According to a new market report published by Transparency Market Research, the global soft skills management market was valued at US$ 11,289.7 Mn in 2016 and is expected to expand at a CAGR of 11.9% from 2018 to 2026, reaching US$ 33,736.1 Mn by the end of the forecast period. According to the report, the global soft skills management market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of about 12.6% throughout the forecast period.
Increasing demand for higher education continues to drive the market
The global soft skills management market is majorly driven due to rising awareness and adoption of skill development training programs. Improved development rates in secondary and primary schools is also one of the major factors resulting in increasing demand for higher education. As more students complete cycles of secondary education, they look forward to higher education to prepare themselves for new professions and life opportunities. Growing number of enrolments for higher education indicates growth in number of graduates that are ready to join the workforce of the economy.
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These graduates/post graduates are expected to master the soft skills suitable for the job role the recruiter is looking for. This compels students to enroll themselves in soft skills training programs, thus supporting the growth of the market. As the number of students passing out each year is expected to increase, it is estimated that the market will expand at a significant pace. However, the global soft skills management market is challenged mainly by the fact that there is lack of awareness of soft skill development training courses, especially online asynchronous courses, in the under developed countries and in some economies of the developing countries.
Soft Skills Management Market: Scope of the Report
The report offers detailed segmentation based on the soft skill type, delivery mode, end-use industry, and provider. During the initial years, the offline market will dominate the market. However, due to key benefits such as flexibility and scalability, the online market is expected to contribute significantly during the forecast period. On the basis of soft skill type, the market is segmented into Management & Leadership, Administration & Secretarial, Communication & Productivity, Personal Development and others. There are various soft skills which recruiters seek in a candidate while recruiting. However, these skills develop over a period of time in a candidate. Communication & productivity courses refine both oral & written communication and also nurtures the related skills. In terms of end-use industry, IT & Telecom experiences huge demand for employees who are well trained and aware of soft skills. According to 60% of IT leaders, IT skill gap severely or moderately impacts the team or organization. Furthermore, the software industry recruits the most millennial who are required to go through soft skills training courses to improve their overall work quality.
Global Soft Skills Management Market: Competitive Dynamics
Major strategies adopted by soft skills management providers include strategic acquisitions and partnerships. Major players such as Cengage Learning, Inc., edX, Inc., Pearson PLC, and NIIT Limited are working toward integration and creation of user-friendly and effective solutions. During the forecast period, it is estimated that the established players in the market would either get merged into large enterprises or would give tough competition to the emerging players in the market. It is estimated that large soft skills management vendors would acquire regional players to improve their distribution networks in domestic as well as international markets. Some other significant players active in the soft skills management market are The Insights Group Ltd., Tata Interactive Systems, Skillsoft Corporation, and D2L Corporation.