LONDON--(EON: Enhanced Online News)--Technavio research analysts forecast the corporate training market in the US to grow at a CAGR of close to 10% during the forecast period, according to their latest report.
“The most important feature of analytical tools is that the progress of learners can be tracked easily to evaluate their performance and design better reward policies and compensation packages to ensure employee retention”
The study covers the present scenario and growth prospects of the global corporate training market in the US for 2016-2020. The report also lists technical courses and non-technical courses as the two major product segments, with the technical segment accounting for over 68% of the market share in 2015.
“Organizations are extensively using technology to extract critical information about employees' performance, workplace behavior, needs, and factors to create individual-specific informal training programs that are useful, sustainable and flexible,” says Jhansi Mary, a lead analyst at Technavio for K12 and higher education research.
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Technavio education analysts highlight the following three drivers that are contributing to the growth of the corporate training market in the US:
- Growing popularity of training through social collaboration tools
- Analytical applications in training
- Changing corporate training environment
Growing popularity of training through social collaboration tools
An increasing number of organizations are incorporating social media platforms such as Facebook, Twitter, and LinkedIn into their learning environments. Through social networks, employees can engage in informal learning options through blogs, wikis, and discussion forums, which function as effective training tools.
The use of social media provides employees with a chance to engage in active and collaborative learning, by becoming part of a network of knowledgeable people across the world. Interaction with subject matter experts can help them make informed decisions and solve complex problems. Many leading companies in the US such as GE, P&G, and Verizon have begun to include social media as part of the corporate learning programs, mainly for training employees in interpersonal skills and digital and content marketing.
Analytical applications in training
The implementation of various learning technologies and enterprise resource planning software solutions among corporations has necessitated the deployment of learning analytics. Increasing competition and dynamic changes in the global corporate sector are encouraging organizations to adapt to external organizational changes.
The adoption of online training methods in workplaces produces large amounts of data about employee feedback, types of courses undertaken, and difficulties faced in understanding the training material. Organizations can extract and analyze this data with the help of learning analytics tools. With the help of these tools, organizations can determine the efficacy of e-learning courses. Data on time spent by the learner on a page, external links referred, and the number of times specific courses were accessed help in gaining insights about courses. This analysis can determine remedial actions about refining or modifying courses. Data collected by these tools reveal important aspects of employee learning and behavior within and outside the organization, providing crucial information to employers about their employees.
“The most important feature of analytical tools is that the progress of learners can be tracked easily to evaluate their performance and design better reward policies and compensation packages to ensure employee retention,” says Jhansi.
Changing corporate training environment
Many organizations across the US can provide flexible learning environment to their employees due to the emergence of online courses. With uninterrupted internet connectivity, m-learning, gamification, and social learning opportunities, large companies can design training programs that make use of all these aspects in the training curriculum and thus facilitate collaborative learning.
Companies have begun to use cloud computing to manage trainings to ensure sustainability and optimize training expenditure. Cloud computing essentially caters to online business applications, which are linked to services that can be accessed from other web browsers. In addition, with cloud computing, they can improve the effectiveness of training programs by including adaptive learning frameworks, which help to design curriculum using learning analytics.
Browse Related Reports:
- Global Corporate Training Market 2016-2020
- Corporate Training Market in Europe 2016-2020
- Global Soft Skills Training Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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