PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128316
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128316
Key Market Insights
"Rising penetration of IoT based platform supports the market growth"
The soft skill management market is expected to grow at a CAGR of 12.5% during the forecast period from 2022 to 2030, expected to reach US$ 53,587.7 Mn by 2030.
Soft skills are defined as the attitudes, personality traits, habits, and behaviors of a person that is displayed by them during working with others. These skills play a vital role in any organization as it enhances the functionality and productivity of an organization. These skills are rapidly becoming critical for employees working in various industries and who are performing different functions. The companies, recruiters, and corporations tend to recruit and focus on the employees who are highly skilled and trained so that to maintain a healthy relationship within the organization.
Similarly, the increase in the demand for a highly skilled workforce by various industrial verticals is expected to drive the market during the forecast period. Moreover, with digitalization and urbanization, the availability of new learning techniques has increased, rising training institutions in the higher education sectors are also adopting collaborative learning methods which result in improving the personality development of an individual, and also allow them to develop a multi-dimensional skillset. Thereby, increases the demand for the soft skill management market. Moreover, new internet-based companies across various geographies are increasingly opting for soft skills management programs to train their workforce. Research studies suggest that companies spent about US$ 200 monthly on each employee for professional seeking services. The aforesaid reasons are some of the key factors that support the growth of the market.
DELIVERY MODE ANALYSIS
"Offline mode holds the largest share in the overall soft skill management market"
In 2021, the overall soft skills management market was governed by the offline segment expected to contribute more than 55.0% of the market share. The rising number of institutes and classes for soft skill development is driving the market. Moreover, a survey conducted by the Institution of Engineering and Technology (IET) (U.K) suggests that about 65% of mid-sized companies impart soft skill training over technical training to new employees. Additionally, over 35% of companies prefer offline training methods as to maintain proper attendance records of employees.
The online delivery model is considered to be the fastest-growing segment during the forecast period due to increasing digitalization, internet penetration and adoption of smartphones have increased the usage of online content which is driving the online delivery mode. Online mode allows an individual to access any video associated with soft skills from anywhere irrespective of their location. Whereas, in offline delivery mode the individual has to attend classes physically and attend the classes.
Regional Analysis
"North America dominated the soft skill management market in the year 2018"
The global soft skills management market was dominated by North America contributing to about 35.0% in the year 2021. The rising demand and penetration of soft skills among employees across various industries are one of the major factors driving the growth of the market in the North America region. Moreover, the increasing investments from the government and private sectors are also contributing to the growth of the market. The U.S Labor Department suggests that there was growth in the jobs in the year 2019 but the skill gap among employees needs to be settled in a rapidly changing economy. Thereby, increasing the demand for soft skill management.
"Asia Pacific is projected to grow at a considerable rate during the forecast period"
The Asia Pacific is expected to grow at an evident rate during the forecast period due to the increasing adoption of the digital platform across the region. Besides, the wide skill gap among employees in the region supports the market growth.
List of Companies Covered:
Skillsoft Corporation
Tata Interactive Systems
The Insights Group Ltd.
VitalSmarts
Wilson Learning Worldwide
Articulate Global, Inc.
QA Ltd.
Skill Key Interactive, LLC
Cengage Learning, Inc.
Computer Generated Solutions, Inc.
D2L Corporation
edX, Inc.
Interaction Associates, Inc.
New Horizons Worldwide, LLC.
NIIT Limited
Pearson PLC
Key Industry Developments:
In June 2019, Skillsoft a global company incorporate learning expanded its geographical presence in India. The company established the city as a key development center for Percipo, soft skills intelligent program platform offered by the company.
In November 2019, NIIT Limited, a global leader in skill and talent development launched an initiative. The FutureFest initiative offered college students to enhance their skills through various future-ready programs.
In May 2018, Computer Generated Solutions entered into a partnership agreement with Custodia Technology. The partnership aims to offer cross-platform service and support to investment service providers.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Soft Skill Management market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Soft Skill Management market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE DETAILS
Research Period 2020-2030
Base Year 2021
Forecast Period 2022-2030
Historical Year 2020
Unit USD Million
Segmentation
Type
Personal Development
Management & Leadership
Administration & Secretarial
Communication & Productivity
Others (Teamwork, etc.)
Providers
Corporate/Enterprise
Academic
Government Organization
Delivery Mode
Regular/Offline
Online
Synchronous Online Course
Asynchronous Online
Hybrid Courses
Industry Segment
BFSI
Manufacturing
Hospitality
IT & Telecom
Education
Retail
Media & Entertainment
Others
Region Segment (2020-2030; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Pre Covid-19 situation
Post Covid-19 situation
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Soft Skill Management market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Soft Skill Management market?
Which is the largest regional market for Soft Skill Management market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Soft Skill Management market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Soft Skill Management market worldwide?