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Online Soft Skills Training Market to Reach $24 Billion Globally by 2032 at 12.8% CAGR: Allied Market Research
Growing emphasis on effective communication and collaboration in the corporate sector is anticipated to drive the growth of the global online soft skills training market during the forecast period. The Asia-Pacific region is expected to observe significant growth during the forecast period.
NEW CASTLE, Del., Feb. 9, 2024 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Online Soft Skills Training Market By Type (Communication, Teamwork, Time Management, Problem-solving, Creativity, Leadership, Others), By Company Size (Small Companies, Mid-sized Companies, Large Companies), By Learner (Male, Female), By Application (Business Services, Science and Engineering, Finance and Insurance, Technology, Marketing and Advertising, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global online soft skills training market generated $7.2 billion in 2022, and is anticipated to generate $24 billion by 2032, witnessing a CAGR of 12.8% from 2023 to 2032.
Prime Determinants of Growth
The increasing demand for remote and hybrid work arrangements as well as the rising emphasis on effective cooperation and communication is boosting the growth of the online soft skills training market. However, challenges such as potential technological faults, connection concerns, and skepticism about the reliability of online soft skills training programs are factors restraining the market growth during the forecast period. On the other hand, the rising recognition of the critical role soft skills play in the evolving workplace and the increasing investments in innovative technologies to enhance online training experiences are expected to unlock rewarding growth opportunities in the global online soft skills training market during the forecast period.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$7.2 billion |
|
Market Size in 2032 |
$24 billion |
|
CAGR |
12.8 % |
|
No. of Pages in Report |
320 |
|
Segments covered |
Type, Company Size, Learner, Application, and Region |
|
Drivers |
Increased demand for remote and hybrid work arrangements Growing awareness about the significance of soft skills in adapting to technological advancements and automation |
|
Opportunities |
Increasing investments in advanced technologies to enhance the quality and personalization of online soft skills training
Rising recognition of the importance of emotional intelligence and adaptability |
|
Restraints |
Skepticism about the reliability of online soft skills training programs owing to their technical and connection errors |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the global online soft skills training market. The pandemic significantly increased access to professional development opportunities, driving a surge in demand for online soft skills training.
- The removal of physical barriers due to the pandemic boosted inclusivity, allowing individuals across the globe to participate in high-quality training programs from the comfort of their homes.
- The pandemic surged the importance of soft skills in the remote work environment, leading to an increased emphasis on online training to meet evolving workplace demands.
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Type: Communication Sub-Segment to Grow with Highest CAGR by 2032
The communication sub-segment dominated the market in 2022, holding a major share of 24.5%. This dominance is expected to continue till 2032, growing with a CAGR of 14.1%. This growth is mainly due to the growing recognition of the pivotal role effective communication plays in remote work environments, fostering effective leadership, and meeting the rising demand for clear and efficient communication skills in the evolving professional landscape.
Company Size: Large Companies Sub-Segment Expected to Hold Leading Market Share by 2032
The large companies sub-segment dominated the global online soft skills training market share in 2022, holding a major share of 40.4%. This sub-segment is expected to hold a leading market share of 39.8% by 2032. This growth is mainly because of the increasing awareness that employees with enhanced soft skills collaborate more efficiently, reducing misunderstandings and enhancing overall productivity in large corporate settings.
Learner: Male Sub-Segment Predicted to Hold Leading Market Share by 2032
The male sub-segment dominated the global online soft skills training market share in 2022, holding a major share of 55.3%. This sub-segment is expected to hold a leading market share of 54.2% by 2032. This growth is mainly because of the increasing recognition of the value of soft skills in fostering effective communication, leadership, and adaptability, driving a rising demand for tailored online training experiences.
Application: Business Services Sub-Segment Anticipated to Hold Leading Market Share by 2032
The business services sub-segment led the market in 2022, holding a substantial share of 28.7%. This sub-segment is expected to hold a leading market share of 31.5% by 2032. The growth of the sub-segment is mainly because of the increasing demand for online soft skills training in response to the dynamic nature of the modern workplace, boosting the need for effective communication and collaboration within organizations.
