Soft Skill Management Market: Size, Share, Trends and Growth Analysis till 2027 – Credence Research

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Soft Skill Management Market: Size, Share, Trends and Growth Analysis till 2027 - Credence Research
The soft skill management market was valued at US$ 38,972.9 Mn in 2027 and expected to grow at a CAGR of 12.5% during the forecast period from 2019 to 2027.

The soft skill management market was valued at US$ 38,972.9 Mn in 2027 and expected to grow at a CAGR of 12.5% during the forecast period from 2019 to 2027.

Market Insights

“Rising number of training programs incorporated by industries for employee’s skill development drives the market”

Soft skills are becoming a crucial part of today’s world about 75% of the employees describe soft skills as the most important skill. The increasing investments by various large enterprises and companies in soft skill management in the developing economies such as India and China is one of the key factors driving the soft skills management market. Additionally, with increasing digitalization and advancement in technology, consumers are now becoming more inclined towards using online mode to enhance their soft skills. Similarly, the enhancement of various training programs in schools, universities, management institutes, and corporates across the globe also increases the demand for soft skill management.

Browse the full report at https://www.credenceresearch.com/report/soft-skill-management-market

Rising demand for higher education empowers students to enroll in soft skills training programs. Moreover, the rising demand for soft skills across various organizations such as hospitality, banking and others supports the growth of the market. Additionally, with rising penetration of smartphones and IoT further supports the growth of the market.

Top manufacturers of soft skill management are focusing to increase their portfolio by launching new programs in the market.   

“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 conducted 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 as to maintain proper attendance records of employees.

The online delivery model is considered to be the fastest-growing segment during the forecast period due to increasing digitalization, internet penetration and adoption of smartphones have increased the usage of online content which is driving the online delivery mode. Online mode allows an individual to access any video associated with soft skills from anywhere irrespective of their location. Whereas, in offline delivery mode the individual has to attend classes physically and attend the classes.

Key Industry Development:

  • In June 2019, Skillsoft a global company incorporate learning expanded its geographical presence in India. The company established the city as a key development center for Percipo, soft skills intelligent program platform offered by the company.
  • In November 2019, NIIT Limited, a global leader in skill and talent development launched an initiative. 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.

Key Market Movements:

  • Globally, the soft skill management market is rising at a CAGR of 12.5% for the estimated period from 2019 to 2027
  • North America dominated the global soft skill management market in the year 2018 and expected to continue its dominance during the forecast period. The dominance supported by factors such as increased penetration and adoption of soft skill courses in the region.
  • Asia-Pacific expected to be the fastest-growing region in the year 2018 and expected to grow with a significant market CAGR during the forecast period due to the development of the hospitality industry in the region. Additionally, the increasing investments in the region by various multi-national companies is one of the major factor driving the market.
  • Based on the industry, the soft skills management market is subdivided into BFSI, manufacturing, hospitality, IT & telecom,  education,  retail,  media & entertainment, and others. The BFSI expected to hold the largest market share as the finance and bank companies have to deal with customers, staff and other individuals daily that require soft skills management.
  • The hospitality industry expected to be the fastest-growing segment due to the rising number of hotels, restaurants and other centers associated with hospitality that requires individuals with soft skills. Thereby, increases the demand for the soft skill management market.
  • The delivery mode segment subdivided into offline and online mode. Offline mode is expected to hold the largest share in the overall soft skill management market and expected to continue its dominance during the forecast period.

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 questions answered in this report

  • What are the current market trends and dynamics in the soft skill management market and valuable opportunities for emerging players?
  • What is driving soft skill management market?
  • What are the key challenges to market growth?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which segment holds a larger market share and why?
  • Are low and middle-income economies investing in the soft skill management market?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

Browse the full report at https://www.credenceresearch.com/report/soft-skill-management-market

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