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The Role of the Training Industry in Driving the Global Economy


Training Industry Global Economy

The global training industry refers to the market for services and products related to the education, training, and development of individuals and organizations. It encompasses a wide range of providers, including corporate training companies, vocational training institutions, educational institutions, eLearning platforms, and training consultants.


The industry provides a variety of services, such as content development, delivery and administration, learning technologies, and evaluation and assessment. These services may be delivered through various modalities, including classroom training, eLearning, blended learning, virtual instructor-led training (VILT), and on-the-job training.


The global training industry is driven by the need for individuals and organizations to continuously develop their skills and knowledge to remain competitive in the job market and in the business world. As technological advancements continue to disrupt industries and the nature of work, the need for upskilling and reskilling becomes increasingly important, driving the growth of the training industry.


To summarize, the global training industry plays a critical role in driving economic growth by helping individuals and organizations develop the skills and knowledge necessary to succeed in the workforce and stay competitive in a rapidly changing global economy.


Important Statistics Regarding the Global Training Industry

According to a report by MarketsandMarkets, the global corporate training market size was estimated to be $370.3 billion in 2021 and is projected to grow to $501.2 billion by 2026, at a compound annual growth rate (CAGR) of 6.2% during the forecast period.


The report further suggests that the growth of the training industry is being driven by various factors, including the:

  • Need for training and development programs to enhance employee skills and knowledge

  • Increasing adoption of e-learning and online training programs

  • Rising demand for personalized and adaptive training programs

In terms of regional growth, the Asia Pacific region is expected to experience the highest growth rate during the forecast period, due to the increasing demand for workforce development and the growing adoption of advanced technologies in the region.


North America and Europe are also expected to contribute significantly to the growth of the training industry, driven by the need for upskilling and reskilling in response to technological advancements and changing business needs.


Training Industry Segments

The training industry is a diverse and complex industry that encompasses a wide range of services and providers. Here are some of the different segments of the training industry:


Corporate Training

This segment of the industry focuses on providing training and development programs to employees within organizations. These programs may be delivered in a variety of formats, including classroom training, eLearning, on-the-job training, and coaching.


Vocational Training

Vocational training refers to programs that provide individuals with the skills and knowledge necessary to perform a specific job or trade. Examples of vocational training include apprenticeships, trade schools, and vocational colleges.


Educational Training

Educational training includes programs that provide individuals with academic or degree-based education. This segment of the industry includes colleges, universities, and other educational institutions.


eLearning

eLearning refers to training programs that are delivered online, typically through a learning management system (LMS). eLearning can include a range of formats, including self-paced courses, live virtual classrooms, and blended learning programs.


Training Consulting

Training consulting firms offer expertise and services to organizations to help them develop and implement training programs that meet their specific needs. This can include conducting needs assessments, developing customized training content, and providing training delivery and evaluation services.


Soft Skills Training

Soft skills training focuses on developing non-technical skills that are necessary for success in the workplace, such as communication, leadership, and teamwork.


How the Training Industry Helps Drive the Global Economy

The training industry plays a critical role in driving the entire economy by providing individuals with the skills and knowledge necessary to succeed in the workforce. Here are a few ways in which the training industry helps drive economic growth:


Increases Productivity

The training industry provides workers with the knowledge and skills they need to perform their jobs more efficiently and effectively, which ultimately leads to increased productivity. As workers become more skilled and efficient, they are able to produce more output in less time, which helps to drive economic growth.


Fosters Innovation

The training industry helps to foster innovation by providing individuals with the skills and knowledge they need to develop new products, services, and technologies. By investing in the training and development of workers, businesses can create a culture of innovation that drives economic growth.


Enhances Competitiveness

The training industry also helps businesses to remain competitive in a rapidly changing global economy. By investing in the skills and knowledge of their workforce, businesses can stay ahead of the curve and respond quickly to new market trends and customer demands.


Reduces Skills Gaps

In many industries, there is a significant skills gap between the skills that workers possess and the skills that are required to perform their jobs effectively. The training industry helps to bridge this gap by providing workers with the skills and knowledge they need to succeed in their roles.


About LMS Portals

At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.


Our platform is ideal for our training company partners as it allows you to launch a private, customized portal for each of your corporate audiences (or any other way you need to segment your audiences).


The system includes an embedded SCORM-compliant course authoring tool that enables most anyone to build engaging courses quickly and easily.


We also offer a complete library of ready-made courses, covering most every aspect of corporate training and employee development.


If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program. The system also supports Virtual Instructor-Led Training (VILT) and provides tools for social learning.


Together, these features make the LMS Portals platform and content an ideal solution for our training company partners.


Contact us today to get started or visit our Partner Program pages

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