Growth of the Corporate training industry

By Hridkamal RoyCorporate training as an established industry has reached the next level owing to relentless and smart efforts of companies. The skill gap that is generated owing to improper skill development of employees is being filled by the companies offering corporate training which is why they are experiencing high demand. Nowadays, learning and development professionals and corporate trainers are deemed of high value for the success of a business.

In the coming years, the companies that constitute a rich leadership and have mastered good communication skills are likely to emerge as the major players of the industry. Corporate training services are being rendered by a lot of companies and with the help of e-learning procedures; a lot of brands are educating their employees to secure sustained growth in the market.

The corporate training industry is growing on a global scale and has been reported to develop at a CAGR of 10.55 percent during the years of 2016-2020.
A corporate training market research report further implies that the industry is going to gain more strongholds in the market with the emergence of newer and innovative technologies.

The growing acceptance of technologies like Machine Learning (ML) & Artificial Intelligence (AI) greatly facilitated the companies in this domain with the e-learning course materials. The problem concept of the Forgetting Curve, in which employees are liable to forget 90 percent of the practical training that is imparted to them during an one hour training; is perhaps addressed very professionally by these companies. The concept of immersive learning has generated many talks about the holistic development of an employee’s domain knowledge. This type of learning comprises the blended technologies of ML and AI so that the quality of training and the quality of perception remains of the best quality. In this way, an employee is able to grasp more knowledge and in turn accelerate the business of the company.

Modern corporate training programs cannot run successfully in the absence of collaborative tools. For large organisations, these tools increase inter-organisational communication and build knowledge within their structures, while smaller organisations gain exposure to training modules from across the globe.

Best class content never goes out of fashion. It is critical that the content of the corporate training material is easily understandable. The domain for content creation is booming, where major companies are entering the segment. Offering expert-authored content, these companies are making it easier for small and medium enterprises, upscaling their training programs.