Cloud-based training is a software application that utilizes the cloud platform to manage all the training led activities. It provides convenience to users to magnify the concept of social learning which incorporates learning through articles, videos, and blogs and all stored-on cloud-based platforms for easy accessibility. Users can access the content from anywhere and on individual convenience making it a growing trend with minimum competition. Learning new trends and techniques in the competitive and having an edge over others is one of the pre-requisites for most of the working sectors and Cloud-based training provides the best alternative against the time which is required to invest in classroom workshops and training centers.
Cloud-based training software adopts a subscription model for pricing and the users need to pay the subscription for a particular period to gain access to the software. The pricing model is based on the actual usage of the product or service which makes it a scalable investment for the buyer and adds to its features.
Benefits of Cloud-based training software:
The most important benefit of cloud-based training software is its upgrade, it can be upgraded to new content as in when the new version arrives and is immediately accessible to users. On the contrary, many traditional companies offer in-house training in which the training software is installed on the systems of the company (companies) which makes it difficult to upgrade as in when required. Apart from this, the cloud-based training software provides optimum security and authenticity to the content, has mobile compatibility, increases productivity, and provides better training ROI. The users can avail of free trial and can also streamline training courses as per needs adds to the benefits of cloud-based training software.
With the advent and acceptance of technology and widespread of the internet, the growth of cloud-based training software has increased drastically in recent years. Additionally, the high adoption of computer-based distance learning and internet-based training courses is expected to fuel this market. In the current situation of COVID-19, everyone is relying on a platform where it is easier to gain training without opting for a traditional classroom-based training method, which opens doors for the cloud-based training software. Owing to this situation, it provides the cloud-based training software providers with ample scope to strategize the pricing and reap out benefits. With minimum competition, the key players in this segment adopt several strategies such as product acquisition, product innovation to grow their market presence.
In terms of cloud-based training software, the North American region is the front runner due to the good acceptance of technology along with local data centers of tech-giants Microsoft, Amazon, and Google. It becomes easy for software developers to rent space on the cloud and innovate the training methods. Having new training experts on-board, the cloud training software company Zoho is innovating the training methods to set up a new benchmark in this field. As per a recent study, with optimum infrastructure, big establishments, and the presence of big multi-national corporations, North America is anticipated to lead this industry for the upcoming years.
Considering the current situation of COVID-19, it is expected that the future of the cloud training software market is bright, for example, the growth and expansion of Vedantu and Byjus in the Indian market is a decent example of how a cloud-based training software model can establish and grow by tapping the potential customer. Similarly, various universities across India and the globe are emphasizing on distance learning courses to improvise in the field you’re working into. The online courses platform like Coursera, Udemy, Udacity, Codecademy is providing the best return of investments for online learning platforms and stressing on the cloud-based model. The licensing model of these cloud-based training models are unique and based on the courses a user adopts rather than the offered program.
With such a growing field, various players are entering the corporate training software market. Key players operating in the market include Cornerstone G-Cube, Adobe Systems, Growth Engineering, Latitude CG, LearnUpon, Edulight, Mindflash, NIIT Limited, Tata Interactive Systems, Absorb Software, Cypher Learning, D2L Corporation, Coggno, Crossknowledge, Oracle Corporation, and SAP SE.