Soft Skills Training Market Overview

The Global Soft Skills Training Market size was valued at USD 30.15 billion in 2023 and is projected to reach USD 85.92 billion by 2032, growing at a CAGR of 12.34 % from 2024-2032.

The soft skills training market has become a key component in organizational development, with companies increasingly recognizing the importance of interpersonal skills for employee success. These programs focus on improving essential skills such as communication, teamwork, leadership, and conflict resolution, which are crucial for fostering a positive and productive work environment. As businesses aim to enhance employee performance, soft skills training helps employees build the emotional intelligence, adaptability, and cultural sensitivity necessary to thrive in diverse workplace settings.

• With a growing emphasis on hiring individuals who are resourceful, ethical, and self-directed, employers are prioritizing soft skills when evaluating potential candidates for hiring and promotion. The lack of these skills among job applicants has led to shifts in corporate hiring practices, with many organizations now seeking employees who can effectively manage interpersonal relationships and navigate complex work dynamics. This trend is driving the demand for comprehensive soft skills training programs, as companies aim to equip their workforce with the tools needed to succeed in an ever-evolving corporate landscape.
• Language plays a significant role in the accessibility and reach of soft skills training. Market leaders like Skillsoft Corporation have recognized the importance of delivering content in multiple languages to cater to global audiences. By offering training in various languages such as English and French, companies can ensure that their employees, regardless of location, have access to high-quality learning resources. This trend reflects the growing demand for diverse and inclusive training solutions, enabling organizations to enhance the skills of their employees on a global scale.

Market Dynamics and Factors of the Soft Skills Training Market:

Drivers:

• Accessibility of soft skills training through online platforms is a major factor driving the soft skills training market. COVID-19 has played a beneficial role in accelerating the online training platform. The risk of spreading and lockdown in different economies has accelerated the demand for online platforms. Offices, schools, and businesses, colleges have switched to online platforms, which has fueled the online platform market from the first quarter of 2020. According to the World Economic Forum, COVID-19 has resulted in the lockdown of schools over the globe. Globally, about 1.2 billion children are out of their classrooms. The overall market for online education is expected to gain US$ 350 Bn by 2025, such as video conferencing tools, virtual tutoring, language apps, or online learning software. Soft skills are growing in demand in the workplace. Google LLC quoted creativity, communication skills, and leadership potential, as the top requirement for both potential and current employees. Growth in focus toward soft skills is probably to improve the role of online training platforms in hastening the soft skills training market.
• Growth in government initiatives in developing countries. Raised skill gaps over the world are resulting in unemployment, which, in turn, is a loss for any nation's economy. Initiatives are being taken by governments to bridge this skill gap, which would support economic growth and lead to the employment of a large number of people. For instance, the Government of India introduced key schemes such as the Leadership Development Programs, National Employability Enhancement Mission (NEEM), Pradhan Mantri Kaushal Vikas Yojana Employability Enhancement Training Program (EETP), for Technical Institutes (PMKVY-TI), and Skill Assessment Matrix for Vocational Advancement of Youth (SAMVAY), for improving employment/self-employment opportunities. These kinds of schemes & initiatives of the government are turning the demand for soft skills training. Key players have a profitable opportunity to collaborate with governments of emerging countries and impart soft skills training to students at the beginning level of their education to prepare them for higher education and careers.

Restraints:

• Lack of awareness about benefits and online availability of soft skills training courses, which are expected to restraint the market growth during the forecast period. The major challenge for the growth of the Soft Skills training market is regarding cost issues. Despite its distribution in different sectors such as Professional Services, healthcare, and IT, However, Soft Skills training solutions are often too generalized and costly for disposition in these sectors. Soft Skills training is accessible in the market at a highly expensive, so they are acquiring demand from a very limited section of the market. The application of internal training solutions that offer a highly customized and cheaper option will obstacle the Soft Skills training market over the forecast period.

