
- Governments of various countries in this region are actively promoting training and development courses in order to reduce unemployment.
- These factors are expected to fuel the demand for soft skills training to a great extent in the near future.
Key Growth Drivers of the Soft Skills Training Market
- Increased Skill Gap in Developing Countries - MNCs are expanding their operations in developing economies due to the availability of low-cost resources. However, these businesses are struggling to find the talent required, and governments are seeing slow innovation and economic growth. Soft skills trainers are trying to bridge these skill gaps by providing easy services through online and offline platforms. Soft skills provide overall personality improvement, and help individuals handle global clients. This rising skill gap is one of the significant driving factors of the soft skills training market.
- Availability of Online Training Platforms – One of the most important factors driving the growth of the soft skills training market is the availability of soft skills training through online platforms. Online platforms are fairly new in developing countries, and are increasingly being adopted by students. Many market players provide online training and certifications for soft skills. Students can easily access the sites, study materials, and give tests. This facility has made it possible for students to be a part of big training institutions situated in any country across the globe. Online education has blurred the physical borders between students and training providers, and has made it easier for students to complete these courses. This factor is driving the growth of the soft skills training market to a great extent.
Key Restraints in the Soft Skills Training Market
- Lack of Awareness Regarding Importance and Online Availability of Soft Skills Training Courses - Lack of awareness among the population regarding the importance of soft skills training is one of the most important factors restraining the soft skills training market. People lack knowledge about soft skills training courses, especially online asynchronous courses, in undeveloped countries and some economies of developing countries. A majority of the people are unaware about the registration process and other processes. This is one of the major factors which is stopping people from taking up soft skills training courses.
Soft Skills Training Market– Competitive Landscape
- In July 2019, TCS iON partnered with AICTE to build soft skills for students.
- In January 2018, New Horizons Worldwide, LLC announced the launch of a new Center for Leadership and Development program, a multi-curricula suite of courses designed for business professionals in any department.
Soft Skills Training Market - Company Profile Snapshot
- Pearson PLC: Pearson PLC serves higher education, K-12, professional, library, and workforce training markets, worldwide. It provides content, assessment, and digital services to schools, colleges, and universities, as well as professional and vocational education for skills improvement. The company’s operations are scattered across 70 countries. It is planning to expand its market geographically, and is focusing on capturing developing markets such as Brazil, India, South Africa, Hispano-America, Hong Kong & China, and the Middle East.
- edX, Inc.: edX, Inc. was founded by Harvard University and MIT as a non-profit, open-source learning destination, offering online courses. The company is a leading massive open online course (MOOC) provider. It has more than 130 global partners, including universities, nonprofits organizations, and institutions.
- Cengage Learning, Inc.: Cengage Learning provides services to higher education, K-12, professional, library, and workforce training markets, worldwide. Its offerings include digital solutions, Cengage Unlimited, printed textbooks and materials, and services such as course development and custom content development. Its digital solutions include course solutions, homework solutions, and other digital solutions. The company’s operations are prevalent in nearly 40 countries, with sales in approximately 165 countries and territories around the world.
Soft Skills Training Market - Scope of the Report
[214 Pages Report] A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global soft skills training market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the soft skills training market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the soft skills training market will progress during the forecast period of 2019-2027.
The report offers intricate dynamics about the different aspects of the soft skills training market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the soft skills training market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the soft skills training market, and estimate statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the soft skills training market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the soft skills training market, wherein, various development, expansion, and winning strategies practiced and executed by these leading players have been presented in detail.
Key Questions Answered in TMR’s Report on the Soft Skills Training Market
The report provides detailed information about the soft skills training market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the soft skills training industry, so as to help them create successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of the advantages of soft skills training?
- What will be the Y-o-Y growth of the soft skills training market between 2019 and 2027?
- What are the winning imperatives of market frontrunners in the soft skills training market?
- Which end-use industry is expected to develop maximum applications for soft skills training during the foreseeing period?
Research Methodology – Soft Skills Training Market
The research methodology adopted by analysts to draw up the soft skills training market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the soft skills training market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the soft skills training market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the soft skills training market.
Soft Skills Training Market – Segmentation
TMR’s research study assesses the soft skills training market on the basis of delivery mode, soft skill, end-use industry, sourcing, channel (provider), and region. This report presents the extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the soft skills training market.
Management & Leadership
Administration & Secretarial
Communication & Productivity
Energy and Power
Healthcare & Pharmaceuticals
IT & Telecom
Media & Entertainment
Middle East & Africa