Soft Skills Training Market
Soft Skills Training Market (Delivery Model: Regular/Offline and Online; Soft Skill Type: Management & Leadership, Administration & Secretarial, Communication & Productivity, Personal Development, Team work, and Others; Sourcing Type: In-house and Outsourced; Channel [Provider]: Corporate/Enterprise, Academic/Education, and Government; and End-use Industry: Banking, Financial Services & Insurance [BFSI], Energy & Power, Manufacturing, Hospitality, IT & Telecom, Retail, Healthcare & Pharmaceuticals, Media & Entertainment, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
E-learning Gains Momentum amid COVID-19 Crisis for Upskilling
Skill development via e-learning has been gaining prominence during the ongoing COVID-19 crisis. Stakeholders in the soft skills training market are capitalizing on this opportunity to increase the availability of online courses through marketing via social media. Adaptability, emotional intelligence, and growth mindset are the most in-demand soft skills in 2021 and will continue to be in demand post the coronavirus pandemic.
The rapid adoption of digital technologies during the pandemic are translating into revenue opportunities for stakeholders in the soft skills training market. However, a slowdown in the global economy is affecting spending capacities of individuals. Hence, stakeholders are making use of digital marketing tools to reach the right target audience for their online courses.
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Training Programs Focused on Emotional Intelligence Generate Increased Conversions
The soft skills training market is slated to clock a CAGR of 12.7% during the forecast period. Since it is challenging to adopt soft skills as compared to hard skills, stakeholders are offering training programs that teach individuals about clear communication beyond face-to-face, listening, and creative problem solving skills. Stakeholders are aiming for successful word of mouth appreciation, positive reviews, testimonials, and feedback for their training programs to help in more enrolments.
An increasing number of soft skill training programs are focusing on emotional intelligence in order to help individuals keep their work and personal lives balanced. The well-developed emotional intelligence is helping individuals to treat others with sensitivity and empathize with collaborators when they struggle.
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Shortage of Business Soft Skills in Individuals Boosts Market Growth
The soft skills training market is expected to cross the valuation of US$ 60.89 Bn by 2031. Individuals are looking for training programs that teach communication with impact, effective business writing, and time management, among others. Influencing & persuading, public speaking, and negotiation skills are sought after by individuals opting for soft skills training programs.
Stakeholders in the soft skills training market are providing courses that teach decision-making, conflict management, and giving & receiving of feedback. Individuals seeking professional success to boost their credibility credentials are the main target customers for stakeholders. Since entrepreneurial gurus, politicians, and business leaders are addressing the shortage of business soft skills in individuals, such findings are anticipated to contribute to the growth of the market.
Training Programs Encourage Negotiation Skills among Individuals in BFSI Sector
The ever-expanding BFSI (Banking, Financial Services and Insurance) sector is creating stable revenue streams for stakeholders in the soft skills training market. There is a need for critical thinking, flexibility, and resilience skills to thrive in the BFSI sector. Empathy, dedication, and collaboration, on the other hand, are necessary for handling high-pressure situations.
A demonstrable knack for negotiation is helping individuals to stay competitive in any financial enterprise. Stakeholders in the soft skills training market are gaining awareness about the need for this skill and offering training programs that help to build strong interpersonal relationships. These programs are encouraging critical thinking in individuals to help them adapt to fast-paced business environments.
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The COVID-19 crisis has opened up opportunities for new learning methods such as just-in-time and micro-learning to allow individuals and employees to up-skill whenever, wherever, and in whichever way they wish to learn. Problem solving skill is being preferred by stakeholders in the BFSI sector, since it helps organizations to drive forward in terms of more conversions. However, soft skills are difficult to adopt as compared to hard skills. Hence, stakeholders in the soft skills training market should offer programs that inculcate adaptability, emotional intelligence, and creative problem solving in individuals to help them effectively acquire the needed business skills.
Soft Skills Training Market: Overview
- The latest research report published by Transparency Market Research pertains to the global soft skills training market for the historical period of 2018–2019; 2020 is the actual year and the forecast period is 2021-2031. Increased skill gap in developing countries, rising focus & investment in soft skills training programs by enterprises, multiple benefits of soft skills for professionals, and increasing availability and investment in online training platforms are key factors likely to lead to the growth of the soft skills training market during the forecast period.
