Learning and Development – Procurement Best Practices & Sourcing Strategies

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Learning and Development Market Global Size:

The ELINT Market Research’s latest released learning and development procurement market research report states that the market size achieved $377 billion in 2023, and is expected to further develop to reach $393 billion worth in 2026 at a CAGR of 2-3%.

Market Definition:

The learning and development market focuses on providing services to enhance peoples’ learning, skillfulness, and abilities on both regional and global levels. This industry caters to a wide range of individuals’ education requirements including students, working professionals, job seekers, entrepreneurs, and more. Also, organizations operating in this market employ different approaches like training programs, digital education platforms, seminars, mentors’ guidance, and skill enhancement courses. Hence, learners can upskill their knowledge depending on their personalized and adaptable preferences and requirements.

Learning and Development Market Drivers:

1. Rise of Technological Innovations –

Multiple technological innovations are rising day by day including artificial intelligence, IoT, virtual reality, machine learning, cloud computing, and more. Thus, these technologies drive significant growth in the global learning and development market. This market offers digital learning platforms to consumers, so they can constantly work on their upskilling and reskilling moves.

2. Workforce Skill Improvement –

Another key growth driving factor for the learning and development market is worldwide organizations are focusing on their workforce skill enhancement, due to evolving advanced technologies. This way, employees can work on their skill gaps and stay up-to-date on industry trends.

3. Expansion in Remote Learning Trend –

Similarly to remote work, people are also adopting remote learning, which vastly contributes to the global learning and development market. These online learning and training platforms provide flexibility to people, so they can gain upskill according to their availability and needs.

Learning and Development Market Challenges:

1. Integration of Advanced Technologies –

Undoubtedly, advanced technologies like AI, virtual reality, machine learning, etc. bring great opportunities. However, they also pose challenges for the learning and development market since service providers feel difficulty in integrating these innovations into their existing learning systems.

2. Engagement of Busy Learners –

In today’s fast-paced world, learning and development service providers face challenges in maintaining constant engagement and motivation for learners. The reason behind this is consumers’ busy work schedules; hence, service providers struggle to involve users in their educational content.

3. Diverse Learning Preferences –

Another key challenge that learning and development service providers experience is keeping pace with the diverse learning preferences of individuals, who might be of different backgrounds and generations.

Learning and Development Market Opportunities:

1. Flexible and Personalized Learning Solutions –

One of the major opportunities that the learning and development market experiences are the constant adoption of adaptive learning platforms since they provide tailored education experiences to individuals based on their needs and preferences.

2. Emerging Microlearning Technique –

The micro-learning technique propels great opportunities for the learning and development market since it allows users to learn in short and focused modules and saves their time. Hence, with these targeted learning materials, individuals can obtain education at their preferred time and focus on other things also.

3. Preparing Individuals for Future Job Roles –

This technology-driven world is evolving rapidly and in upcoming years, various smart technologies like artificial intelligence, machine learning, cybersecurity, data science, etc., will rule. Thus, today’s generation is focusing on learning these technologies via training and skill enhancement platforms and securing their future job roles.

Learning and Development Market Segmentation:

1. Different Learning and Development Methods –

The foremost segmenting factor for the learning and development market is different types of education delivery methods including classroom training, e-learning, online courses, hybrid learning, etc.

2. Types of Learning Content –

Another prime segmenting factor for the learning and development market is distinct types of content like typical courses, interactional modules, gameful content, and graphics-based resources. Thus, with these diverse education materials, organizations can fulfill different learning styles and choices of consumers.

3. Involvement of Various Industries –

The global learning and development market caters to multiple industries’ skill requirements which include IT, medicine, banking, retail, transportation, manufacturing, entertainment, and more. Hence, service providers can tailor their learning programs based on diverse sectors’ requirements.

COVID-19 Impact on the Learning and Development Market:

The COVID-19 pandemic has significantly impacted the technology-enabled training services in the global learning and development market since people have shifted their preferences toward widespread remote learning. Hence, traditional learning method providers encountered a lack of consumers. Further, this remote education trend continues to evolve, and today’s generation vastly adopted technology-driven training approaches. These approaches usually include virtual learning platforms and digital certification programs.

Market Maturity Regions in the Learning and Development Market:

In the global learning and development market, multiple regions emerged as significant market players among which, the foremost country is North America, which holds high market maturity and is valued at $179 billion; also this nation will continue to evolve at a growth rate of 2–3%. Likewise, another key region is Europe, which evaluated $89 billion worth and also demonstrated a development rate of 1–3%. Consequently, these figures reflect that these two territories have established robust ecosystems and infrastructure for learning and development services.

Moreover, besides these two countries, some other provinces also occurred as major contributors to the success of the learning and development market. These regions include some parts of APAC, including Australia, Japan, Hong Kong, and Singapore, which show high market maturity, and also run resilient educational practices. Additionally, it is predicted that selected domains of APAC and LATAM countries will propel growth in the learning and development services sector in the upcoming years.

Leading Suppliers in the Learning and Development Market:

Many of the top businesses in the learning and development industry make major contributions by providing cutting-edge technologies and learning solutions to fulfill the changing demands of companies and learners throughout the world. These notable suppliers include Corporate Training Services​, Canadian Training Company​, Corporate Training Group​, Indigenous Corporate Training Inc.​, KSL Training​, ACT Advanced Corporate Training​, Inlingua, Synergiepunkt, Berlitz​,

Affero Lab​, Lexian, Silvia Haskler Corporate Training​, Bridge Argentina​, Compass Corporate Training​, Intlang Corporate Training, ClarkMorgan​, Wagons Learning​, Coalesce, Chartall Business College​, HNI Training and Coaching, Spear Head​, NADIA Training Institute​.