The global corporate compliance training market to grow to USD 7.79 billion by 2021, at a CAGR of close to
11% over the forecast period, according to their latest report. The
research study by Technavio on the global corporate compliance training
market for 2017-2021 provides detailed industry analysis based on the
training method (blended corporate compliance training and online corporate
compliance training) and geography (North America, Europe, APAC, and ROW).
North America is the dominant segment of the corporate
compliance training market, responsible for generating both the highest revenue
and maximum incremental growth over the forecast period. The organizations in
the region have successfully incorporated new developments in corporate
training and spearheaded technology enabled training, which is driving the
market dominance of the regional segment.
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Technavio analysts highlight the following three factors that
are contributing to the growth of the global corporate compliance training
market:
·
Rise in continuous monitoring approach
·
Growing popularity of mobile-based compliance training
·
Increasing inclination of organizations towards customization
Rise in continuous monitoring approach
Compliance practices are followed in tandem with corporate
governance and ethics to build a risk mitigation system and avoid instances of
compliance breaches. These activities include resource coverage and continuous
assessments, to enable better change management, planning, and other activities
in scenarios of specific risk problems.
Growing popularity of mobile-based compliance training
Companies are capitalizing on the large-scale adoption of bring
your own device (BYOD) and corporate-owned personally enabled (COPE) policies
in workplaces by integrating these devices across enterprises to conduct
compliance training. Mobile platforms are widely used by the L&D department
for the onboarding process, to provide training on sales and products, impart
compliance training, and as an overall part of its mobile learning strategy.
The mobile-based compliance training approach also provides the added benefit
of reducing the dependency on time and place to participate in such training
sessions.
Increasing inclination of organizations towards customization
“Organizations are showing an inclination towards customizing
compliance training content and delivery methods. They are adopting solutions
to help develop course content that is unique to their employees' needs and
fulfil compliance-related goals,” says Jhansi.
Codes of conduct and processes vary among organizations,
creating a demand for customized compliance training courses to effectively
serve the training goals and objectives. Therefore, organizations are working
in close collaboration with vendors to develop and provide customized
compliance training content to their customers through their subject matter
experts.
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