- In terms of revenue, the global soft skills training market is expected to exceed the value of US$ 60.89 Bn by 2031, expanding at a CAGR of 12.7% during the forecast period
Increased Skill Gap in Developing Countries, Investment Growth in Online Training Platforms: Key Drivers of Soft Skills Training Market
- Skill gap can be defined as the difference in the skills required for the job and the actual skills of an employee. MNCs are expanding their operations in developing economies due to the availability of low cost resources; however, these companies are struggling to find the talent required, and governments are witnessing 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. Presently, governments of several countries such as India, Singapore, and Switzerland are taking initiatives to promote soft skills training. In numerous countries, soft skills training is a compulsory subject in curriculum. These initiatives are expected to keep pace with the changing environment and provide the skills needed in the modern workplace. This factor is likely to drive the growth of the soft skills training market. Improved advancement in secondary and primary schools is also a major factor boosting the demand for higher education. Students look forward to higher education to prepare themselves for new professions, careers, and life opportunities, as more students complete cycles of secondary education. The number of students passing out each year is expected to increase, which, in turn, is estimated to have a high impact on the soft skills training market during the forecast period.
- Availability of soft skills training through online platforms is an important factor driving the soft skills training market. COVID-19 has played a critical role in boosting the online training platform. Risk of infection and lockdown in several countries have fueled the demand for online platforms. Schools, colleges, offices, and businesses have shifted to online platforms, which has propelled the online platform market from the first quarter of 2020. As per the World Economic Forum, COVID-19 has resulted in shutting down of schools across the world. Globally, over 1.2 billion children are out of their classrooms. The overall market for online education is projected to reach US$ 350 Bn by 2025, which includes language apps, virtual tutoring, video conferencing tools, or online learning software. Soft skills are increasingly in demand in the workplace. Google LLC quoted creativity, leadership potential, and communication skills as top prerequisites for both potential and current employees. Increase in focus toward soft skills is likely to enhance the role of online training platforms in boosting the soft skills training market.
Rise in Government Initiatives in Developing Countries
- Increased skill gaps across the globe are resulting in unemployment, which, in turn, is a loss for any country’s economy. Initiatives are being taken by governments to bridge this skill gap, which would help in economic progress and lead to the employment of a large number of people. For instance, the Government of India launched major schemes such as the Employability Enhancement Training Programme (EETP), Leadership Development Programs, National Employability Enhancement Mission (NEEM), Pradhan Mantri Kaushal Vikas Yojana for Technical Institutes (PMKVY-TI), and Skill Assessment Matrix for Vocational Advancement of Youth (SAMVAY), for enhancing employment/self-employment opportunities. Such schemes & initiatives of the government are driving the demand for soft skills training. Market players have a big opportunity to partner with governments of developing economies and impart soft skills training to students at the initial level of their education to prepare them for higher education and careers.
Soft Skills Training Market: Competition Landscape
- Detailed profiles of providers of soft skills training have been given in the report to evaluate their financials, key product offerings, recent developments, and strategies. 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.
- Wilson Learning Worldwide.
Soft Skills Training Market: Key Developments
- Key providers of soft skills training, such as Cengage Learning, Inc., edX, Inc., Pearson PLC, NIIT Limited, The Insights Group Ltd, D2L Corporation, and Skillsoft Corporation are focusing on the development of cost-effective soft skills training to attract more customers. Additionally, players active in providing soft skills training are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach. Some other key developments in the global soft skills training market are highlighted below:
- In June 2021, Skillsoft Corporation announced the acquisition of Pluma, Inc. This acquisition helps the company to expand its leadership development capabilities.
- In November 2020, Wilson Learning Worldwide Inc. announced a strategic partnership with Profiling Online. This partnership enhances Wilson Learning Worldwide's ability to implement learning solutions to its global customers.
- In July 2019, QA Ltd acquired San Francisco-based Cloud Academy, a leading enterprise technology training platform. This acquisition resulted in adding a catalogue of more than 500 certification courses and 1500 instructor-led courses to the company’s existing portfolio.
- In the global soft skills training market report, we have discussed individual strategies, followed by company profiles of providers of soft skills training. The ‘Competition Landscape’ section has been included in the report to provide readers with dashboard view and company market share analysis of key players operating in the global soft skills training market.
Soft Skills Training Market – Scope of 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 is expected to progress during the forecast period of 2021-2031.
The report offers intricate dynamics about the different aspects of the soft skills training market that aids companies operating in the market in making strategic development decisions. TMR’s study 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 estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the soft skills training market, along with country analysis, 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 leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Soft Skills Training Market
The report provides detailed information about the soft skills training market on the basis of a 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 market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for soft skills training market players?
- Which factors will induce a change in the demand for soft skills training during the assessment period?
- How will changing trends impact the soft skills training market?
- How will COVID-19 affect the soft skills training market?
- How can market players capture low-hanging opportunities in the soft skills training market in developed regions?
- Which companies are leading the soft skills training market?
- What are the winning strategies of stakeholders in the soft skills training market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the soft skills training market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the soft skills training market?
Research Methodology – Soft Skills Training Market
The research methodology adopted by analysts to compile 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 sources, 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 sources, 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 model, soft skill type, sourcing type, channel (provider), end-use industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the soft skills training market.
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