Growing emphasis on effective communication and collaboration in the corporate sector is anticipated to drive the growth of the global online soft skills training market during the forecast period. The Asia-Pacific region is expected to observe significant growth during the forecast period.
NEW CASTLE, Del., Feb. 9, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Online Soft Skills Training Market By Type (Communication, Teamwork, Time Management, Problem-solving, Creativity, Leadership, Others), By Company Size (Small Companies, Mid-sized Companies, Large Companies), By Learner (Male, Female), By Application (Business Services, Science and Engineering, Finance and Insurance, Technology, Marketing and Advertising, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global online soft skills training market generated $7.2 billion in 2022, and is anticipated to generate $24 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032.
Prime Determinants of Growth
The increasing demand for remote and hybrid work arrangements as well as the rising emphasis on effective cooperation and communication is boosting the growth of the online soft skills training market. However, challenges such as potential technological faults, connection concerns, and skepticism about the reliability of online soft skills training programs are factors restraining the market growth during the forecast period. On the other hand, the rising recognition of the critical role soft skills play in the evolving workplace and the increasing investments in innovative technologies to enhance online training experiences are expected to unlock rewarding growth opportunities in the global online soft skills training market during the forecast period.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $7.2 billion |
Market Size in 2032 | $24 billion |
CAGR | 12.8 % |
No. of Pages in Report | 320 |
Segments covered | Type, Company Size, Learner, Application, and Region |
Drivers | Increased demand for remote and hybrid work arrangements Growing awareness about the significance of soft skills in adapting to technological advancements and automation |
Opportunities | Increasing investments in advanced technologies to enhance the quality and personalization of online soft skills training
Rising recognition of the importance of emotional intelligence and adaptability |
Restraints | Skepticism about the reliability of online soft skills training programs owing to their technical and connection errors |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the global online soft skills training market. The pandemic significantly increased access to professional development opportunities, driving a surge in demand for online soft skills training.
- The removal of physical barriers due to the pandemic boosted inclusivity, allowing individuals across the globe to participate in high-quality training programs from the comfort of their homes.
- The pandemic surged the importance of soft skills in the remote work environment, leading to an increased emphasis on online training to meet evolving workplace demands.
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Type: Communication Sub-Segment to Grow with Highest CAGR by 2032
The communication sub-segment dominated the market in 2022, holding a major share of 24.5%. This dominance is expected to continue till 2032, growing with a CAGR of 14.1%. This growth is mainly due to the growing recognition of the pivotal role effective communication plays in remote work environments, fostering effective leadership, and meeting the rising demand for clear and efficient communication skills in the evolving professional landscape.
Company Size: Large Companies Sub-Segment Expected to Hold Leading Market Share by 2032
The large companies sub-segment dominated the global online soft skills training market share in 2022, holding a major share of 40.4%. This sub-segment is expected to hold a leading market share of 39.8% by 2032. This growth is mainly because of the increasing awareness that employees with enhanced soft skills collaborate more efficiently, reducing misunderstandings and enhancing overall productivity in large corporate settings.
Learner: Male Sub-Segment Predicted to Hold Leading Market Share by 2032
The male sub-segment dominated the global online soft skills training market share in 2022, holding a major share of 55.3%. This sub-segment is expected to hold a leading market share of 54.2% by 2032. This growth is mainly because of the increasing recognition of the value of soft skills in fostering effective communication, leadership, and adaptability, driving a rising demand for tailored online training experiences.
Application: Business Services Sub-Segment Anticipated to Hold Leading Market Share by 2032
The business services sub-segment led the market in 2022, holding a substantial share of 28.7%. This sub-segment is expected to hold a leading market share of 31.5% by 2032. The growth of the sub-segment is mainly because of the increasing demand for online soft skills training in response to the dynamic nature of the modern workplace, boosting the need for effective communication and collaboration within organizations.
By Region: Asia-Pacific Estimated to Dominate the Market in Forecast Period
The Asia-Pacific region dominated the global online soft skills training market in 2022, holding a major share of 35.7%. The dominance of this region is expected to continue by rising with a CAGR of 13.6% in the forecast period. This is mainly due to increasing demand for online soft skills training, rising flexibility offered by these programs, and the growing awareness of their cost-effectiveness in the region. Moreover, the region's dynamic corporate environment and diverse workforce needs are key factors boosting the region's dominance in the global online soft skills training market.
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Leading Players in the Online Soft Skills Training Market:
- Pluralsight LLC
- HubSpot, Inc.
- Coursera
- Udemy Academy
- Toastmasters International
- Harvard Extension School
- Franklin Covey Co.
- edX LLC.
- Skillsoft
- LinkedIn Corporation
The report provides a detailed analysis of the key players of the global online soft skills training market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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