Technical skills development is a crucial aspect of professional growth and success in the modern workforce. With technology evolving at an unprecedented pace, it is essential for professionals to continuously upgrade their technical competencies to stay relevant and competitive.
In this blog post, we present statistics that highlight the importance of technical skills development and the impact it has on various industries and individuals.
Key Technical Skills Development Statistics 2023 – MY Choice
The global technical skills development market size is expected to reach $18.5 billion by 2026, growing at a CAGR of 10.2% from 2021 to 2026.
In 2021, the e-learning segment accounted for the largest share of the technical skills development market, with a share of 40.3%.
The software development skills are the most in-demand technical skills, followed by data analytics, cloud computing, and cybersecurity.
56% of organizations believe that their employees need to improve their technical skills to keep up with technology advancements.
In 2021, the majority of organizations (63%) are offering in-person training as the main method for technical skills development.
The demand for technical skills training is highest among small and medium-sized enterprises, with 84% of these organizations investing in technical skills development.
In 2021, the most common challenge faced by organizations in technical skills development is finding the right training resources, followed by a lack of budget and employee time constraints.
The use of virtual and augmented reality in technical skills development is expected to grow by over 50% by 2022, providing a new way to improve hands-on skills and practical knowledge.
In 2021, the majority of organizations (61%) reported that technical skills development is a top priority for their workforce development program.
The top benefits of technical skills development for employees include increased job satisfaction, improved performance, and increased career advancement opportunities.
Technical Skills Development Statistics:
Table 1: Shortage of Soft Skills in the Labor Market
Statistic
Percentage
Organizations wanting more soft skills
91%
Companies finding it challenging to hire talent with soft skills
81%
Table 2: Technical Skills Development Statistics
Statistic
Percentage
Wage penalty for low literacy in Colombia, Georgia, and Ukraine
9%
Wage penalty for low literacy in Ghana
19%
Vocational program graduates earning higher wages than secondary school graduates in Brazil
10%
Percentage of working age population in Ghana unable to infer information from easy texts
80%
Percentage of working age population in Kenya unable to infer information from easy texts
60%
Table 3: Kenya Youth Employment and Opportunities Project
Statistic
Percentage
Estimated number of young Kenyans helped by the project
280,000
Program completion rate
Universal
Increase in female enrollment
27%
Pass rate increase for disadvantaged students
37.5%
Percentage of enrollment that is female
30%
Table 4: Training and Development Specialists Employment Projection
Statistic
Percentage
Projected growth of employment for training and development specialists
11%
Table 5: Company Training and Productivity
Statistic
Percentage
Increase in employee productivity with one change to the company
200%
Higher income per employee for companies with comprehensive training programs
218%
Higher profit margin for companies with comprehensive training programs
24%
Employees leaving their position without effective job training
40%
Importance of professional development and career growth to Millennials
87%
Employees feeling they are not achieving their full potential due to lack of development opportunities
74%
Increase in performance for companies with engaged employees
202%
Employees willing to stay at a company longer if it invests in their learning and development
94%
Table 6: Employee Learning and Development
Statistic
Percentage
Employees willing to learn new skills or retrain
74%
Employees likely to leave for an organization investing in employee development
70%
Employees who left their previous job due to more career development opportunities
34%
Employees who prefer to learn at work
68%
Employees who would spend more time learning with specific course recommendations
54%
Employees who want to learn at their own pace
58%
Table 7: Employee Compliance Training
Statistic
Percentage
Businesses reporting weekly breaches or attacks
27%
Most common threat vector
Phishing (83%)
Companies rating their compliance programs as basic or reactive
40%
Organizations with no formal compliance training plan
23%
Respondents who clicked through mandatory compliance training without listening or reading
15%
Respondents who only skimmed compliance content
34%
Respondents who didn’t listen to mandatory compliance training in detail
49%
Businesses utilizing technology to support compliance programs
69%
Table 8: Leadership Training Results
Statistic
Percentage
Improvement in learning capacity with leadership training
25%
Improvement in performance with leadership training
20%
By 2020, it is estimated that there will be more than 1.4 million computer science jobs in the US. (Code.org)
The global e-learning market is expected to reach $325 billion by 2025. (Forbes)
The average salary for an IT professional with a certification is $71,000. (Global Knowledge)
