The latest research study “Soft Skills Training Market Research Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global soft skills training market size reached US$ 26.5 Billion in 2022. Looking forward, the market expects to reach US$ 53.1 Billion by 2028, exhibiting at a CAGR of 12.4% during 2023-2028. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is Soft skills ?
Soft skills Definition and Application: Soft skills are a combination of personality traits, communication skills, and social and emotional intelligence. These skills are essential for enabling individuals to manage relationships, communicate efficiently, and lead a team. These traits characterize how individuals interact with others in a workplace setting. These skills can also be effectively applied for critical thinking, conflict resolution and time management. As a result, professionals are encouraged to undertake professional training for improving these skills that will ultimately assist them in achieving personal and business goals.
Soft skills training is commonly being delivered at academic and commercial levels via numerous online and offline programs. They are widely gaining prominence due to the evolving corporate culture across the globe.
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Global Soft Skills Training Industry Trends and Drivers:
The increasing focus on the holistic development of employees in the corporate sector represents one of the primary factors driving the market growth. In line with this, numerous companies are also mandating the requirement of soft skills training among the newly recruited employees, thereby providing a thrust to the market.
The market is further driven by the incorporation of soft skills training programs in the academia as a part of school and university curriculum. This is done in an attempt to improve the employability of the students after completing their formal education. These programs are widely being adopted as they are expected to assist students in inculcating the advanced skills of delegation, cohesiveness and collaboration that will further create numerous lucrative professional opportunities.
Furthermore, these training programs are now being integrated with AR and VR technologies in an attempt to make the studying process more innovative and interactive. Other factors, including overall increasing human workforce and the rising need for professional individuals with expert interpersonal and communicative skills, are expected to contribute to the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global soft skills training market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on soft skill type, channel provider, sourcing, delivery mode and end use industry.
Breakup by Soft Skill Type:
- Management and Leadership
- Administration and Secretarial
- Communication and Productivity
- Personal Development
- Teamwork
- Others
Communication and productivity represent the largest soft skill type as they help develop quality client and employee relationship and keep employees engaged and productive.
Breakup by Channel Provider:
- Corporate/ Enterprise
- Academic/ Education
- Government
The corporate/ enterprise segment presently dominates the market due to the rising awareness among companies about the importance of soft skills among employees.
Breakup by Sourcing:
- In-house
- Outsourced
Outsourced soft skills training currently holds the largest market share as it enables companies to broaden their access to untapped skills, which are beneficial for both the organization and employees.
Breakup by Delivery Mode:
- Online
- Offline
The offline mode of delivering soft skills training accounts for the majority of the global soft skills training market share as it is an active learning method wherein trainees can directly interact with the trainers.
Breakup by End Use Industry:
- BFSI
- Hospitality
- Healthcare
- Retail
- Media and Entertainment
- Others
The BFSI industry presently dominates the market as effective training solutions help bank employees in marketing their services and products effectively and efficiently.
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America exhibits a clear dominance in the market on account of the expansion of the corporate sector and the escalating demand for soft skills training in organizations to drive the productivity of employees.
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Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Articulate Global Inc., Cengage Learning Inc., Computer Generated Solutions Inc., D2L Corporation, edX Inc., New Horizons Worldwide LLC, NIIT Limited, Pearson PLC, QA Limited and Skillsoft Corporation.
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