Spending in the workplace training industry in North America 2007-2020

The market size of the workplace training industry increased steadily between 2009 and 2019 in North America, reaching an estimated value of 169 billion U.S. dollars. In 2020, due to the consequences of the coronavirus (COVID-19) outbreak, corporations' spending on training and development initiatives decreased slightly, reaching a value of 165 billion U.S. dollars.

Workplace training industry worldwide

Workplace training aims at teaching staff members specific skills needed to perform tasks and it can focus on developing either hard or soft skills. The size of the global workplace training industry has been increasing in recent years, except for 2020. The United States is the country with the largest workplace training industry worldwide, accounting for approximately 25 percent of the total.

Budget and time allocated for training

As economies, markets, and technologies develop fast, workers need training in order to keep up with new developments, findings, and trends. Most companies invest a lot of resources for reskilling or upskilling their employees. However, time and money allocated for training varies according to the company size and the industry in which they operate.