Opportunities:

• The growing adoption of IoT and rising population will further produce lucrative opportunities for the soft skills training market in the forecast period. The introduction of cloud-based soft skill courses and raised government initiatives in developing countries are some of the factors providing significant opportunities in the global soft skills training market in the upcoming years.

Market Segmentation

• Based on the delivery model, the online segment is expected to dominate the market during the forecast period. The online segment is anticipated to grow at the highest CAGR due to the increasing adoption of online education facilities in emerged and emerging economies around the globe. For example, edX, Inc. was established by MIT and Harvard University as a non-profit, providing online courses as, open-source learning destination. The company is a leading MOOC (massive open online course) supplier. It has the highest worldwide partners, containing nonprofits organizations, institutions, and universities.
• Based on the application, the soft skills training market is classified into BFSI, hospitality, energy and power, IT & telecom, manufacturing, retail, media & entertainment healthcare & pharmaceuticals, and others. BFSI is expected to account for the maximum market share over the forecast period. The ever-expanding BFSI (Banking, Financial Services, and Insurance) sector is producing revenue streams for stakeholders in the soft skills training market. However, there is a requirement for flexibility, critical thinking, and resilience skills to thrive in the BFSI sector. Empathy, dedication, and partnership, on the other hand, are necessary for handling high-pressure situations.

Soft Skills Training Market Regional Insights:-

• North America led the global market with a significant share. This increase can be linked to the region's proactive embrace of new technologies, the existence of major contributors, and their successful business tactics. A number of firms in the area are introducing blockchain technology in insurance solutions that have enhanced efficiency and minimized fraud throughout the insurers' entire transaction process.
• Regarding the highest CAGR growth anticipated in the upcoming years, the Asia Pacific region is expected to expand significantly. This optimistic growth is anticipated because of the significant progress within the area’s insurance firms. For example, Sleek, located in Hong Kong, is an insurtech that analyzes the potential of new technologies like blockchain and smart contracts to improve customer experience.
• Europe is anticipated to experience consistent growth in the coming years due to the recent advancements in the market. The authority notes that the insurers have acknowledged the opportunities that the technology's applications present. Additionally, the authority remarked on the adoption of the technology in the European insurance sector, stating that it remains in its initial phase and most of the use cases mentioned by stakeholders are still in a proof-of-concept phase, while some others are limited in scale. This indicates that the area's advancement in blockchain within the insurance sector will progress steadily in the upcoming years.

Players Covered in Soft Skills Training market are :

• The Ken Blanchard Companies.
• CENTER FOR CREATIVE LEADERSHIP
• Hemsley Fraser
• Dale Carnegie & Associates Inc
• CEGOS.
• CGS
• New Horizons Worldwide LLC.
• QA Ltd
• Articulate Global Inc.
• D2L Corporation
• Skillsoft
• v MPS Interactive Systems Limited
• The Insights Group Limited
• NIIT
• Pearson India Education Services Pvt. Ltd and edX Inc. and other Major Players.

Key Industry Developments in the Soft Skills Training Market:

• In November 2024, Blanchard, a global leader in leadership development, is proud to launch four enhanced versions of The SLII Experience. Renowned for its situational leadership approach, SLII empowers leaders to inspire teams and drive results. These new designs are crafted for today’s fast-paced, technology-driven environments, available in both in-person and virtual formats. The updated SLII programs offer adaptive, high-impact learning options, enabling leaders to quickly master essential skills and apply them seamlessly. This launch addresses the evolving needs of modern workplaces, ensuring leaders can accelerate performance and achieve success in any setting.

• In June 2024, Blanchard has partnered with Mobile Coach to launch the AI-powered SLII Chatbot, a groundbreaking tool designed to enhance leadership development. This collaboration combines Blanchard's 40+ years of expertise in leadership training with Mobile Coach's innovative chatbot technology. The SLII Chatbot offers a dynamic, interactive learning experience, enabling leaders to apply the SLII model effectively in real-time. This partnership underscores Blanchard’s commitment to integrating cutting-edge technology into their leadership solutions, providing organizations with a scalable, accessible resource to develop better leaders and foster growth.