Alternative credentials market for higher education to grow at a CAGR of 17.8% by 2027, Widening skills gap to boost the market - Technavio

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- According to Technavio, the size of the global alternative credentials market for higher education is estimated to grow by USD 2,275.05 million from 2022 to 2027. The market is estimated to grow at a CAGR of 17.8% during the forecast period. Moreover, the growth momentum will accelerate. North America will account for 56% of the market's growth. The report also includes historic market data from 2017 to 2021. In 2017, the alternative credentials market for higher education market was valued at USD 830.72 million. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the historic market data from 2017 to 2021, request a sample report.

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Alternative credentials market for higher education - Segmentation assessment

Segment overview
Technavio has segmented the market based on product (non-credit training courses, non-credit certificate programs, digital badges, competency-based education, and boot camps) and delivery mode (online, blended, and face-to-face). 

• The non-credit training courses segment will account for a significant share of the market's growth during the forecast period. Students should have expertise in the latest tools and technologies prior to being recruited. Companies are looking for students who can be readily recruited into workplaces with minimal training. Hence, the providers of non-credit training courses help students build their hands-on skills through short-term courses. These factors will drive the growth of the segment during the forecast period.

Geography overview
Based on geography, the global alternative credentials market for higher education is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global alternative credentials market for higher education.

• North America is estimated to account for 56% of the growth of the global market during the forecast period. Higher education institutions are experimenting with numerous ed-tech products and services. They are introducing new forms of teaching and learning. They are also focusing on experiential learning, flipped classrooms, blended learning, and active learning in classrooms. These factors will drive the growth of the regional market during the forecast period.

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Alternative credentials market for higher education – Market dynamics
Key factor driving market growth

• The widening skills gap is driving the alternative credentials market for higher education.
• There is a high disparity in demand for and supply of skilled employees.
• The intense competition in the job market has increased the demand for specific skills.
• Alternative credentials allow students to acquire non-traditional skills and keep themselves updated.
• These credentials help recruiters verify student achievements for particular jobs.
• These factors are driving the use of alternative credentials by higher education institutions.

Leading trends influencing the market 

• The rise in non-traditional offerings is a key trend in the market.
• Non-traditional offerings include credit as well as non-credit graduate and undergraduate certificate programs, training courses, continuing education units, and micro-credentialing.
• The providers of these courses include colleges and universities.
• Non-credit, non-traditional offerings have become a key source of revenue for providers.
• These factors will support the growth of the market during the forecast period.

Major challenges hindering market growth

• The threat from traditional degree program providers is challenging the market growth.
• This market faces a threat from the formal education segment, which includes traditional degree programs.
• Evolving learning methodologies and digitization of the overall learning process help universities enhance the quality of course offerings.
• These developments can gradually reduce the dependency on alternative credentials.
• Such factors are expected to hinder the growth of the market during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this alternative credentials market for higher education report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the alternative credentials market for higher education between 2023 and 2027
• Precise estimation of the size of the alternative credentials market for higher education and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the alternative credentials market for higher education across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the alternative credentials market for higher education vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Delivery Mode
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global alternative credentials market for higher education 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global alternative credentials market for higher education 2017 - 2021 ($ million)

• 4.2 Geography Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Delivery mode Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Delivery mode Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Non-credit training courses - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Non-credit training courses - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Non-credit training courses - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Non-credit training courses - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Non-credit training courses - Year-over-year growth 2022-2027 (%)

• 6.4 Non-credit certificate programs - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Non-credit certificate programs - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Non-credit certificate programs - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Non-credit certificate programs - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Non-credit certificate programs - Year-over-year growth 2022-2027 (%)

• 6.5 Digital badges - Market size and forecast 2022-2027
• Exhibit 42: Chart on Digital badges - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Digital badges - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Digital badges - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Digital badges - Year-over-year growth 2022-2027 (%)

• 6.6 Competency-based education - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Competency-based education - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Competency-based education - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Competency-based education - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Competency-based education - Year-over-year growth 2022-2027 (%)

• 6.7 Boot camps - Market size and forecast 2022-2027
• Exhibit 50: Chart on Boot camps - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Data Table on Boot camps - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Chart on Boot camps - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Boot camps - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Product 
• Exhibit 54: Market opportunity by Product ($ million)

7 Market Segmentation by Delivery Mode

• 7.1 Market segments 
• Exhibit 55: Chart on Delivery Mode - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Delivery Mode - Market share 2022-2027 (%)

• 7.2 Comparison by Delivery Mode 
• Exhibit 57: Chart on Comparison by Delivery Mode
• Exhibit 58: Data Table on Comparison by Delivery Mode

• 7.3 Online - Market size and forecast 2022-2027
• Exhibit 59: Chart on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Online - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Online - Year-over-year growth 2022-2027 (%)

• 7.4 Blended - Market size and forecast 2022-2027
• Exhibit 63: Chart on Blended - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Blended - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Blended - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Blended - Year-over-year growth 2022-2027 (%)

