04 September, 2019
RALEIGH, North Carolina, September 4, 2019 - The global market for Learning & Development (L&D) is expected to grow at a CAGR of 4 - 5 percent until 2020, according to Beroe Inc., a procurement intelligence firm. The key driver of L&D market is training, which directly affects the revenue growth of the industry; thus, organizations have expanded their investment in the development of training services.
In developed regions such as the U.S. and Europe, e-learning services are anticipated to rise mainly due to a consistent boost in demand for gamification, rapid e-learning tools, and an increase in the applications offering LMS platforms. In developing regions such as APAC and Latin America, only a few service providers are technically equipped to integrate VR in e-learning. However, the regions are witnessing a higher adoption rate due to the attempts by global buyers to streamline the supply base.
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: live.beroeinc.com
The key drivers such as tech-enabled training solutions are transforming traditional training into effective, and measurable training solutions by outsourcing to global suppliers. On the other hand, budget constraint is a major obstacle in the L&D market, wherein mid-sized companies have to operate at a trade-off level to produce digital aids.
Globally, the top organizations are outsourcing their L&D activities to suppliers that support with technology-enabled training solutions. North America exhibits a significant growth in the e-learning sector until 2023, which makes it the most mature market for online learning products in the world, with a growth rate of 4.4 percent.
The research methodology adopted for the report included:
In the near future, most of the L&D roles such as vendor management, reporting & measurement, and strategy development will be outsourced, and the core L&D team will be able to focus on the talent management activities of a company. Moreover, buyers are shifting towards centralization of L&D administration and management to ensure consistency of information shared across the organization.
The report also includes:
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 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
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