L&D Industry to Touch $402 Billion Mark by 2025, Says Beroe Inc
Source: PR Newswire
RALEIGH, North Carolina, Apr 22, 2021 - The learning and development industry is expected to reach $402 billion by 2025 with a growth rate of 2-3 percent CAGR, says Baroe Inc
The global learning and development market size is worth $367 billion. North America has a high maturity among other regions, constituting 45 percent of the learning and development market. Other high-maturity regions include Western Europe and certain APAC countries such as Australia, Japan, Hong Kong, and Singapore. The L&D market in Australia, North America, and Europe is expected to grow 3-4 percent annually by 2025. For LATAM, the Middle East, and Africa, as well as the APAC regions, the annual growth is expected to be 2-3 percent. Future growth drivers of learning and development services are expected in APAC and certain parts of LATAM.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/
Most of the learning services companies had to suspend their scheduled training workshops with the onset of COVID-19. To ensure the safety of the trainers as well as the coaches, even the international learning service providers took a back step on delivering the onsite training programs. The learning and development providers who practice local sourcing come under high risk. To mitigate the risk posed by the pandemic, they can opt for digital learning and development procurement at the regional, as well as global, level.
The latest trends in learning and development show that the companies in the corporate e-learning market are mainly focusing on creating awareness regarding the virus by explaining the safety measures to their employees, including the incident managers.
A surge in spending on new hire training is expected to be one of the key learning and development trends as organizations come up with robust hiring plans to avoid labor shortages. Companies in the corporate learning market are considering Corporate Massive Open Online Courses (MOOCs) for cost optimization and enhancing on-the-job performance.
The training suppliers in the learning and development services market are witnessing a growth in services, such as instructional design and delivery services, OSHA (Occupational Safety and Health Administration), soft skills, business communication, and off-the-shelf workplace training.
Corporate e-learning market size in developed regions like the U.S. and Europe is expected to grow. This is because of a rise in demand for gamification, the surge in applications that provide LMS platforms and tools for e-learning. Also, there is a significant rise in self-paced learning in these regions as people are keen to learn new topics at their convenience. In the case of the developing markets, only a few service providers are capable of integrating VR in e-learning.
North America and Europe's e-learning markets are well matured. Large global buyers try to consolidate the supply base because of which APAC and LATAM regions experience an increase in adoption rate. The increase in corporate e-learning global market size resulted in a drastic shift from classroom training, manuals, and books to cloud-based training platforms.
Companies can witness growth in revenue with the latest trends in learning and development. This is the major driving factor. It promotes the use of technology-enabled training solutions by outsourcing to domestic or global suppliers based on the requirements. This has resulted in the development of apps for training frontline medical workers. Certain mid-sized organizations face budget or funding problems. Hence the training in delivery platforms is compromised.
- Since the outbreak of COVID-19, there has been a significant surge in e-learning services in India, Europe, and China. Organizations use various forms of e-learning such as webinars, virtual conferences, virtual instructor-led training, and podcasts.
- The managed learning service providers need to provide self-paced training to efficiently deal with emergencies.
- Shortage of supply in the domestic market has resulted in a 5-8 percent rise in the trainer/coaching rates. Other reasons for higher prices include the shift in the training modalities, content conversion services, and instructional design services.
- For certain organizations, the budget constraints make it difficult for the firms to fit the current content into the e-learning platforms.
- It is important to clearly communicate the roles and responsibilities to the internal and external stakeholders before e-learning implementation in an organization.
The report from Beroe includes:
- Global L&D market trends
- Impact of COVID-19 on the L&D industry
- Supply and demand market outlook
- Market monitoring insights
- Procurement best practices
- Supplier analysis
About Beroe Inc
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions — leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.