The average salary for an IT professional with a bachelor’s degree is $92,000. (Global Knowledge)
By 2023, it is estimated that 85% of all jobs will require technical skills. (PWC)
The demand for software developers is projected to grow by 21% by 2028. (Bureau of Labor Statistics)
The demand for data scientists is projected to grow by 29% by 2028. (Bureau of Labor Statistics)
The demand for IT professionals is projected to grow by 11% by 2028. (Bureau of Labor Statistics)
In 2019, the average salary for a software developer was $105,590. (Bureau of Labor Statistics)
In 2019, the average salary for a data scientist was $122,840. (Bureau of Labor Statistics)
Overview of Technical Skills Development Statistics
Statistic
Value
Total Computer Science Jobs in US (2020)
1.4 million
Global E-Learning Market (2025)
$325 billion
Average Salary of IT Professional with a Certification
$71,000
Average Salary of IT Professional with a Bachelor’s Degree
$92,000
Percentage of Jobs Requiring Technical Skills (2023)
85%
Projected Growth of Software Developers (2028)
21%
Projected Growth of Data Scientists (2028)
29%
Projected Growth of IT Professionals (2028)
11%
Average Salary of a Software Developer (2019)
$105,590
Average Salary of a Data Scientist (2019)
$122,840
Technical Skills Developmen Benefits:
Improved job security
Increased earning potential
Opportunities for career advancement
Improved problem-solving skills
Increased demand for technical skills in various industries
Opportunities for self-employment
Improved critical thinking skills
Improved communication skills
Improved ability to use technology efficiently
Improved ability to adapt to changing technologies
Overview of Benefits of Technical Skills Development
Benefit
Explanation
Improved Job Security
Having technical skills makes individuals more valuable in the job market and reduces the risk of unemployment.
Increased Earning Potential
Technical skills can result in higher salaries, bonuses, and benefits.
Opportunities for Career Advancement
Technical skills can lead to promotions and higher-level positions.
Improved Problem-Solving Skills
Technical skills can improve an individual’s ability to solve complex problems
Importance of Technical Skills Development
89% of HR professionals believe that technical skills are critical for job success (Manpower Group, 2018).
75% of workers believe that technical skills are essential for their future job prospects (Upwork, 2019).
65% of jobs in the future will require technical skills, such as coding and data analysis (World Economic Forum, 2018).
Companies that invest in technical skills development report a 12% increase in productivity (Deloitte, 2018).
The average salary of workers with technical skills is 15-20% higher compared to those without (Indeed, 2019).
Impact of Technical Skills Development on Industries
The tech industry is projected to create 11.5 million jobs by 2026 (Code.org, 2018).
The demand for technology talent is growing three times faster than the supply (LinkedIn, 2018).
92% of businesses are prioritizing the development of technical skills in their employees (Upwork, 2019).
The healthcare industry is expected to create 4 million new jobs that require technical skills by 2026 (HealthITJobs, 2018).
The financial services industry is investing heavily in technical skills development to automate processes and improve efficiency (Accenture, 2019).
The Benefits of Technical Skills Development for Individuals
80% of workers who receive technical skills training report a significant improvement in job performance (Manpower Group, 2018).
Workers with technical skills are 40% more likely to receive a promotion within their first year of acquiring the skill (Upwork, 2019).
Individuals with technical skills earn an average of $16,000 more per year compared to those without (Indeed, 2019).
Technical skills are in high demand, with 69% of employers looking for workers with these competencies (LinkedIn, 2018).
Individuals with technical skills have a lower unemployment rate compared to those without (Bureau of Labor Statistics, 2018).
Technical Skills Development Programs and Online Learning Resources
62% of workers prefer online learning resources over traditional classroom training (Udemy, 2018).
40% of companies offer technical skills development programs for their employees (Manpower Group, 2018).
Online learning platforms, such as Coursera and Udemy, offer thousands of technical skills development courses (Coursera, 2019).
69% of workers believe that the availability of online learning resources has made it easier for them to upgrade their technical skills (Upwork, 2019).
Companies that provide technical skills development opportunities for their employees have a higher retention rate compared to those that don’t (Deloitte, 2018).
In conclusion, technical skills development is a vital aspect of professional growth and success in today’s rapidly evolving technological landscape.
The statistics presented in this blog post highlight the importance of upgrading technical competencies, the impact it has on industries and individuals, and the benefits of technical skills development programs and online learning resources.
By staying updated with the latest technical advancements and continuously upgrading their skills, professionals can ensure their relevance, competitiveness, and success in the workforce.
