According to the latest report by IMARC Group, titled "Soft Skills Training Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global soft skills training market size reached a value of US$ 23.64 Billion in 2021. Soft skills are a combination of personality traits, communication skills, and social and emotional intelligence. These skills are essential for enabling individuals to manage relationships, communicate efficiently, and lead a team. These traits characterize how individuals interact with others in a workplace setting. These skills can also be effectively applied for critical thinking, conflict resolution and time management. As a result, professionals are encouraged to undertake professional training for improving these skills that will ultimately assist them in achieving personal and business goals. Soft skills training is commonly being delivered at academic and commercial levels via numerous online and offline programs. They are widely gaining prominence due to the evolving corporate culture across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Soft Skills Training Market Trends:
The increasing focus on the holistic development of employees in the corporate sector represents one of the primary factors driving the market growth. In line with this, numerous companies are also mandating the requirement of soft skills training among the newly recruited employees, thereby providing a thrust to the market. The market is further driven by the incorporation of soft skills training programs in the academia as a part of school and university curriculum. This is done in an attempt to improve the employability of the students after completing their formal education. These programs are widely being adopted as they are expected to assist students in inculcating the advanced skills of delegation, cohesiveness and collaboration that will further create numerous lucrative professional opportunities. Furthermore, these training programs are now being integrated with AR and VR technologies in an attempt to make the studying process more innovative and interactive. Other factors, including overall increasing human workforce and the rising need for professional individuals with expert interpersonal and communicative skills, are expected to contribute to the market growth. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of 12.3% during the forecast period (2022-2027).
- On the basis of the soft skill type, the market has been divided into management and leadership, administration and secretarial, communication and productivity, personal development, teamwork and others.
- Based on the channel provider, the market has been classified into corporate/ enterprise, academic/ education and government.
- On the basis of the sourcing, the market has been bifurcated into in-house and outsourced.
- Based on the delivery mode, the market has been segmented into online and offline.
- On the basis of the end use industry, the market has been categorized into BFSI, hospitality, healthcare, retail, media and entertainment, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Articulate Global Inc., Cengage Learning, Inc., Computer Generated Solutions, Inc., D2L Corporation, edX Inc., New Horizons Worldwide, LLC, NIIT Limited, Pearson plc, QA group, and Skillsoft Corporation.
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