Professional Development Market to grow by USD 21.95 billion from 2022 to 2027 | The innovations in technology to complement professional development courses drive the market - Technavio

NEW YORK, Sept. 22, 2023 /PRNewswire/ -- The professional development market is estimated to grow by USD 21.95 billion from 2022 to 2027, growing at a CAGR of 7.83%. The professional development market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer professional development market are Adobe Inc., Cambridge University Press, Cast Inc., Cisco Systems Inc., City and Guilds Group, Coursera Inc., D2L Corp., Dale Carnegie and Associates Inc., edX LLC, Houghton Mifflin Harcourt Co., John Wiley and Sons Inc., Learning Tree International Inc., McGraw Hill LLC, Microsoft Corp., OpenSesame Inc., Pearson Plc, Scholastic Corp., SkillShare Inc., Skillsoft Corp., and Toastmasters International. The report provides a full list of key companies, their strategies, and the latest developments. Download Sample before buying

Company Offering:

• Adobe Inc - The company offers professional development solutions such as Adobe Analytics through Adobe digital learning services.
• For details on companies and their offerings – Buy report!

By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. APAC will have the largest share of the market.

• APAC is estimated to contribute 33% to the growth of the global market during the forecast period. North America presents significant growth prospects for companies in the professional development market. This growth is primarily driven by the heightened emphasis on lifelong learning and skill enhancement among both organizations and students. The region offers a diverse range of online courses, certifications, and training programs via platforms like LinkedIn Learning, Udemy, and Coursera, catering to the evolving needs of various professions. Additionally, there is a rising emphasis on industry-specific conferences, workshops, and seminars that provide valuable networking opportunities and specialized education. Leading organizations such as Skillsoft offer tailored corporate training solutions. The increasing demand for upskilling in various domains such as digital marketing, data analysis, project management, and leadership is poised to be a key driver of market growth in North America throughout the forecast period.

Download free sample report to get more insights on the market share of various regions and the contribution of the segments.

Market Dynamics

Impactful driver - The innovations in technology to complement professional development courses are one of the key factors driving market growth.

Key Trend - A key factor shaping the global professional development market growth is the increasing adoption of mobile learning.

Major Challenges 

The increasing popularity of open educational resources is one of the key challenges hindering the professional development market growth. The abundant availability of free or low-cost open-source textbooks may lead to a decline in demand for professional development courses, posing a significant threat to the growth of the professional development market. The easy accessibility of free information sources further compounds this concern. Additionally, Massive Open Online Courses (MOOCs) represent a category of professional development courses that provide free online education in areas such as information technology (IT), executive education, and employee development. However, these courses typically do not offer certifications. Consequently, these factors have the potential to adversely affect the market, thereby impeding the growth of the global professional development market during the forecast period.

 Market Segmentation

• The online segment is estimated to witness significant growth during the forecast period. The online segment primarily encompasses self-paced professional development courses that are accessible from anywhere and are not limited to a specific physical classroom. This segment harnesses various innovative technologies, including AI, VR, simulations, and gamification, to enhance engagement and promote knowledge retention among educators. Moreover, it reduces the ownership cost of training for organizations, as professional development course content and training materials are readily available in the cloud. A significant advantage of this segment is its ability to enable organizations to efficiently implement and distribute digital course content and assignments, accessible via smart devices like mobile phones. Consequently, these advantages are poised to increase the demand for this segment, ultimately driving the growth of the global professional development market during the forecast period.

Technavio Research experts has provided more insights on the market share of segments - View Free Sample Report

Related Reports:

The US - professional development market size is estimated to grow at a CAGR of 5.84% between 2022 and 2027. The market size is forecast to increase by USD 4,176.83 million.

The India - professional online courses market size is estimated to grow at a CAGR of 16.24% between 2022 and 2027. The market size is forecast to increase by USD 2,782.59 million.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
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