Rising penetration of IoT-based platforms supports market growth.
The soft skill management market is expected to grow at a CAGR of 12.5% from 2019 to 2027, with a market value of 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 while 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 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 relationships 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 the higher education sector are also adopting collaborative learning methods, which improve an individual's personality development and allow them to develop a multi-dimensional skillset. As a result, the demand for the soft skill management market grows. 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 $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
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, which was 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 midsized 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, which 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. In contrast, in offline delivery mode, the individual must physically attend classes.
North America dominated the soft skill management market in 2018.
North America dominated the global soft skills management market in 2018, accounting for approximately 35.0% of the total. The rising demand for and penetration of soft skills among employees across various industries is one of the major factors driving 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 closed in a rapidly changing economy. As a result, the demand for soft skills in management is increasing.
Asia Pacific is projected to grow considerably during the forecast period.
Due to the increasing adoption of digital platforms across the region, Asia Pacific is expected to grow at a noticeable rate during the forecast period. Besides, the wide skill gap among employees in the region supports 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.
Inc. Computer Generated Solutions
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 city was designated as a key development center for Percipo, a platform for intelligent programs based on soft skills.
In November 2019, NIIT Limited launched an initiative as a global leader in skill and talent development. The FutureFest initiative offered college students the opportunity 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 services and support to investment service providers.
Periods of History and Forecast
This study report represents the analysis for each segment from 2017 to 2027, considering 2018 to be the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027. Segmentation
Type (2017-2027; millions of dollars)
Personal Development
Management and Leadership
Administration and Secretarial
Communication and Productivity
Others (teamwork, etc.)
Providers (2017-2027; millions of dollars)
Corporate/Enterprise
Academic
Government Organization
Mode of Delivery (2017-2027; US$ Mn)
Regular/Offline
Online
Synchronous Online Course
Online Asynchronous
Hybrid Programs
Industry Segment (US$ Mn) (2017-2027)
BFSI
Manufacturing
Hospitality
IT & Telecom
Education
Retail
Media & Entertainment
Others
Geography (2017-2027; millions of dollars)
North America (the United States and the rest of North America)
Europe (United Kingdom, Germany, France, and the Rest of Europe)
Asia Pacific (Japan, China, India, and the Rest of Asia Pacific)
Rest of the World (Latin America, the Middle East, and Africa)
To better understand the overall soft skill management market, the current report includes qualitative and quantitative market valuation factors such as key market drivers, market trends, restraints, and opportunities. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolios, and business strengths.
Frequently Asked Question:
The market for Soft Skill Management Market is expected to reach USD$ XX Mn in 2027.
The Soft Skill Management Market is expected to see significant CAGR growth over the coming years, at 12.5%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
BFSI,Manufacturing,Hospitality,IT & Telecom,Education,Retail,Media & Entertainment. are some of the major players in the global market.
