IT training has become an essential part of the employee curriculum in an organization due to the rising adaptation of the latest technologies globally. The global IT training market is projected to be growing at a significant rate of 6.2% during the forecast period (2023-2030). The trend of shifting from traditional training methods to e-training methods, growing awareness and utilization of online training platforms and programs among employers and employees, and the growing need to constantly train and skill development are driving the growth of the global IT training market. Factors such as cost-effectiveness, faster learning, and policies and investments by Governments and public organizations are also supporting market growth.
• Growing employment and the application of technology in every industry and job are driving the market growth. For instance, according to the World Economic Forum's Future of Jobs Report, the growth of technology and increased usage of technology will drive 50.0% of employees to reskill by 2025. More than half of the organizations globally will employ industrial cloud platforms to advance their business efforts by 2027. According to Gartner's top strategic technology trends for 2023. Due to this, every employee of any organization will require proper IT training, resulting in market growth.
• Governments across the globe are supporting the IT training and development program, supporting market growth. For instance, in August 2023, the Ontario government invested $160.0 million in the Skills Development Fund (SDF) to tackle the labor shortage and help at least 100,000 workers get free training to meet the needs of employers hiring in their communities. The funding aims to prioritize programs that propose innovative training solutions to help people on social assistance and with prior criminal records find meaningful employment in critical industries like healthcare, auto-manufacturing, information technology, hospitality, and the skilled trades. Moreover, the Indian government in October 2023, launched 511 Pramod Mahajan Grameen Kaushalya Vikas Kendras in Maharashtra to conduct skill development training programs across various sectors to provide employment opportunities to rural youth.
• The global market players are innovating and launching various upgraded technologies for IT training and development to drive market growth. For instance, in February 2024, CodeSignal launched a learning and training platform with an AI-powered guide. The new platform, aimed at audiences wanting to learn technical subjects, and to improve their existing skills, also has an AI-powered bot called Cosmo, which helps users with learning and training.
• The global market players are partnering up with public and government organizations for employee skill development. For instance, in October 2023, Cognizant launched the Synapse initiative to provide job training to one million individuals around the globe with cutting-edge technology skills—like generative artificial intelligence (AI)—for the digital age. Together with governments, academic institutions, businesses, and other strategic partners, Cognizant's program will leverage evolving AI technology and the company's premier tech services to prepare individuals for the future workforce. Cognizant also intends to build a consortium of partners for training and jobs which then will employ individuals who are upskilled through the Synapse program.
• The market is driven by investments and collaboration to create an efficient IT training program for employee training and development. For instance, in June 2023, Accenture invested in New York-based Praxis Labs, a software-as-a-service virtual reality (VR) company with an end-to-end immersive learning platform that helps users develop soft skills to drive equity, inclusion, and value in the workplace and beyond. The investment was led by Accenture Ventures as part of its broader Project Spotlight initiative.
The key players operating in the global IT training market are Avnet, Inc., Dell, ExecuTrain, ExitCertified Corp., Fast Lane, Firebrand, Global Knowledge, GP Strategies Corp., HP, Inc., IBM Corp., ILX Group, InfoPro Learning, Inc., InfoSec Institute, and others are assisting in the market’s growth through various investments in technological advancements, new platform launches, and mergers and acquisition activities. These players are bringing important innovations and investments to help the market grow. For instance, in September 2023, IBM and the Ministry of Education (MoE), and the Ministry of Skill Development and Entrepreneurship (MSDE), announced the signing of multiple Memorandum of Understanding (MoU) with its various departments to provide curated courses to empower youth in India with future-ready skills. The collaboration will focus on the co-creation of curriculum and access to IBM’s learning and training platform IBM SkillsBuild, for skilling learners across school education, higher education, corporate employees, and vocational skills on emerging technologies like AI (including generative AI), cybersecurity, cloud computing and professional development skills.