11 September 2020
Forecasts predict that the global corporate training market is set to grow by $52.7 billion between 2020 and 2024.
This is not surprising given that reports state companies who invest in training can increase profit margins by 24%.
Global disruption across industries is resulting in evolved demand training and education. This has sparked a number of training industry trends.
To position for changing demands and benchmarks, companies in education, organization, and training spaces need to keep abreast of these trends and the resulting areas of digital transformation.
Read on to find out the top five trends in these sectors that are driving transformation.
1. Growing provisions for continuous learning sparks training industry trends
The continuous learning model has proven benefits for both employees and companies. Educators and B2B training companies are recognizing this and responding to corporate demand.
Digital transformation is disrupting industries across the board. Thanks to this, continuous learning models are becoming increasingly important. Developments such as enhanced security requirements and privacy laws are creating a corporate demand for continuous training.
Additionally, the globalization of business is only adding fuel to the fire of demand. This is because globally-focused growth creates educational requirements. These can be around language learning, enhanced cultural knowledge, regulatory requirements, etc.
To best serve their clients, training organizations are leveraging technology to deliver continuous learning models.
By implementing learning via virtual platforms, training, and education companies are negating the need for employees to attend physical training sessions. Instead, learners are able to complete training with minimal disruption to their schedules.
2. The implementation of E-Learning
As indicated above, e-learning is taking the world by storm. E-learning holds the power to deliver efficient and convenient training to corporate employees. In many cases, this can be at a reduced cost.
With time, Millennials are becoming the dominant workforce generation. In response, companies are looking for ways to deliver training in a format that their tech-savvy workers will embrace.
Educators looking to innovate are embracing this opportunity. They are using it to create learning platforms that increase information retention and ease-of-use.
What’s more, e-learning and its associated technology offers businesses a streamlined system for tracking and managing employee training requirements and outcomes.
3. Rising demand for learning management systems
B2B training and education companies are striving to deliver competitive options. An increasing number are now offering their corporate clients integrative learning management systems (LMS).
Learning management systems optimize the management of training needs. They can also provide training outcome analytics.
What’s more, LMS platforms act as storage hubs. Here industry-specific training materials can be housed and distributed. Video lectures, webinars, online resources, tests, and other materials can all be made available from one easily accessible location.
4. Reporting and analytics plays an important role in learning and development
As the business impacts of data become recognized, business leaders are relying increasingly on company data to guide their internal decision making.
To assist clients in tracking, predicting, and analyzing training needs and outcomes, B2B educational organizations are innovating to provide superior training analytics features.
Not only does analytics serve clients, but it also benefits providers. B2B training and education companies that offer analytics functions within LMS platforms are able to demonstrate the value of their service. If clients can see clear and positive data around training programs, they will be more likely to continue using the service.
5. Increased focus on affordability
Globalization and virtual training have increased competition within the education space. Gone are the days where a brick and mortar training center could dominate its immediate area.
Instead, businesses now have access to a range of educational and training services.
To compete for market share, B2B training companies are looking into how to bring down costs while improving their offerings.
Education has historically been notoriously expensive. However, it would seem that the tide has turned.
More and more corporate education organizations are working to provide competitively priced training. This has, in turn, is spurring further digital transformation in the space. To cut down on costs, B2B training companies are focusing on creating reusable resources that can be accessed remotely.
This is causing a movement away from lecture-based learning. Educators are now being forced to hone in on content creation as opposed to repetitive live presentation.
Leverage big data to keep up with these training industry trends
Staying informed of the major trends driving digital innovation is key to maintaining a competitive edge in today’s connected market place.
Now that you know about these training industry trends, what is your organization going to do to capitalize on them?
Before you make any significant decisions—does management have the data that it needs at its fingertips? Informed and effective decision making is impossible without access to high-quality data. Unfortunately, survey results show it’s likely that 94% of companies have messy data.
Before you initiate change in response to trends, it is vital that you can draw on reliable data to guide your decision making.
If your B2B organization’s data is in a mess, you are mere steps away from a solution. Cleaning and structuring data can be a tricky business. However, if you engage a trusted partner, you can get clean data in a minimum amount of time.
If you need clean, accessible data fast, take a look at our data integration services. We offer data auditing, deduplication, data cleaning, and data enrichment. By cleaning up data, not only can companies implement informed decision making. They can also cut down on data storage costs, improve their brand image, enhance efficiency, and more.