The soft skill management market was valued at US$ 38,972.9 Mn in 2027 and expected to grow at a CAGR of 12.5% during the forecast period from 2019 to 2027.
Market Insights
“Rising number of training programs incorporated by industries for employee’s skill development drives the market”
Soft skills are becoming a crucial part of today’s world about 75% of the employees describe soft skills as the most important skill. The increasing investments by various large enterprises and companies in soft skill management in the developing economies such as India and China is one of the key factors driving the soft skills management market. Additionally, with increasing digitalization and advancement in technology, consumers are now becoming more inclined towards using online mode to enhance their soft skills. Similarly, the enhancement of various training programs in schools, universities, management institutes, and corporates across the globe also increases the demand for soft skill management.
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Rising demand for higher education empowers students to enroll in soft skills training programs. Moreover, the rising demand for soft skills across various organizations such as hospitality, banking and others supports the growth of the market. Additionally, with rising penetration of smartphones and IoT further supports the growth of the market.
Top manufacturers of soft skill management are focusing to increase their portfolio by launching new programs in the market.
“Offline mode holds the largest share in the overall soft skill management market”
In 2018, the overall soft skills management market was governed by the offline segment expected to contribute more than 55.0% of the market share. The rising number of institutes and classes for soft skill development is driving the market. Moreover, a survey conducted by the Institution of Engineering and Technology (IET) (U.K) suggests that about 65% of mid-sized companies impart soft skill training over technical training to new employees. Additionally, over 35% of companies prefer offline training methods as to maintain proper attendance records of employees.
The online delivery model is considered to be the fastest-growing segment during the forecast period due to increasing digitalization, internet penetration and adoption of smartphones have increased the usage of online content which is driving the online delivery mode. Online mode allows an individual to access any video associated with soft skills from anywhere irrespective of their location. Whereas, in offline delivery mode the individual has to attend classes physically and attend the classes.
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