Being the fastest growing economies in the world, India is relaising the importance of corporate training, specifically for its SMEs (small and medium enterprises) and startup industry that have mushroomed in the last decade, to optomise their productivity and to sustain market forces. The corporate training market is expected to reach INR 32 billion by 2020.
Ken Research, a leading market research and information service provider in India, announced its latest publication on “India Corporate Training Market Forecasts to 2020 – Incremental Allocation of Training Budgets in MSMEs and PPP in Skill Development Initiatives to Propel Growth” that provides a comprehensive analysis of the corporate training market in India. According to the report, in a good news, the corporate training market will see a robust growth and expected to reach INR 32 billion by 2020. As both the private and public organisation focus more on their learning initiatives and allocating more share to training and knowledge programmes to leverage the vast potential in the evolving Indian market, the market will continue to grow in the near future, says the report.
Low cost of investment, lack of entry barriers and minimal differential prices has not only led to immense competition but also guarantee enormous growth potential. However, currently the market for corporate training is highly rutted as close to 700 small and large companies deliver all sorts of training courses in different verticals. NIIT, established in 1985, is one of the oldest and leading players as per the revenue generated from corporate training market.
The largest revenue generating segment of the market has been technical trainings across IT companies especially for newly hired executives. Training demands at the managerial level has also seen a significant spur. Trainings for supervisors and managers in PSUs have observed a decent boost in the last few years. The growing fancy of corporate culture in government organisations has also stimulated the training culture in public offices.
The growth drivers
The report also suggests that the industry is likely to be driven by the SMEs and the start-ups that have swollen in the last decade as they realise the importance of training programmes to optimise their productivity and to sustain market forces. One of the key reasons for their growth is also the government’s push and initiatives towards SMEs and startups.
Niche training programmes on big data modules and machine learning are expected to fuel the market in coming future. India is also witnessing a significant shift towards outcome-oriented learning and companies are showing increased interest towards trainings that are aligned to their business needs. Programmes on sales, customer management and leadership trainings are conducted keeping in mind the business strategies of the company. The organisations also analyze the training needs depending on their goals and priorities.
Here it is also important to mention the role of NSDC (National Skill Development Council), the public-private body, created in 2009 with the ambitious target of providing skills to over 150 million people by 2022. Its collaboration with private players has provided immense opportunities to the existing and the new players.
In terms of training style and module, e-learning solutions have emerged as a preferred choice because of their rich graphics and cost effective e-training modules offered by the training modules. These solutions are not only highly engaging and interactive but also relieve the management from sparing space and time.