RedThread Research today released its 2024 report, "Skills Tech 2024: Expansion & Evolution," highlighting growth and enhancements in skills technology, driven by AI, data, and integrations that help companies identify both current and future skills. Heather Gilmartin Adams and Dani Johnson emphasize the evolving role of skills tech in transforming organizational decision-making, workforce management, and personalization in learning, pointing towards an era where skills tech ecosystems are becoming integral to addressing core workforce challenges.
WOODSIDE, Calif., March 13, 2024 /PRNewswire-PRWeb/ -- RedThread Research, human capital analysts and thought leaders, today released their updated assessment of the skills technology landscape: Skills Tech 2024: Expansion & Evolution. This comprehensive analysis reveals rapid growth and advancements in skills technology, underscoring the increasing demand for and adoption of skills-based strategies within organizations.
This year's report shows a significant increase in the market size for skills tech, identifying 83 providers in 2024, up from 55 in 2022. These skills tech companies are also scaling quickly, with 75% of providers expecting more than 21% revenue growth in 2024.
In addition to rapid growth, skills tech companies are also honing their offerings — with improvements enabled by AI, data, and integrations aimed at making skills tech easier, faster, simpler, and more actionable in decision-making. These enhancements are enabling a shift from merely identifying current skills to validating them, anticipating future skills needs, and acting on that information effectively.
"Skills tech is growing not just in size but in sophistication and impact," said Dani Johnson, co-founder of RedThread Research and report co-author. "The advancements we're seeing are bringing us closer to a place where organizations can use skills and skills data to make more aligned, transparent, effective decisions."
The report identifies areas of improvement in structuring, verifying, analyzing, acting on, and integrating skills more easily and effectively, and dives into those 5 areas in detail.
"This report charts a fast ramp towards more integrated, personalized, and actionable skills tech solutions," said report co-author and senior analyst Heather Gilmartin Adams. "What's interesting is that many of the functionalities we saw in this study—creating skills frameworks, assessing skills, career pathing, recommendations, etc.—aren't particularly new. What's different is how skills tech enables them. Providers are elevating their offerings in ways that weren't possible—at least with such scale, speed, and ease—until recently."
Other key findings in the report include:
- Skills tech has traditionally focused heavily on identifying skills, but this year's study sees tech more focused on skills verification & analysis — enabling organizations to identify future skill needs and act on that information.
- Skills tech has become more personalized—with recommendations tailored not just by skills, but also things like industry, geography, role, personal preferences, personal availability, and more.
- Skills tech offerings are beginning to be more easily organized into skills tech ecosystems, as providers appear increasingly committed to technical integrations and data sharing.
To further discuss the findings and implications of the "Skills Tech 2024" report, RedThread Research will host a complimentary webinar on March 14, 2024, at 11 am PT. The session, led by Gilmartin and Johnson, will offer attendees a deeper understanding of the current skills tech market, the multitude of tech solutions available, and insights into how skills tech is advancing.
Register for the webinar here: https://landing.redthreadresearch.com/tcwebinar_skillstech?utm_campaign=Q1-TC%20Webinar%3A%20Skills%20Tech&utm_source=RedThread&utm_medium=RedThread
For companies and individuals interested in exploring and supporting research more deeply, RedThread offers exclusive membership opportunities. Join the RedThread research community or the Tech Consortium by visiting the RedThread website or reaching out to RedThread by emailing [email protected].
Media Contact
Heather Gilmartin Adams, RedThreadResearch, 6462750742, [email protected], https://redthreadresearch.com/
SOURCE RedThreadResearch
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