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Research Outline

Prepared for Stefan P. | Delivered October 10, 2020

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.