The Global “Vocational Training Market” is expected to grow at a high CAGR during the forecasting period (2021-2028). Vocational training is usually limited to teaching the processes and knowledge required to perform on the job. Vocational training is provided either as a student seeking employment or as an employee on the job. Vocational training is available for many jobs, including welding, cooking, medical transcription, and auto repair. Few of the vocational training provide the certifications or licenses demonstrating competence upon completing the training program.
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The increasing demand for vocational training drives the market due to its benefits, such as better employment chances, higher earnings levels, and increased job satisfaction. Vocational training is the low-priced alternative for individuals who do not want to take up a loan to go to a university. Vocational training is less expensive than attending a college or university. It trains a person with the skills and abilities compulsory to do a specific job. Vocational training is essential for providing Improved flexibility and mobility and Lifelong learning. It offers mental, health, and societal benefits.
There is an increase in the launch of the several training centers. For instance, in March 2019, Adobe had launched the training center at Cochin in association with the Academy of Media & Design (AMD). In January 2013, Indian, Educomp Solutions Ltd., Indiaâ€™s largest education company, and Pearson had launched their Second Vocational Training Centre in Kolkata at Salt Lake.
There are growing initiatives by the government for providing vocational training. Several companies are entering into a collaboration with the government for providing vocational training. For instance, in November 2019, India and Germany agreed to collaborate in skill development and vocational education. The formal agreements would facilitate mutual consultations, systematic exchange of policies at various levels, and technical support between them. While one declaration of intent (DoI) has been signed with the Federal Ministry of Education and Research for cooperation in skill development and vocational education and training, the second was signed for the Dual VET initiative, marking sustainable growth of skills Siemens, India.
In March 2019, The Odisha Skill Development Authority (OSDA) had signed two Memorandums of Understanding (MoU) with Tata Community Initiative Trust and Cisco to strengthen the state’s skill ecosystem. The OSDA pact with Tata Community Initiative Trust was to scale up the Nano Unicorn program, the MoU with Cisco. Nano Unicorn is an OSDA program where skilled youths are nurtured to become small entrepreneurs and future employers. Tata Community Initiative Trust would help OSDA identify youth with entrepreneurship potential and devise structured training programs.
The National Skill Development Corporation (NSDC) and Business Sweden (Swedish Trade & Investment Council) had signed an overarching MoU to augment the creation of a skilled workforce in line with the requirements of Swedish corporations operating in India intending to establish manufacturing in India. Under the agreement, Swedish companies committed to â€˜Make in Indiaâ€™ may collaborate with relevant stakeholders. Business Sweden is a network of 150 member organizations including the SAAB Group, Ericsson, Kenya Grange Vehicle Industries Ltd. (Scania), Volvo Group, ASSA Abloy, Ikea, Save the Children, and Tetra Pak, Eastern Africa, and others. This MoU shall be valid for a period of five years and shall focus on setting up Skill Academies of Excellence in the hub. These skill academies would work closely with the corresponding SSCs and function as their delivery arm to create a pool of trainers and assessors through Master Trainers and Assessors from Industry.
â€“ By Type
â€“ By Application
â€¢ Office Workers
By region, the global vocational training market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global vocational training market and is expected to grow at the highest CAGR during the forecasted period due to the increasing awareness regarding the skill gaps. Several public and private players are raising the investment and funding for providing vocational training. There is higher adoption of advanced technologies for content creation and delivery methods for providing vocational training. The growing internet penetration has led to online training methods like mobile learning, gamification, and blended learning. Several vocational training providers have developed mobile applications that can be used for self-paced learning. The vocational training providers use simulations and online collaboration tools to deliver vocational skilling courses to students through e-learning platforms.
Asia-Pacific is expected to have positive market growth due to increased vocational training for office workers and students. Vocational training is essential to acquire specialized skills and knowledge. There is increasing vocational training across the aeronautics, automotive, HVAC, and electronics sectors. There are growing government initiatives regarding providing vocational training. For instance, the Indian government has launched an initiative to train 500 million people by 2022. The National Skill Development Corporation (NSDC) was created to streamline the identification and mapping of skills requirements, facilitate private participation through grants, gap funding, etc.
The global vocational training market is highly competitive with the presence of several international and local markets. Market expansion, revenue generation, and opportunities intensify the market competition. Adobe Systems, Articulate, Blackboard, Career Education, Cegos, Cisco Systems, City & Guilds Kineo, and Desire2Learn are the leading market players with significant market share.
The major players are using collaborations, acquisitions, mergers, and licensing strategies for holding their position in the market. For instance, in November 2019, Siemens Limited had signed the Joint Declaration of Intent with the Ministry of Skill Development and Entrepreneurship (MSDE), Federal Ministry for Economic Cooperation and Development of the Federal Republic of Germany (BMZ) to create framework conditions for high-quality training in India based on Dual Vocational Education and Training (Dual VET).
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