Marketing plays an essential role in the functioning of any and every business, as it is marketing which spreads awareness about a business’s offerings and draws in the clients.
Since the 1990s, the trend has slowly switched towards digital marketing, and now digital marketing has become an integral part of any business. With the evolution of digital marketing, there has been a surge in demand for digital marketing corporate training, so that companies can keep their employees up-to-date with the latest digital marketing trends in the field.
The global corporate training market is currently growing at a compound annual growth rate (CAGR) of 4-5 percent and is expected to reach a value of $446.1 billion by 2020. The corporate e-learning market meanwhile, has a growth projection of a CAGR of 11.41 percent till 2020.
There is high market maturity for the learning and development industry overall in the regions of North America, Western Europe, Australia, Singapore, Japan, and Hong Kong. In comparison, the future growth driving markets for the L&D industry are expected to be other regions of APAC and LATAM.
Surge Of Business In Digital Marketing Corporate Training
Digital marketing broadly refers to the marketing of products or services through the digital medium, whether it is on the internet, on mobile phones or other digital devices.
As the internet has become a necessity of sorts for people across the world, there is a deeper focus on digital marketing for the internet, using methodologies such as search engine marketing (SEM), campaign marketing, social media marketing, email direct marketing, data-driven marketing, and more.
- Key trends in the corporate training industry are finding specific applications in the field of digital marketing, with the use of rapid e-learning tools, self-paced learning, gamification, learning management system (LMS) platforms, virtual reality, and other technology-enabled training solutions.
- The engagement model for digital marketing corporate training is similar to the prevalent trend in the L&D industry, with top MNCs outsourcing training to global and regional suppliers. Specialized corporate training businesses, especially for digital marketing, can provide industry-specific training, incorporating all the recent trends.
- Globalization and increased competition in nearly every business have made effective digital marketing a vital part of businesses, so as to set apart a company from others offering the same products/services.
- Small and medium-sized enterprises (SMEs) are further driving the demand for digital marketing corporate training, to establish their presence in the market and beat the competition in a cost-effective manner.
- Digital marketing corporate training suppliers are moving towards offering customized and personalized training packages, based on the need of the company and which mode of digital marketing will be most beneficial.
Digital Marketing Corporate Training Market Driving Factors
Overall, the field of digital marketing is witnessing rapid growth as its role becomes even more integral to the success of a company, overtaking the importance of traditional marketing formats.
However, digital marketing is heavily dependent on technology, which continues to evolve. Search engine algorithms and social media protocols change at a regular pace, making it essential for digital marketing personnel to regularly update their skill sets to remain relevant in the field.
A business can boost and maintain its position in the industry by having an expert digital marketing department, further driving profits. Therefore, the need for regular updating of skills is the most significant driver of the digital marketing corporate training market.
Digital marketing is involved in digital engagement, marketing operation/technology, strategy and planning, data analysis, demand generation/customer acquisition, customer experience/engagement, advertising/branding, and creative/graphic arts.
Digital Marketing Corporate Training Market Challenges
The market for digital marketing corporate training has a vast set of opportunities, but it also has its own set of challenges. A major challenge for the market is the growing popularity of self-learning and free online study material which offers companies low-cost alternatives to hiring corporate trainers.
The growth of the market for digital marketing corporate training has also led to considerable competition amongst providers, making it difficult for new entrants to establish their presence in the industry.
Another key challenge for businesses in the digital marketing corporate training market is to remain updated themselves. Since such businesses are expected to train corporate employees on the latest digital marketing practices, it is essential that they themselves have absolutely advanced and recent knowledge of the field.
Corporate training encapsulates a variety of processes, aimed at enhancing the capabilities of a company overall. Digital marketing is an evolving field which plays an important role in the functioning of any company, regardless of industry. The role of digital marketing is expected to expand further in the coming years led by the development of technology, especially in emerging markets. The importance of digital marketing has led it to become a significant segment of corporate training, which in itself is a rapidly growing field.