The global training market was worth US$ 94,828.5 million in 2017, and is predicted to grow at a CAGR of 6.4 percent to reach US$ 174,596.6 million in 2027. In 2018, North America accounted for 45.1 percent of the worldwide training market's revenue. Over the projection period, India's market is expected to grow at a large rate, followed by the rest of Asia Pacific. This increase can be linked to the increasing use of learning management systems around the world to improve the return on investment in talent development, employee training, and other related programmes.
Due to rising need for cost-effective learning management solutions, the Asia Pacific Training Market is booming. Furthermore, a boost in the number of e-learning start-ups has assisted the expansion of the training market in this region. In recent years, there has also been a noticeable trend away from traditional approaches and toward technology-driven methods. In the Asia Pacific region, for example, Oracle announced 'Oracle Learn Cloud 13A' with sophisticated training management and delivery features in 2013.
A learning management system (LMS) is a software programme that is used for planning, reporting, tracking, administration, documentation, reporting, implementation, and accessing training or learning programmes. A learning management system can also assist instructors in creating and distributing content, as well as monitoring student performance and development. Due to its wide range of functions, such as managing and delivering all types of content such as documents and videos, and interactive features such as video conferencing, discussion forums, and threaded discussions, a learning management system has application in both higher education and the corporate sector. For example, learning management systems such as TalentLMS, Canvas LMS, Edmodo, Schoology, Docebo, and Litmos are available on the Training Market.
In 2017, North America retained a commanding position in the Training market.
Because of the increased need for effective and quality education in the region, North America is likely to be the largest market in terms of size throughout the forecast period. Furthermore, several significant firms engaged in employee training, such as SafetySkills and IFP Training, have a strong presence in this region. In North America, the Training Market sector encompasses both internal and external resources that are used by important companies to train their employees on specialised and required skills. The key reason boosting demand in the education LMS sector in the United States is the growing number of universities offering online education, which is facilitating demand.
Key Players in the Global Training Market
Skillsoft Limited, Safety Media, GP Strategies Corp., UL EHS Sustainability, PRYOR Learning Solutions, Raytheon Company, DuPont Sustainable Solutions, 360training.com, Inc., SAP Litmos, Vector Solutions, Global Training Solutions, Inc., Cornerstone onDemand, Petroskills, and Euro Petroleum Consultants Ltd. [EPC] are some of the major players in the global training market.
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