Higher Education Market

Higher Education Market Size (2023–2028)

The global higher education market size was at $77.41 billion in 2022 and is anticipated to reach $114.69 billion by 2028, with a compound annual growth rate (CAGR) of 9.3% over the course of the predicted period.

Higher education or post-secondary education is the final stage of formal learning that may take place after the finishing of secondary education. It includes all postsecondary education, training and research orientation in educational institutions authorized as institutions of higher education by state authorities. Higher education is provided at various educational institutions, such as universities, academies, colleges, seminars, and institutes of technology, as well as through some university-level institutions, including vocational schools, business schools, and other professional degree-granting universities.

Market Growth and Trends

There are a number of new trends that give institutions the ability to communicate about education in a more interactive and effective way. Higher education institutions are more aware of recent developments in the international market, structuring effective strategies for long-term partnerships and establishing a higher level in the global student market. Universities around the world strive to include unique strategies and activities, promoting their programmers to a wide audience and providing tailored services for international students.

The higher education market is expected to show a considerable CAGR as providers not only provide software and hardware solutions but are also focused on increasing technology deployments within existing and new user accounts. Therefore, it is estimated that more than 70% of the learning platforms would be software as a service or based on the cloud.

Market Drivers and Restraints

The increase in connectivity and hardware, the privacy of various cloud-based resources, the emergence of online and collaborative learning, and the personalization of technology are the major factors contributing to the growth of the market for Higher Education. However, rising costs, difficulty adopting server-based computing, and declining government funding are some of the challenges in this market. Today, higher education institutions are not spending more and more on technology due to budget constraints. Increased competition between various institutions over the long term would result in rapid deployment of cloud-based resources. Therefore, new technological developments and strategic alliances and partnerships are opportunities for this market.

HIGHER EDUCATION MARKET  REPORT COVERAGE:

Higher Education Market Segmentation

Global Higher Education Market - By Offering:

• Hardware

• Solutions

• Services

Global Higher Education Market - By User Type:

• State Universities
• Community Colleges
• Private Schools

The global higher education market segment for state universities is expected to be the largest during the forecast period. The affordability of public universities makes them one of the cheapest ways to get a student degree after higher education. However, the private university market is expected to show the strongest growth in the coming years.

Global Higher Education Market - By Course Type:

• Arts
• Economics
• Engineering
• Law
• Science
• Others

The global arts higher education market segment is expected to be the largest during the forecast period. A bachelor's degree in art offers students a broad training in their specialties. Students can choose from various subjects like humanities, social sciences, literature, history, communications, and a foreign language. It helps students to dynamically shape their education according to their interests.

Geographical Analysis

The global higher education market is studied on the basis of key geographies in:

1. North America
2. Europe
3. Asia-Pacific
4. Middle East & Africa
5. Latin America

Asia-Pacific held the leading portion in the global higher education market in 2020. The Chinese market accounted for the majority of the market in this region in 2020, which is expected to continue during the forecast period.

Asia-Pacific is also expected to have the highest CAGR. China is now a major producer, exporter and investor in the higher education market. The region's growth is driven by a combination of population and economic growth, bilateral business models and changes in the flow of incoming and outgoing students, increasing global competition and a rapid expansion in the capacity of the 'Higher Education.

North America is estimated to have the highest rate of adoption of higher education, and regions such as Latin America, as well as the Middle East and Africa, offer many opportunities for students. Providers in most countries like UAE and Saudi Arabia adopt these solutions massively.

Key market players

Some of the major players in the global higher education market are Xerox Corporation, Smart Technologies, Inc., Panasonic Corporation, EduComp Solutions, Oracle Corporation, Dell, Inc., Three River Systems, Cisco Systems Inc., IBM, Adobe Corporation and Blackboard Inc.

The global higher education market is expanding with the increasing mergers and acquisitions, for instance, Cisco Systems merger with Metacloud, Verizon with AOL, Inc., IBM with StoredIQ, and Blackboard with Schoolwires. In addition, various solution providers, including IBM Corporation and Ellucian, are developing new advanced learning techniques as well as management features in their solution offerings.

Impact of COVID-19 on the Higher Education Market

The COVID-19 pandemic has halted the developments across the world that also affected education systems in both developing and developed nations. Some 1.5 billion students, almost 90% of all primary, secondary and tertiary students worldwide, are no longer physically able to go to school. The impact has been dramatic and transformative as educators strive to implement viable short-term solutions for distance learning and teaching, especially in emerging markets, where students and schools are facing additional challenges related to funding and the available infrastructure.

COVID-19 struck our educational system like lightning and shook it deeply. Just as the first industrial revolution that altered the educational system, there is a possibility to have a different educational model post COVID-19 control.

Recent Developments

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