Global Mentoring Software Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global mentoring software market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~20% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 450.0 billion in the year 2021. The growth of the market can be attributed to the increasing need to improve employee productivity and build a relationship between the mentor and mentee working remotely. In the year 2022, more than 40 per cent of the employees are estimated to be working remotely in the United States.
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Mentoring programs are required by an organization to facilitate growth in the efficiency of its employees by channelizing their productivity in the right direction. Mentoring software is a technology platform that facilitates the organization and management of effective mentoring programs, including matching mentors & mentees, scheduling sessions and tracking progress. For organizations looking to successfully scale mentoring, mentoring software is pretty essential. Moreover, the increasing use of employment development software is anticipated to surge the growth of the global mentoring software market. More than 65 per cent of the skills needed by employees are learned through their jobs.
Global Mentoring Software Market: Growth Drivers and Challenges
Rising Number of Business Applications– The rising number of business applications is anticipated to increase the growth of the global mentoring software market. According to the United States Census Bureau, business applications increased by 3.7% in July 2022 over June 2022, totaling 425,698.
Growing Demand for Emotional Intelligence– Emotional intelligence helps to understand one’s emotions and those of others. Hence, it is projected to increase the growth of the global mentoring software market. Emotional intelligence accounts for more than 55 per cent of job performance.
Surging Employment Turnover– Employees turnover is increasing owing to the many reasons such as more money, and opportunities in their careers. Therefore, monitoring is required of the employees in order to reduce the employee turnover, and it is expected to surge the growth of the global mentoring software market. In the year 2018, the staff turnover in the retail industry accounted for nearly 19 per cent in India.
Growing Online Education – E-learning nearly takes 35 to 55 per cent lesser time than conventional learning for employees and students.
- Scarcity of Technical Workers for Operating the Software
- High Cost of the Mentoring Software
- Lack of Awareness Related to the Software
The global mentoring software market is segmented and analyzed for demand and supply by deployment mode into cloud-based, and on-premise. Out of these, the cloud-based segment is anticipated to hold the largest share over the forecast period owing to manage and monitor the employees by organizations for their professional development that are working remotely. For instance, there are more than 45 per cent of the total global population cloud users in the year 2022.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.â€¯
Global Mentoring Software Market Regional Synopsis
Regionally, the global mentoring software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of rising demand for cloud-based solutions followed by the adoption of cloud infrastructure, and an increasing investment for the development of employees. For instance, the spending of the workplace training industry in North America region has increased to more than USD 160 Billion in 2020
The global mentoring software market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global mentoring software market includes the following segments:
By Deployment Mode
Top Featured Companies Dominating the Global Mentoring Software Market
- Xinspire, LLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Chronus LLC
- Mentorink Limited
- sfG Software Ltd