Global L&D market to be worth $446 billion by 2020
Beroe Inc., a procurement intelligence firm, has stated that the global Learning and Development (L&D) market is expected to grow to a worth of US$446.1 billion until 2020.
The key driver of the global L&D market is training, and consequently organisations have expanded their investment in the development of training services.
The global L&D market is expected to grow at a rate of 4-5% until 2020.
E-learning services at core of L&D growth in the US and Europe
In developed regions such as Europe and the US, e-learning services are expected to rise, mainly due to a consistent boost in demand for gamification, rapid e-learning tools and an increase in applications offering LMS platforms.
Meanwhile in developing regions such as APAC and Latin America, only a few service providers are equipped technically to integrate VR into e-learning.
North America exhibits a significant growth in e-learning until 2023, making for the most mature market for online learning products globally with a growth rate of 4.4%.
Tech-enabled training is now a better, more efficient solution
Tech-enabled training solutions are transforming traditional training into a more effective and measurable solution though outsourcing to global suppliers.
However, the budget constraints of smaller companies is a major obstacle to the L&D market wherein mid-sized companies have to operate at a trade-off level to produce digital aids.
It is expected that in the near future, most of the L&D roles such as vendor management, reporting and measurement, and strategy development will be outsourced and the core L&D team will be able to focus on the talent management activities of a company.
Photo: Kimberly Farmer
Kate Frazer is a reporter for Global Education Times with a focus on UK/Ireland and North American education news. When she is not writing for GET News, Kate spends her time as an English and Maths tutor, and is currently pursuing her PGCE in Secondary Mathematics.
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