By Region: Asia-Pacific Estimated to Dominate the Market in Forecast Period
The Asia-Pacific region dominated the global online soft skills training market in 2022, holding a major share of 35.7%. The dominance of this region is expected to continue by rising with a CAGR of 13.6% in the forecast period. This is mainly due to increasing demand for online soft skills training, rising flexibility offered by these programs, and the growing awareness of their cost-effectiveness in the region. Moreover, the region’s dynamic corporate environment and diverse workforce needs are key factors boosting the region’s dominance in the global online soft skills training market.
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Leading Players in the Online Soft Skills Training Market:
- Pluralsight LLC
- HubSpot, Inc.
- Coursera
- Udemy Academy
- Toastmasters International
- Harvard Extension School
- Franklin Covey Co.
- edX LLC.
- Skillsoft
- LinkedIn Corporation
The report provides a detailed analysis of the key players of the global online soft skills training market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Fintech PR
Acceleration of global marketing collaboration between Milk Partners, AirAsia rewards, and The Sandbox
– Milk Partners, AirAsia rewards and The Sandbox are collaborating to provide a new experience allowing users to earn real-world value through the metaverse gaming platform
– Launching metaverse game project ‘MiL.k X BIGGIE Wonderverse’ offering SAND Tokens, Milk Coins and AirAsia points
– “MiL.k is committed to continuously expanding its blockchain ecosystem through strategic partnerships with global partners.”
SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — Milk Partners has announced a collaboration with The Sandbox, the global metaverse platform, and AirAsia rewards, the loyalty program of Asia’s leading online travel agency (OTA), AirAsia MOVE. This partnership is set to offer global users an immersive Web3 experience where they can earn rewards with real-world value through engaging in a metaverse-based game.
The newly launched ‘MiL.k X BIGGIE Wonderverse’ metaverse game allows users to earn Sand Tokens, Milk Coins, and AirAsia points. The game is inspired by BIGGIE, the mascot of AirAsia rewards, and modeled after the BIGGIE Wonderland mini-game in the AirAsia MOVE app. Users need to first complete tasks by collecting Milk Coins (symbolized game assets) in the Sandbox metaverse, which can be exchanged for other game assets such as virtual AirAsia points, virtual passports, and virtual boarding passes. Once all tasks are completed, users will then be rewarded with Milk Coins, Sand Tokens, and AirAsia points.
This collaboration has been based on MiL.k’s reliability and strong global network, which has steadily expanded partnerships with major global companies and has become an innovative model for the industry.
This collaboration is part of MiL.k’s broader strategy to expand its blockchain-based loyalty ecosystem, which already includes partnerships with SK OK Cashbag, Lotte L.Point, CU, Megabox, Yanolja, and others. AirAsia rewards operates a comprehensive loyalty platform for the AirAsia group, enhancing its travel and lifestyle businesses, including airlines, online travel agent (OTA), logistics, aviation services, e-commerce, financial services, and more. The Sandbox, a global metaverse platform with over 6 million users, offers a unique space for creating games and generating revenue. Together, AirAsia rewards and The Sandbox will further expand MiL.k’s ecosystem through global partnerships.
The CEO of Milk Partners, Jungmin Cho said “Following our successful collaboration event with CU, we are happy to announce the next event with AirAsia rewards. Through this partnership, for partners, we are providing a new marketing channel on metaverse and for users, we are expecting to share the fun experience and real benefits.” He added, “We will continue to explore various opportunities with global partners across diverse industries.”
In June, MiL.k introduced a metaverse experience ‘Play CUX MiL.k’ with CU and The Sandbox, offering users an engaging new way to explore blockchain and the metaverse. MiL.k is committed to continuously expanding its global partnerships to provide more exciting experiences for global users.
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Fintech PR
H&M Foundation: Global Change Award 2025 launched – with a mission to accelerate innovation for a net-zero textile industry by 2050
STOCKHOLM, Oct. 23, 2024 /PRNewswire/ — The H&M Foundation today announces a significant shift in its overall strategic direction, focus on supporting the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. The innovation challenge Global Change Award 2025 (GCA) is the first initiative to reflect this shift.
GCA is now seeking innovative ideas addressing different high emission areas across the textile industry value chain, including sustainable materials and processes, responsible production, mindful consumption, and ‘wildcards’ that support the GCA purpose. Today, only a fraction of philanthropic capital is directed to climate.
