The corporate training market size in Europe is expected to grow by USD 12.15 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced the latest market research report titled Corporate Training Market in Europe 2020-2024 (Graphic: Business Wire)
With advances in technology, the adoption of cloud-based services such as LMS and content management system (CMS) is increasing. Digitization of learning materials, along with the increase in technical innovations, has established new benchmarks in corporate training, resulting in cost reduction and increased efficiency. Using digital platforms, organizations can reduce the fundamental training cost required, as they minimize paper consumption while reducing the need for file cabinets and employee resources. Therefore, there is a significant emphasis on the digitization of training, owing to the increase in online courses. Digital platforms such as LMS, CMS, and knowledge management system (KMS) increasingly regulate the distribution and the management of online courses, which helps to further reduce the cost of corporate training. Thus, the increase in digitization is expected to boost the growth of the corporate training market in Europe over the forecast period.
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As per Technavio, the emergence of cost-effective e-learning training modules will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Corporate Training Market In Europe: Emergence of Cost-Effective E-Learning Training Modules
Corporate training is one of the key expenses in any organization. The overall productivity of any company depends significantly on how well the new hires are trained, and existing employees upgraded to new skills. Therefore, organizations are increasingly adopting innovative and cost-effective ways to train their employees. Costs associated with traditional training in a brick-and-mortar setup, include travel expenses, and facility charges. Additionally, the cost of printing instruction materials and assessment papers is also higher. However, making the content available online, and providing access to the Internet helps save time and costs. It is also more convenient to implement as training modules can be easily stored, maintained, and updated. Therefore, vendors are introducing solutions, technologies, systems, and courses at affordable prices, and corporations are buying them in bulk to meet the needs of their employees. Hence, the use of affordable solutions or technologies is expected to drive the growth of the corporate training market in Europe.
"Factors such as the growth of small and medium-sized businesses, and the high demand for corporate training from the BFSI and tourism sectors will have a significant impact on the growth of the corporate training market value in Europe during the forecast period," says a senior analyst at Technavio.
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Corporate Training Market In Europe: Segmentation Analysis
This market research report segments the corporate training market in Europe by product (technical course and non-technical course) and geography (Western Europe, Nordic countries, Southern countries, and Central and Eastern countries).
The Western European region led the corporate training market share in Europe in 2019, followed by Nordic countries, Southern countries, and Central and Eastern countries respectively. During the forecast period, the Western European region is expected to register the highest incremental growth due to factors such as a significant rise in the number of SMBs and an increasing number of government initiatives to enhance the technical and non-technical skill levels of employees.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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