“Rising penetration of IoT based platform supports the market growth”
The soft skill management market will grow up to US$ 53,587.7 Mn by 2030 and is expected to grow at a CAGR of 12.5% during the forecast period from 2023 to 2030.
Soft skills are defined as the attitudes, personality traits, habits, and behaviors of a person that is displayed by them during working with others. These skills play a vital role in any organization as it enhances the functionality and productivity of an organization. These skills are rapidly becoming critical for employees working in various industries and who are performing different functions. The companies, recruiters, and corporations tend to recruit and focus on the employees who are highly skilled and trained so that to maintain a healthy relationship within the organization.
Similarly, the increase in the demand for a highly skilled workforce by various industrial verticals is expected to drive the market during the forecast period. Moreover, with digitalization and urbanization, the availability of new learning techniques has increased, rising training institutions in the higher education sectors are also adopting collaborative learning methods which result in improving the personality development of an individual, and also allow them to develop a multi-dimensional skillset. Thereby, increases the demand for the soft skill management market. Moreover, new internet-based companies across various geographies are increasingly opting for soft skills management programs to train their workforce. Research studies suggest that companies spent about US$ 200 monthly on each employee for professional seeking services. The aforesaid reasons are some of the key factors that support the growth of the market.
“Offline mode holds the largest share in the overall soft skill management market”
In 2021, 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.
“North America dominated the soft skill management market in the year 2018”
The global soft skills management market was dominated by North America contributing to about 35.0% in the year 2021. The rising demand and penetration of soft skills among employees across various industries are one of the major factors driving the growth of the market in the North America region. Moreover, the increasing investments from the government and private sectors are also contributing to the growth of the market. The U.S Labor Department suggests that there was growth in the jobs in the year 2019 but the skill gap among employees needs to be settled in a rapidly changing economy. Thereby, increasing the demand for soft skill management.
“Asia Pacific is projected to grow at a considerable rate during the forecast period”
The Asia Pacific is expected to grow at an evident rate during the forecast period due to the increasing adoption of the digital platform across the region. Besides, the wide skill gap among employees in the region supports the market growth.
List of Companies Covered:
Key Industry Developments:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Soft Skill Management market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
