The increased spending on corporate leadership training is driving the corporate leadership training market growth. Organizations are increasingly spending on leadership training to fill senior positions from within their hierarchy than hiring external resources. Another factor encouraging organizations to invest in corporate leadership training is to increase the agility of the company in terms of coping with the rapidly changing business environment. Companies with strategic leadership development programs are able to respond rapidly when faced with an unpredictable business environment. Advanced leadership training programs also help in the development of a rich pipeline of talent, which accounts for increased spending on corporate leadership training among organizations.
Factors such as intense competition among vendors may challenge market growth. Vendors regularly introduce new programs and services to have a competitive edge in the market and render the existing programs and services obsolete. The entry barriers to the market are not high. Hence, there is a possibility for a large number of small and regional players to enter the market. However, small vendors face the challenge of the effective implementation of training programs. Lack of technical skills among trainers can also affect the training process, thus hampering the growth of organizations. This, in turn, puts their credibility at risk and impacts their competency among other vendors.
By application, the market has been segmented into ILT, blended training, and online training. The ILT segment will have significant market share growth during the forecast period. ILT is popular in corporate leadership training and is delivered by using blackboards or whiteboards and an overhead projector and often involves the format of storytelling. Technology has changed the face of the training industry, with the adoption of e-learning training methods. However, it cannot be a substitute for ILT. Thus, the market is expected to grow at a steady pace during the forecast period.
By geography, the market has been segmented into North America, Europe, APAC, South America, and MEA. North America will have significant market share growth during the forecast period. The increased spending by MNCs on leadership training programs will drive the corporate leadership training market growth in North America during the forecast period. The US and Canada are the key countries for the corporate leadership training market in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.