Corporate training market to double by 2035 amid digital transformation
Global corporate training market projected to reach $805.6 billion by 2035, driven by digital transformation and upskilling demand.
The global corporate training market is forecast to more than double in size over the next decade, reaching $805.6 billion by 2035, according to a new report by Allied Market Research. The study projects a compound annual growth rate (CAGR) of 7.0% from 2024 to 2035, up from a valuation of $361.5 billion in 2023.
The report attributes growth in the sector to rapid technological change, the spread of digital transformation across industries, and the resulting pressure on organisations to upskill and reskill their workforces to stay competitive.
Continuous learning and compliance drive demand
- Growing emphasis on talent development, employee engagement and retention;
- Comprehensive learning programmes becoming more important in the employee value proposition for organisations to compete to attract and retain skilled workers;
- Ongoing impact of regulatory compliance and the need to mitigate risks associated with non-compliance.
Among industries, the fast-moving consumer goods (FMCG) sector led in 2023 and is expected to remain dominant and ahead of Retail, Pharmaceutical and Healthcare, Financial Services, Professional Services, Public Enterprises and IT. The FMCG sector’s competitive nature, rapid product innovation and shifting consumer behaviour have prompted companies to invest heavily in developing agile, skilled teams capable of sustaining market growth.
Regionally, North America is anticipated to continue holding the largest share of the corporate training market through to 2035. The region’s strong focus on innovation, high rates of technology adoption, and concentration of leading learning providers contribute to its continued leadership.
Emerging opportunities include the integration of artificial intelligence and data analytics into training programmes and the rising importance of soft skills development to complement technical expertise. However, the report also points to challenges facing the market, such as budget constraints, limited employee time, and questions around return on investment for training initiatives.
Leading suppliers include BizLibrary, GP Strategies, FranklinCovey, City & Guilds, D2L, Cornerstone OnDemand, Wilson Learning, Allen Communications, Simplilearn and Skillsoft.
Source: Allied Market Research