Soft Skills Training Market - Opportunities Await in Developing Countries
The soft skills training market is witnessing colossal growth, which remains significantly driven by the need to bridge the knowledge gap and prepare individuals for various business operations. As developing countries become the business destination for organizations seeking expansion, companies realize the importance of soft skills for middle- and senior-level officials.
As found by the study published by Transparency Market Research, the pace at which the IT and telecom sector has been scaling its business operations, it unsurprisingly remains the leading revenue catalyzer in the soft skills training market. Apart from this, determined attempts made by the governments of numerous countries towards introducing lenient reforms to attract Foreign Direct Investments (FDI) in the retail industry have been instrumental for its exponential gait. As part of such initiatives, retailing goliaths - Walmart, Tesco, JC Penney, and GAP - are scrambling towards establishing their businesses in developing countries, which creates attractive prospects for the soft skills training market.
All-in-all, given the impressive growth pace and future filled with lucrative opportunities, market players can look at a value of ~US$ 38 Bn by 2027.
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Technology Holds the Key to a Lucrative Future
As organizations realize the need for their workforces to imbibe new skills to stay relevant in workplaces, market players are pushed to rethink their approach to bring interactive learning to life. Currently, AR and VR technologies are taking over soft skills training, and are no longer merely limited for the training of technical and hands-on roles. In addition, AR- and VR-based soft skills training sessions are repeatable and reusable, which makes them easy on the pockets of organizations.
Since language is a crucial aspect of soft skills training, market players can launch training modules in different languages to target a broad range of end users, which is illustrated by Skillsoft Corporation. The company announced the delivery of its content in French, besides English, in the Canada market.
Market players should also note the performance of online courses over offline courses. As per the study, by 2027, online courses will outgrow offline courses, and their 24x7 availability will be a crucial driver causing this shift, given the prowess of cloud-based technology.
Since innovation in the landscape narrows down to technology, market players can partner with IT companies to benefit from the development of nascent technologies, and, in turn, deliver improved learning experiences.
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