Owing to benefits such as an improvement in the personal growth of an individual along with ensuring the beginning of a holistic development of the customer beginning with the input of leadership skills within the individual, the global leadership development service market is experiencing a surge in its demand lately. There has been a greater demand for these services in comparison to their other traditional alternatives.
The need for programs that help in building up the personality of an individual in this digitalized and fast-paced world, has propelled the growth of the global leadership development service market during the forecast period. This has further pushed the demand for the leadership development service market upwards. These factors have further propelled the demand for these programs thus, increasing the dependence on this market.
Rapid usage of leadership development services among students, managers, junior employees, interns, senior executives, and the like fosters remarkable progress in the global leadership development service market. The market consistently undergoes a series of developments in order to provide better services.
Advantages such as assistance provided to the students or any other person taking the program to build a robust portfolio that comprises skill enhancement courses along with climbing the ladder of preparation for the corporate world encourage further adoption of the leadership development service market in the long run. Considering these factors, it is reasonable to say that the global leadership development service market is growing at an appreciable compound annual growth rate (CAGR) of 8.2%. It is expected that the market might acquire a size of USD 81.74 billion during the forecast period, that is, 2021-31.
Leadership development services are educational programs that help an individual to build leadership skills along with the ability to excel in both professional and personal spare along with carrying out their role potentially in an organization. There are numerous benefits associated with these programs which involve skills like better decision-making comma improvement in productivity, teamwork, etc.
The significant rise in the trend of e-learning accompanied by the increase in the rate of adoption of skill development programs that are online, especially by graduate and junior employees, the service providers have increased their focus on the introduction of a new range of courses and certifications in order to increase the audience for the market of leadership development services.
However, there are a number of limitations that are linked to the global leadership development service market. While providing these services, the company has to shell out investments for the purpose of training while taking away a specific span of time from them. In spite of such restraints, the leadership development service market is expected to experience a considerable rate of growth with new additions and developments that might take place in the market during the forecast period, that is, 2021-31.
Group/Team Learners Remain the Most Lucrative Segment
On the basis of the learner type, the leadership development service market is categorized into individual/private learners and group/small team learners. The group/team learners are much more likely to register a higher rate of growth in the Global market for leadership development services as compared to the other category.
Students to Yield Maximum Revenue
On the basis of program participants, the global market for leadership development services is categorized into business owners junior/entry-level employees, managers, mid-level employees, senior executives, and students. Among these students are expected to drive the maximum sales during the forecast period. This is because several colleges and universities are adding a variety of development programs that are inclusive of leadership development programs in their curriculum. This is being done in order to prepare the students for the corporate world further driving the growth of this segment in the market.
The In-Person Mode to Remain Dominant During the Study Period
In the context of the mode of learning, the market is divided into online mode and in-person learning. Amongst the two, the in-person mode is projected to acquire a more rapid rate of growth during the forecast period, that is, 2021-31. This is because the customers this mode owing to a variety of benefits. It allows a much easier channel for communication and better clearance of doubts along with less need for vast levels of technology. All these factors combined assist in boosting the growth of this segment in the market.
North America is Expected to Render Ample Investment Avenues
It is expected of North America to maintain its dominance over the share of the market during the forecast period. The United States of America is the major driver of growth in this region because of the presence of a variety of well-known universities like Harvard Business School, Chicago University, etc. these institutions emphasize upscaling skills thereby, providing space for the growth of the market.
Covid-19 Impact and Market Status
The crisis of the novel coronavirus was received by different industries in varying manners. The production process got adversely affected and the flow of raw materials was disturbed. The demand and supply chain were impacted negatively. Due to various regulatory measures imposed by the government, the manufacturers had to bear a number of challenges. The educational institutions being closed worldwide helped in regaining the adoption of remote learning programs that included leadership development programs. This fueled the growth of the market during the pandemic era. The market is all geared up to acquire a moderate rate of growth during the forecast period, that is, 2021-31 as the restrictions are gradually being relaxed.
The key players in the global leadership development services market are the American Management Association, Wilson Learning, Achieve Forum, Miller Heiman Group Inc., Skillsoft Ltd., Center for Creative Leadership, Jaro Education, Learning Technologies Group Plc., Franklin Covey Co., Interaction Associates Inc., and Cegos among others. These players operate in the market and adopt a number of strategies to stay in the market and establish themselves at a higher position than their competitors.
Latest Innovations in the Global Leadership Development Service Market: a Snapshot
• An Indian EdTech business named Jaro Education announced the start of a new leadership development program for the staff in January 2022. The program will include topics like leadership style, strategic planning, team management, and others. Numerous fresh products of this nature are predicted to increase sales in the Indian market.
• For senior executives, including chief general managers, department heads, and group heads of NLC India Limited, the Indian Institute of Management - Tiruchi, a central government-owned-public business school for the management profession in India, announced the launch of a new Strategic Leadership Development Program in March 2022.
Leadership Development Service Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 81.74 billion|
|Growth Rate||CAGR of 8.2 % during 2022-2031|
|Segment Covered||by Learner Type, by Program Participants, by Mode of Learning, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||American Management Association, Wilson Learning, Achieve Forum, Miller Heiman Group Inc., Skillsoft Ltd., Center for Creative Leadership, Jaro Education, Learning Technologies Group Plc., Franklin Covey Co., Interaction Associates Inc., and Cegos among others.|
Key Segments of the Leadership Development Service Market
Learner Type Overview, 2021-2031 (USD Billion)
- Group/Small Team Learners
- Individual/Private Learners
Program Participants Overview, 2021-2031 (USD Billion)
- Junior/Entry-Level Employees
- Mid-Level Employees
- Senior Executives
Mode of Learning Overview, 2021-2031 (USD Billion)
- Online Learning
- In-Person Learning
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America