Global Skills Transformation Market

Goals

To provide the size of the global skills transformation market broken down as: the value of global re-skilling and up-skilling training services and programs offered to companies; the size of the global workforce analytics service market; and the value of workforce transformation advisory services market. This information will be used in a strategy for a client intending to expand their skills transformation B2B offering.

Early Findings

Global Skills Transformation Market

Re-skilling and Up-skilling Services and Programs Market

  • Workplace training refers to "coaching programs, support technologies, and incentives" targeted at "improving the workforce by way of their skills and abilities."
  • Employees, upgrade their skills through training, offered by the employer
  • The global corporate training market was valued at $367.6 billion in 2018.
  • According to Deloitte, companies spend more than $130 billion on training and development worldwide through traditional (offline) modes.
  • In 2018, companies spent "an average of 39% of their training budget on external (outsourced) suppliers, while approximately 61% of their budgets is spent on internal resources."

Workforce Skills Transformation Analytics Market

  • Through Corporate learning management systems (LMS) software, "companies organize, track, and manage efforts to train employees, customers, and other external partners."
  • LMS software "provides a framework through which learning content is delivered and managed."
  • The global LMS market size is expected to grow from $13.4 billion in 2020 to $25.7 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 14.0%.
  • This report provides end users as both corporate organizations and academic institutions.
  • A prior report had provided the global Corporate Learning Management System (LMS) market size as $1.65 billion in 2017 with a projection to reach $7.12 billion by 2023, at a CAGR of 28.2%.

Summary of Findings

  • In this preliminary hour of research, we were able to provide the global corporate training market size, which we have assumed represents the spend on the re-skilling and up-skilling market by corporate organizations. We also provided a value for workforce skilling analytics market based on the value of the Corporate Learning Management System (LMS) market.
  • We were not able to find a value for the workforce transformation advisory market, as there was no breakdown of the advisory services market in the corporate training market or in the workplace transformation market.

Proposed next steps:

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