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%.
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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.
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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.
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