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Total expenditure on global workplace training, 2007-2023F (Billions USD)

Total expenditure on global workplace training, 2007-2023F (Billions USD) | HolonIQ
Global spending on workforce training averages around $350B annually

Total expenditure on global workplace training, 2007-2023F (Billions USD)

Source

BRC

Date

18 Jan 2023

Notes

Global workplace training investment has increased overall in the past two decades, rising from an average of $300 billion in 2007 to a projected $380 billion by 2023. This growth is driven by various factors, including government initiatives, population growth, and the increasing demand for soft skills. Companies' training budgets are influenced by industry specialization, training material and resources, trainer expertise, and company size. Certain core training programs, such as technical skills, soft skills, quality, compliance, and specialized programs tailored to company needs, form the foundation for a skilled workforce. The transition to remote work settings, a growing need for digital proficiency in the job market, and an increased focus on mental health and well-being have required a transformation in the nature of training programs to accommodate the evolving workforce.

License

CC BY 4.0