US Corporate Training Market: Market Size and Growth
While industry analyses vary in their conclusions regarding the size of the US corporate training industry, data show that the size of the industry is likely between $87.6 billion and $142.78 billion as of 2018 (calculations used to arrive at the second figure are shown below). One industry analysis shows that the industry grew at an annualized rate of 2.2% since 2008, while another shows that it grew at an annualized rate of 7.87% since 2013; a separate market report forecasts approximately 10% CAGR in this industry through 2022. Below are all of our findings on this subject, followed by an explanation of our methodology.
US Corporate Training Market: Size and Growth
- An analysis by Training Industry, a corporate training industry authority that produces Training Industry Magazine, found that the North American corporate training industry totaled $166.8 billion in 2018. It does not break this total down by country, but given the US represents 85.6% of the total GDP of North America, assuming that it represents approximately the same proportion of the US corporate training industry, the US corporate training market totaled ($166.8*85.6%)=$142.78 billion.
- This figure roughly lines up with a figure provided in a 2017 Forbes report, which stated that the corporate training market totaled $130 billion.
- However, a recent report by Training Magazine, a professional development industry publication, provided a more conservative estimate of expenditures in the US corporate training industry, finding that they totaled $87.6 billion in 2018.
- This total represented a substantial decline of 6.4% from 2017, although this can largely be explained by the spike in corporate training expenditures in that year, rising from $70.6 billion in 2016 to $93.6 billion in 2017. The Training Industry figure represented a modest 1.2% increase from the prior year.
- Using a CAGR calculator, it was determined that the Training Industry data showed the North American corporate training industry growing at an annualized rate of 2.2% since 2008, while the Training Magazine data showed the US corporate training industry growing at an annualized rate of 7.87%.
- Technavio, in a recent market report, projected that the US corporate training market will grow at a CAGR of "close to 10%" between the period of 2018 and 2022.
Your research team employed the following strategy:
To find the market size and growth of the US corporate training industry, we conducted three distinct research approaches to ensure that we collected the most available data. Our first approach consisted of a search in relevant industry publications. Here, we found two analyses described above, one by Training Industry and another by Training Magazine. These reports provided data regarding the market size of this industry (though their findings were disparate), and this data allowed us to calculate the growth rate of the industry in recent years, according to their analyses.
As a second approach, we conducted a search of third-party research organizations and scholarly databases. This search produced numerous reports examining the global corporate training market, but each of these reports required payment to access in full, and as such we could not determine if they featured data specific to the US. Only one report with useful data (the aforementioned Technavio report) was found in this portion of the research. This, too, required payment to access in full; fortunately, the projected CAGR of the industry was provided in the report's free summary.
Our third approach consisted of a wide-ranging press search. Here, we hoped to find relevant data points included in media reports, or media reports discussing relevant research that we could further examine. In this portion of the research, we found only one useful source: the aforementioned Forbes report, with a corporate training market size figure that roughly (but not precisely) corroborates the data in the Training Industry report.
After employing these three approaches, our results were somewhat inconclusive. Two separate industry analyses arrived at disparate market size figures, and demonstrate different market growth rates in recent years. As such, we have provided data from both of these analyses above, along with supplemental data from other relevant reports found in the course of our research.