The Global Soft Skills Training Market Size accounted USD 24,142 million in 2021 and is estimated to achieve a market size of USD 66,075 million by 2030; growing at a CAGR of 12.2%.
Soft skill trainings are just as vital as any other type of training. Soft skill training assists people to improve their performance in a variety of ways. These sorts of training are commonly used in schools, colleges, corporations, and the government. Soft skills educate people on how to interact effectively and confidently face difficulties. Numerous benefits offered by these training will boost the soft skills training market revenue. This training not only improves communication skills but also teamwork and problem-solving. One of the recent soft skills training market trends that are increasing industry share is the increasing number of e-learning platforms.
The dearth of soft skills among students and employees has been a major concern among schools/colleges and corporate. Lack of soft skills among individuals has caused a lack of opportunities, poor communication skills, lack of creativity, lack of leadership, and inappropriate behavior among others. All these factors are positively impacting the soft skills training market growth. Today, soft skills are as important as technical skills and thus the market for these soft skills training courses is expanding rapidly.
Global Soft Skills Training Market Dynamics:
Soft Skills Training Market Report Coverage:
|Soft Skills Training Market
|Soft Skills Training Market Size 2021
|USD 24,142 Million
|Soft Skills Training Market Forecast 2030
|USD 66,075 Million
|Soft Skills Training Market CAGR During 2022 - 2030
|Soft Skills Training Market Analysis Period
|2018 - 2030
|Soft Skills Training Market Base Year
|Soft Skills Training Market Forecast Data
|2022 - 2030
|By Soft Skill Type, By Sourcing, By Delivery Mode, By Channel Provider, By End-Use Industry, And By Region
|Soft Skills Training Market Regional Scope
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|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.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
The growing requirement to close employee skill gaps is driving the soft skills training market share. Corporate is extensively spending on these types of training in order to improve its employees' personality skills and communication abilities for the long-term success of their firm. According to our soft skills training industry analysis, businesses who invest in soft skills training for their staff are the ones who are rising in revenue and leading their industries. According to a recent MIT Sloan research, a 12-month soft skills training programme in five separate factories provided a 250% return on investment (ROI) in just eight months. This proves that soft skill training is essential wherever people study or work. As a result, a lot of businesses are investing in these types of training, thereby expanding the soft skill training market size. However, lack of soft skill training expertise and budget constraints among small & medium enterprises are some of the factors that are restricting the soft skills training industry growth.
Soft Skills Training Market Segmentation
The worldwide soft skills training market is split based on soft skill type, sourcing, delivery mode, channel provider, end-use industry, and geography.
Market by Soft Skill Type
According to our soft skills training industry analysis, the communication and productivity sub-segment will account for a sizable market share between 2022 and 2030. Soft skill training for employees has resulted in exceptional productivity and ROI. Additionally, communication skills training can help employees listen better and ask more detailed questions. Active listening, for example, can help people better comprehend others. This can assist them in completing their jobs more quickly and successfully. Thus, the revenue generated for communication and productivity is higher as compared to other soft skill types.
Market by Sourcing
In terms of sourcing, outsourcing remains more popular than in-house. Soft skill training activities can be highly advantageous to a company that is aiming to reduce its operational expenditures. It also has tangible benefits that will provide genuine value to a firm. Outsourcing allows businesses to have access to previously untapped skills that may be helpful. Furthermore, outsourcing allows businesses to hire the most skilled and professional trainers for soft skills where their in-house trainers may fall short.
Market by Delivery Mode
Based on the delivery model segment, the offline sub-segment is leading the market with the majority of the share from 2022 to 2030. Many businesses choose the offline delivery model because face-to-face training allows students or staff to learn faster and more effectively. Furthermore, offline training includes live exercises, group discussions, debates, physical activities, and a variety of other techniques that are enjoyable to learn in a classroom setting. However, because of the COVID-19 pandemic, which resulted in lockdowns and rules such as work from home and learns from home, revenue from the offline delivery model declined dramatically during this period.
Market by Channel Provider
Corporate/enterprise has the largest market share among all channel providers in 2021 and is expected to continue to do so in the years ahead, from 2022 to 2030. Corporate soft skills training is just as important as hard skills training since it fosters abilities such as decision-making and problem-solving. This further assists individual in becoming more productive, efficiently completing complex tasks, and becoming more invested in their work and environment. Academic/education channel provider, on the other hand, is expected to develop at the fastest rate in the next years due to the growing number of academic institutes and favorable government measures to incorporate soft skill exercises into their curriculum.
Market by End-Use Industry
According to our soft skills training market forecast, BFSI had the most market share in 2021 and will continue to do so in the future years. The importance of soft skill training in the banking and financial sector is significant since such training can assist bank personnel in efficiently selling their products and services. The media and entertainment sub-segment, on the other hand, is expected to rise significantly between 2022 and 2030.
Soft Skills Training Market Regional Outlook
The Middle East & Africa (MEA)
Significant investments by the corporate sector in soft skills training fuel the North American market growth
According to our regional analysis of the soft skills training business, North America dominated the market in 2021 with the highest share and will continue to do so in the future. Rising technological innovation, increased government investments, the existence of advanced infrastructure, and enrolment in soft skill training in academic and business settings are just a few of the drivers driving the North American soft skills training market. However, the Asia-Pacific region is poised to grow at a rapid pace due to favorable government initiatives, an increasing youth population, and an increase in the number of multinational corporations in nations such as China, India, Japan, and Singapore, among others.
Soft Skills Training Market Players
Some of the top soft skills training companies offered in the professional report include Articulate Global Inc., D2L Corporation, Cengage Learning Inc., Pearson PLC, Computer Generated Solutions Inc., New Horizons Worldwide LLC, edX Inc., QA Limited, NIIT Limited, and Skillsoft Corporation.
The estimated value of global soft skills training market in 2021 was accounted to be USD 24,142 Million.
The projected CAGR soft skills training market during the analysis period of 2022 to 2030 is 12.2%.
The prominent players of the global soft skills training market are 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.
North America held the dominating soft skills training during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for soft skills training during the analysis period of 2022 to 2030.
Growing need to reduce skill gap among employees, increasing trend of video-based learning, and rising awareness among individuals about soft skill training drives the growth of global soft skills training market.
Based on soft skill type, communication and productivity segment is expected to hold the maximum share soft skills training market.