Career path discovery platform market sizing

Goals

To find or triangulate the potential market size for a career path discovery platform; platform intends to monetize from referral fees to online courses and placement fees for clients which are hired through the platform (10-20% of their base salary), primarily using the following sources:

https://www.forbes.com/sites/jeannemeister/2012/08/14/the-future-of-work-job-hopping-is-the-new-normal-for-millennials/#7bf8eb6213b8
https://www.kdmarketresearch.com/report/1608/global-recruitment-market
http://personifycorp.com/wp-content/uploads/2019/02/Personify_Young_Members_Research_Report_02062019.pdf
https://elearningindustry.com/top-elearning-statistics-2019

Early Findings

  • While the KD Market Research report notes that the global Recruitment industry is worth $1,147.8 billion, it also notes that this market is segmented into Temporary Staffing, Permanent Staffing, Employee Leasing, and Others.
    • The report abstract contains insufficient information to determine the share of the Permanent Staffing segment which, on its face, seems most likely to fit the platform described in our criteria.
    • An initial survey did not locate a source that provides the necessary segmentation; further research and triangulation will be necessary.
  • The Global eLearning Market, which was $107 billion in 2015, is expected to reach $325 billion by 2025; this represents a CAGR of 11.75%.
    • Assuming a consistent growth rate, the market will be worth approximately $186.48 in 2020, though recent events could depress that.
    • However, self-paced eLearning is declining by 6.1% annually and is expected to reach $33.5 billion by 2021; the primary reason is the high rate of students dropping courses.
    • Much of the eLearning market, however, is driven by companies using it to internally train their staff (77% of companies used online learning in 2017) rather than individuals taking courses independently to further an existing career or a career change.
    • Our initial survey did not locate a source that provides the necessary segmentation to determine the self-learning segment size; further research and triangulation will be necessary.
  • 92% of Millennials and GenZers said that education was a good reason to join an association, and 87% cited networking.
  • 49% of Millennials and 44% of Gen Zers have participated in a workshop or other training, making workshops the most common in-person event by a wide margin; this suggests a strong interest in continuing education.
  • Cost is an important factor in whether younger workers will remain part of an association; of those who let a membership lapse in the last year, 32% said that they did so because their company would no longer pay the fees and 29% said that it was because it became too costly.
    • Given the above, it may be that a 10-20% of a person's salary will be seen as too costly unless the finder's fee is paid by the hiring company rather than the employee.
  • Millennials are infamous for job-hopping; however, their motivations are generally to advance within their chosen career or to find greater job fulfillment rather than a career change.
  • A 2015 poll found that 51% of employees are "unengaged" in their work; while in-house training to increase engagement within the company is one solution, many of these employees may be ready for a job- or career-change.

Proposed next steps:

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