Higher Education Market size to record USD 74.18 billion growth from 2024-2028, Technavio

NEW YORK, May 7, 2024 /PRNewswire/ --The global higher education market size is estimated to grow by USD 74.18 billion from 2024 to 2028, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 14.77% during the forecast period.

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Key Trends Fueling Growth

• Use of hybrid learning platforms:
• Colleges and universities globally are ramping up investments in educational technology, integrating hybrid learning platforms. This shift brings forth innovative content delivery methods like gamification-backed flipped classrooms, fostering student engagement and active learning.
• Flipped classrooms enable students to consume lectures online, freeing up valuable class time for problem-solving and practical application. This approach gains traction, particularly with the integration of gamification techniques, enhancing teaching and learning experiences.
• Collaborative learning, facilitated through virtual classrooms and social media platforms like LinkedIn and Slack, further enriches the educational landscape. Virtual classrooms transcend geographical barriers, fostering seamless collaboration among learners worldwide.
• Social media platforms connect students with subject matter experts, facilitating knowledge exchange. These trends are set to drive growth in the global higher education sector, fostering a dynamic and interactive learning environment for students across the globe.

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Major Challenges:

• Rising cost of higher education
• The high cost of higher education is turning away potential students, especially from private colleges, as it doesn't balance with the benefits. Tuition fees at private, nonprofit, four-year colleges have risen sharply, leading to fewer enrollments. Fewer lucrative job opportunities also discourage students from paying high fees.
• Many graduates globally are jobless and burdened with student loan debt. Rising student loans and stagnant wages cause financial strain on young adults. Consequently, enrollment among low-income students drops.
• If higher education costs continue to outstrip middle- and working-class families' ability to pay, global higher education market growth will slow in the forecast period.

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Segmentation Overview

1. Product
• 1.1 Software
• 1.2 Hardware
2. End-user
• 2.1 Private colleges
• 2.2 State universities
• 2.3 Community colleges
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Software- During the projected period, the software sector is set to witness notable expansion in market share. This growth stems from the segmentation of software into support and solutions, where solutions encompass learning management systems (LMSs), enterprise resource planning (ERP), adaptive learning software (ALS), content management systems (CMSs), among others.

• In 2018, the software segment held a value of USD 22.79 billion. This increase is fueled by institutions' shift towards active learning methods and alterations in educational content delivery. Additionally, global institutions are concentrating on enhancing their information and communications technology (ICT) infrastructure, aided by government initiatives. These developments are anticipated to drive demand for software, thereby fostering market growth.

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Analyst Review

The higher education market encompasses a wide array of components crucial for shaping the academic landscape. From traditional institutions to online platforms, the sector navigates through factors such as student demographics, economic conditions, and technological advancements. Institutions strive to meet evolving demands by offering diverse programs, adapting curricula, and fostering industry partnerships. Student financial aid and support services address affordability and accessibility concerns, while regulatory compliance ensures academic standards and campus safety.

Challenges like cybersecurity threats and economic downturns necessitate robust security measures and strategic financial planning. Collaboration among universities, both locally and globally, fosters innovation and enriches educational experiences. Vocational training programs and career advancement initiatives cater to the changing workforce requirements, promoting continual learning and upskilling. The higher education market thrives on adaptation, collaboration, and responsiveness to societal, economic, and technological shifts, ensuring the relevance and sustainability of educational offerings.

Market Overview

The Higher Education Market caters to a diverse range of needs, from traditional college programs to online learning environments. Institutions worldwide collaborate on international programs, facilitating graduate degrees and short workshops. Community-based college initiatives and distance learning courses offer accessibility, supported by financial assistance options. With a focus on skilled labor, employment criteria often favor advanced degrees.

However, cybersecurity remains a concern, with hackers targeting institutions through phishing attacks, ransomware, and malware. Security solutions are crucial to safeguarding student data and institutional integrity. The International Monetary Fund (IMF) notes the importance of skilled workers amidst economic fluctuations, including recessions. International student mobility enhances cultural exchange and enriches higher education courses globally.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Product
• Software
• Hardware
• End-user
• Private Colleges
• State Universities
• Community Colleges
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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