“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 2019 to 2027, starting from US$ 38,972.9 Mn in 2027.
Soft skills are defined as the attitudes, personality traits, habits, and behaviors of a person that they display during working with others. These skills play a vital role in any organization as they enhance its functionality and productivity. In addition, these skills are rapidly becoming critical for employees working in various industries and who are performing different functions. As a result, companies, recruiters, and corporations tend to recruit and focus on highly skilled and trained employees 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, and rising training institutions in higher education sectors are also adopting collaborative learning methods, which improve an individual's personality development and 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. In addition, research studies suggest that companies spend about US$ 200 monthly on each employee for professional services. The aforementioned reasons are some of the key factors that support the market's growth.
Market Synopsis
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DELIVERY MODE ANALYSIS
“Offline mode holds the largest share in the overall soft skill management market.”
In 2018, 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 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 to maintain employees' proper attendance records.
The online delivery model is considered the fastest-growing segment during the forecast period due to increasing digitalization, internet penetration, and smartphone adoption have increased online content usage, which is driving the online delivery mode. Online mode allows an individual to access any video associated with soft skills from anywhere, irrespective of location. Whereas, in offline delivery mode, the individual has to attend classes physically and attend the classes.
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Regional Analysis
“North America dominated the soft skill management market in 2018.”
The global soft skills management market was dominated by North America, contributing to about 35.0% in the year 2018. The rising demand and penetration of soft skills among employees across various industries are one of the major factors driving the market growth in the North American region. Moreover, the increasing investments from the government and private sectors also contribute to the market's growth. The U.S Labor Department suggests that there was growth in jobs in 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 considerably 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 digital platforms across the region. Besides, the wide skill gap among employees in the region supports the market growth.
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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 learning company, expanded its geographical presence in India. The company established the city as a key development center for Percipo, a soft skills intelligent program platform.
- In November 2019, NIIT Limited launched an initiative, a global leader in skill and talent development. 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 for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.Segmentation
Type (2017–2027; US$ Mn)
- Personal Development
- Management & Leadership
- Administration & Secretarial
- Communication & Productivity
- Others (Teamwork, etc.)
Providers (2017–2027; US$ Mn)
- Corporate/Enterprise
- Academic
- Government Organization
Delivery Mode (2017–2027; US$ Mn)
o Synchronous Online Course
o Asynchronous Online
o Hybrid Courses
Industry Segment (2017–2027; US$ Mn)
- BFSI
- Manufacturing
- Hospitality
- IT & Telecom
- Education
- Retail
- Media & Entertainment
- Others
Geography (2017–2027; US$ Mn)
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (Japan, China, India, Rest of Asia Pacific)
- Rest of the World (Latin America, Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall soft skill management market better. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
