Focus on Mitigating Risks, Boosting Productivity, and Improving Team Dynamics to Bolster Market Growth
In the current day and age, soft skills training and development have garnered immense popularity from commercial as well as industrial sectors. The considerable large pool of the global millennial population is expected to remain one of the key factors that is anticipated to provide an impetus to the overall growth of the global soft skills training market during the forecast period. Several individuals continue to realize the importance of refining personality traits and improving interpersonal skills, the demand for soft skills training continues to grow at a steady pace worldwide– a factor that is likely to propel the global soft skills training market during the assessment period.
Some of the major soft skills that are high in demand include time management, empathy, delegation, and teamwork, particularly across the corporate sector. However, several educational institutes are including soft skills training as part of their curriculum due to which, the demand for soft skills training is on the rise from the education sector – another factor expected to fuel the growth of the global soft skills training market during the forecast period.
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At the back of these factors, along with notable advancements in technology and soft skills training modules, the global soft skills training market is expected to surpass the US$ 53.4 Bn mark by the end of 2030.
Focus on Improving Workplace Productivity and Customer Service to Aid Market Growth
In the current business scenario, the demand for soft skills training is on the rise, as more number of business entities around the world is increasingly focusing on boosting workplace productivity and improving customer service. Soft skill training plays an imperative role in increasing efficiency, streamlining communication, and accelerate task completion– some of the key factors likely to drive the global soft skills training market during the forecast period. Moreover, as companies continue to invest resources toward improving the overall team dynamics, the demand for soft skills training is anticipated to grow at a steady pace in the upcoming years.
In the current day and age, business organizations continue to strive to improve customer service and building brand loyalty due to which, the demand for soft skills training is on the rise. Overall, the corporate sector is expected to remain one of the most prominent end users of soft skills training during the assessment period and the trend is anticipated to continue during the forecast period.
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Increase in Demand from Educational Institutes to Fuel Market Growth
The growth of the global soft skills training market is anticipated to accelerate in the upcoming years due to the increasing demand from educational institutes, including schools, colleges, and universities. The demand for soft skills training is significantly higher in urban regions of the world and as per current observations, the trend is expected to remain the same during the assessment period. The increasing focus on improving children’s health and behavior and bolstering their career is one of the primary factors estimated to drive the demand for soft skills training across the education sector worldwide. The education sector continues to seek new avenues to improve the overall physical and mental health of students. As a result, a number of schools, colleges, and universities are inclining toward soft skills training. This factor is anticipated to propel the global soft skills training market during the forecast period.
Focus on Skill Development amid COVID-19 Pandemic
Due to the onset of the COVID-19 pandemic, the job market around the world continues to look grim. As millions of individuals around the world are facing the brunt of the economic turmoil inflicted by the ongoing COVID-19 crisis, skill development has gained considerable traction in 2024. A number of individuals around the world is focusing on improving their soft skills, including problem solving, communication, and creativity due to which, the demand for soft skills training is anticipated to experience a notable boost.
Soft Skills Training Market: Overview
The global soft skills training market is projected to cross US$ 53.4 Bn by 2030. The soft skills training market is projected to expand at a CAGR of ~12% from 2024 to 2030.
According to a report published by LinkedIn, in 2018, talent developers prepared their workforce for automation by naming ‘training for soft skills’ their #1 priority. Around 35% expect a budget increase with majority of their spending allocated to soft skills development programs. The survey participants stated that while maintaining technical fluency would be important, demand for soft skills is estimated to continue to accelerate. Below is the list published by LinkedIn for top priorities for L&D programs in 2018:
Rank 1: HOW TO TRAIN FOR SOFT SKILLS
RANK 2: CONSISTENT VALUABLE GLOBAL TRAINING
RANK 3: DELIVER INSIGHTS ON INTERNAL SKILL GAPS
RANK 4: HOW TO TRACK SKILL DEVELOPMENT
RANK 5: HOW TO ACCESS SKILL COMPETENCIES
RANK 6: UNDERSTANDING THE IMPACT OF TECHNOLOGY
The report also stated that the top three skills that executives want talent development to cultivate in employees are leadership, communication, and collaboration. Around 92% of executives say that soft skills are equally important or more important than technical skills. Thus, soft skills training is expected to be a top priority for organizations during the forecast period.
Globally, enrollment in higher studies has been increasing significantly. According to Global Education Monitoring Report, 2017 by UNESCO, the number of students enrolled in higher education dramatically increased from 100 million to 207 million between 2000 and 2014. In the same period, the global higher education annual enrolment ratio increased from 19% to 34%. This ratio indicates enrolment as a percentage of the population who are in the age group of 19 to 23 years that immediately opt for secondary school graduation.
Overall, rise in enrolment for higher education has been noticed globally. According to the UNESCO report, over the last 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 picking up pace and matching the global average growth rate of 4%.
Soft Skills Training Market: Market Segmentation
The global soft skills training market has been segmented in terms of delivery mode, soft skills type, channel provider, end-use industry, sourcing type, and region
Based on delivery mode, the soft skills training market has been segmented into regular/offline and online (asynchronous online courses, synchronous online courses, and hybrid courses)
In terms of soft skills type, the global soft skills training market has been segmented into management & leadership, administration & secretarial, communication & productivity, personal development, and team work
Based on channel provider, the soft skills training market has been segmented into corporate/enterprise, academic/education, and government.
Based on end-use industry, the global soft skills training market has been segmented into banking, financial services & insurance (BFSI), energy & power, manufacturing, hospitality, IT & telecom, retail, healthcare & pharmaceuticals, media & entertainment, and others (legal, education, etc.)
In terms of sourcing type, the global soft skills training market has been bifurcated into in-house and outsourced
Soft Skills Training Market: Regional Outlook
The soft skills training market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of soft skills training were analyzed based on device and technology providers in the market.
Presently, North America generates the highest revenue in soft skills training across all regions. The North America soft skills training market is expected to reach US$ 18,110.2 Mn by the end of year 2030 from US$ 5,476.4 Mn in year 2019, at a CAGR of 11.7%.
The market in Europe, South America, and Middle East & Africa is also expected to expand rapidly during the forecast period
The report provides in-depth segment analysis of the global soft skills training market, thereby providing valuable insights at macro as well as micro levels
Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the soft skills training market
Soft Skills Training Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global soft skills training market
Key players profiled in the report include
Cengage Learning, Inc.
Computer Generated Solutions, Inc.
D2L Corporation
edX, 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
Wilson Learning Worldwide
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