Corporate training, sometimes known as workplace learning, is a collection of instructional initiatives designed to boost employees' productivity at work. Corporate training increases worker productivity, motivation, performance, and retention, which helps businesses achieve their goals. There are two types of training methodologies that are available: virtual and in-person. The market for corporate training is also broken down into market categories, prominent players, and geographic areas.
Vietnam Corporate Training Market Driving Factors and Challenges
Drivers: The market for virtual corporate training has grown significantly due to companies' use of virtual platforms for employee training. The corporate training market has experienced significant growth in recent years due to various factors such as the growing adoption of smart devices, the development of information technology and telecommunications platforms, the rapid emergence of virtual corporate training platforms globally, and the increased penetration of digital platforms, which is bolstered by the internet. The expanding tendency of working from home and the significant shift towards digital technologies are expected to support market expansion over the course of the projection period and ensure the industry's continued presence.
Challenge: The high cost of training programs is one of the main issues facing the corporate training industry. Companies may be hesitant to invest large sums of money in costly training programs, particularly if they are experiencing financial difficulties or the economy is unstable.
Furthermore, the lack of industry certifications and clearly defined training programs may make it difficult for organizations to assess the effectiveness and caliber of training efforts.
Impact of COVID-19 on Vietnam Corporate Training Market
The COVID-19 epidemic has had a negative effect on the corporate training sector. The COVID-19 has caused the loss of about 195 million jobs worldwide. Moreover, Vietnam and Europe have had the worst percentage-wise employment effects from this pandemic. The worldwide economic turmoil resulted in budget constraints for business sectors, which made it challenging for R&D teams to show the training projects' return on investment.
Vietnam Corporate Training Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; CTS Corporate Training Institutes, E & G Training, ELTD, ITD Vietnam, Pace, Talent Net, Viet Sourcing.
Vietnam Corporate Training Market Segmentation:
By Training Program: Based on the Training Program, Vietnam Corporate Training Market is segmented as; Quality Training, Compliance, Technical Training, Soft Skills, Others.
By Industries: Based on the Industries, Vietnam Corporate Training Market is segmented as; Retail, Pharmaceutical And Healthcare, Financial Services, Professional Services, Public Enterprises, Information Technology, Others Industries.
By Region: This research also includes data for Central Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.