• 7.5 Face to face - Market size and forecast 2022-2027
• Exhibit 67: Chart on Face to face - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Face to face - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Face to face - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Face to face - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Delivery Mode 
• Exhibit 71: Market opportunity by Delivery Mode ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 73: Chart on Market share by geography 2022-2027 (%)
• Exhibit 74: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 75: Chart on Geographic comparison
• Exhibit 76: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 85: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027
• Exhibit 113: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 114: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 115: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 116: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 117: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 118: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 119: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 120: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 121: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 122: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 123: Matrix on vendor position and classification

• 12.3 2U Inc. 
• Exhibit 124: 2U Inc. - Overview
• Exhibit 125: 2U Inc. - Business segments
• Exhibit 126: 2U Inc. - Key news
• Exhibit 127: 2U Inc. - Key offerings
• Exhibit 128: 2U Inc. - Segment focus

• 12.4 Bisk Ventures 
• Exhibit 129: Bisk Ventures - Overview
• Exhibit 130: Bisk Ventures - Product / Service
• Exhibit 131: Bisk Ventures - Key offerings

• 12.5 Carroll Community College Foundation Inc.
• Exhibit 132: Carroll Community College Foundation Inc. - Overview
• Exhibit 133: Carroll Community College Foundation Inc. - Product / Service
• Exhibit 134: Carroll Community College Foundation Inc. - Key offerings

• 12.6 Cengage Learning Holdings II Inc. 
• Exhibit 135: Cengage Learning Holdings II Inc. - Overview
• Exhibit 136: Cengage Learning Holdings II Inc. - Business segments
• Exhibit 137: Cengage Learning Holdings II Inc. - Key offerings
• Exhibit 138: Cengage Learning Holdings II Inc. - Segment focus

• 12.7 City and Guilds Group 
• Exhibit 139: City and Guilds Group - Overview
• Exhibit 140: City and Guilds Group - Product / Service
• Exhibit 141: City and Guilds Group - Key offerings

• 12.8 Coursera Inc. 
• Exhibit 142: Coursera Inc. - Overview
• Exhibit 143: Coursera Inc. - Business segments
• Exhibit 144: Coursera Inc. - Key news
• Exhibit 145: Coursera Inc. - Key offerings
• Exhibit 146: Coursera Inc. - Segment focus

• 12.9 Credly, Inc. 
• Exhibit 147: Credly, Inc. - Overview
• Exhibit 148: Credly, Inc. - Product / Service
• Exhibit 149: Credly, Inc. - Key offerings

• 12.10 New York State Education Department 
• Exhibit 150: New York State Education Department - Overview
• Exhibit 151: New York State Education Department - Product / Service
• Exhibit 152: New York State Education Department - Key offerings

• 12.11 NIIT Ltd 
• Exhibit 153: NIIT Ltd - Overview
• Exhibit 154: NIIT Ltd - Product / Service
• Exhibit 155: NIIT Ltd - Key news
• Exhibit 156: NIIT Ltd - Key offerings

• 12.12 Pearson Plc 
• Exhibit 157: Pearson Plc - Overview
• Exhibit 158: Pearson Plc - Business segments
• Exhibit 159: Pearson Plc - Key offerings
• Exhibit 160: Pearson Plc - Segment focus

• 12.13 Simplilearn Solutions Pvt. Ltd. 
• Exhibit 161: Simplilearn Solutions Pvt. Ltd. - Overview
• Exhibit 162: Simplilearn Solutions Pvt. Ltd. - Product / Service
• Exhibit 163: Simplilearn Solutions Pvt. Ltd. - Key offerings

• 12.14 Strategic Education Inc. 
• Exhibit 164: Strategic Education Inc. - Overview
• Exhibit 165: Strategic Education Inc. - Business segments
• Exhibit 166: Strategic Education Inc. - Key offerings
• Exhibit 167: Strategic Education Inc. - Segment focus

• 12.15 Udacity Inc. 
• Exhibit 168: Udacity Inc. - Overview
• Exhibit 169: Udacity Inc. - Product / Service
• Exhibit 170: Udacity Inc. - Key news
• Exhibit 171: Udacity Inc. - Key offerings

• 12.16 Udemy Inc 
• Exhibit 172: Udemy Inc - Overview
• Exhibit 173: Udemy Inc - Product / Service
• Exhibit 174: Udemy Inc - Key news
• Exhibit 175: Udemy Inc - Key offerings

• 12.17 University of Michigan 
• Exhibit 176: University of Michigan - Overview
• Exhibit 177: University of Michigan - Business segments
• Exhibit 178: University of Michigan - Key offerings
• Exhibit 179: University of Michigan - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 180: Inclusions checklist
• Exhibit 181: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 182: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 183: Research methodology
• Exhibit 184: Validation techniques employed for market sizing
• Exhibit 185: Information sources

• 13.5 List of abbreviations 
• Exhibit 186: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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