“The textile industry needs all hands-on deck if we are going to meet our climate goals by 2050, and we must ensure this transition is fair for everyone. I really believe that innovation is key to decarbonising the industry, and that the Global Change Award can play a role in identifying and growing future changemakers whose ideas can have a transformative impact if given the right support,” says Karl-Johan Persson, Board Member of the H&M Foundation.
Since GCA launched in 2015, 46 innovations have received support and a combined grant of 8 million euros. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are other key updates to the GCA:
- New focus area – decarbonising the textile industry.
- Holistic approach – equipping changemakers with a holistic people and planet mindset.
- Wider range of changemakers – switching to a nomination-based process, instead of an open application system.
- Systems change approach – equipping changemakers to consider the entire textile value chain and its interconnectedness while also considering the impact on people.
“While the industry is hungry for innovation, the holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator’s journey overlooked – this is where philanthropy can make a real difference”, says Annie Lindmark, Programme Director for Innovation at the H&M Foundation.
In addition to financial support, winners will gain access to a powerful network of mentors, collaborators, and industry leaders to help bring their solutions to life. Together with partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong, tailormade Changemaker Programme. The Global Change Award 2025 winners will be announced in April 2025.
CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59
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Exclusive tech event will convene business leaders, investors and thought leaders in 2025
LAGUNA BEACH, Calif., Oct. 22, 2024 /PRNewswire/ — Dow Jones announced today the expansion of WSJ Tech Live through a multi-year agreement that will bring the marquee event to the State of Qatar starting next year. Appearing on stage at this year’s event in Laguna Beach, Calif., Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office of the State of Qatar, and Almar Latour, publisher of The Wall Street Journal and CEO of Dow Jones, jointly announced that WSJ Tech Live Qatar will debut in late 2025 and take place annually for five years.
This marks the first time WSJ’s most exclusive tech event will be held in the Middle East. The invitation-only conference will bring together an audience of over 200 C-suite executives, investors, innovative startups and influential venture capitalists from across the world. Dow Jones will continue to operate WSJ Tech Live annually in California while adding WSJ Tech Live Qatar to the calendar starting in December 2025.
Sheikh Jassim highlighted that the conference aligns with Qatar’s vision to become a global hub for advanced technology and innovation, as outlined in the Third National Development Strategy and Qatar National Vision 2030.
“Hosting WSJ Tech Live marks another significant step in the growth of Qatar’s technology ecosystem,” said Sheikh Jassim. “When the world’s top tech leaders gather in Qatar, it will create an unparalleled opportunity to benefit from their diverse expertise, insights and global networks. This will inspire local talent, attract international investment, and create avenues for strategic global partnerships that propel our development journey forward.”
“Dow Jones and The Wall Street Journal deliver reliable journalism, data, and analytics to business professionals worldwide, and to do so we must reflect the entire global business community,” said Latour. “With the MENA region’s growth and increased role in tech–especially at the intersection of AI and the energy sector–we are delighted to be partnering with Qatar.”
Currently in its 11th year, WSJ Tech Live convenes the biggest newsmakers in technology across entertainment, music, robotics and AI, science and more. This year’s marquee event is the company’s most successful Tech Live since its inception, with record-breaking sponsorship revenue. The event showcased groundbreaking insights on a wide range of topics including the global impact of generative AI, the future of brain-computer interfaces, the outlook for startup investments, fostering the next generation of technology talent and how the upcoming U.S. election could impact the tech industry.
WSJ Tech Live joins a series of global events hosted in Qatar, including the FIFA World Cup™, Web Summit Qatar, Formula 1 Qatar Grand Prix, and Doha Forum. The event also builds on Dow Jones’s existing presence in MENA, which serves as an important hub for reporting from The Wall Street Journal, and home to key sales and services functions.
About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).
About the Government Communications Office of the State of Qatar
The Government Communications Office was established in 2015 to serve as the strategic communications arm of the State of Qatar. It coordinates communications activities across government and public-sector institutions, showcasing the country’s vision, initiatives and achievements in line with the Qatar National Vision 2030.
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