Higher Education Market: Global Size, Share, Trends, Growth and Forecast Outlook 2022-2032
Higher Education Market: Overview and Definition
The global higher education market is estimated to grow from USD 24.7 billion in 2021 to USD 41.2 billion by 2032, at a CAGR of 17.5% during the forecast period 2022-2032. Higher learning is an optional final phase of formal training, referred to as post-secondary and tertiary education, after secondary education. It includes all post-secondary education, training, and guidance on educational institutions' research approved by State authorities as higher education institutions. Higher education is provided through various schools such as universities, academies, colleges, technology seminars and institutes, and some universities, including vocational schools, business colleges, and other graduate professional colleges. They are all forms of education beyond high school.
The higher education market refers to the industry that provides post-secondary education, including colleges, universities, and other educational institutions. This market has been growing steadily over the years, driven by factors such as rising demand for skilled labor, technological advancements, and globalization.
The market is highly competitive, with a large number of institutions offering a wide range of programs and courses. There is also increasing competition from alternative education providers, such as online learning platforms and vocational training programs.
In recent years, the COVID-19 pandemic has significantly impacted the higher education market, with many institutions transitioning to online learning and facing financial challenges due to reduced enrollment and increased costs.
Higher Education Market: Key Drivers
There are several drivers of growth in the higher education market, including:
Increasing demand for skilled labor: As the global economy becomes more knowledge-based, there is a growing demand for workers with specialized skills and knowledge. Higher education institutions are seen as a key source for developing these skills.
Technological advancements: Advancements in technology have enabled the development of new educational tools and delivery methods, including online learning and mobile apps, making higher education more accessible to learners.
Globalization: The increasing interconnectedness of the world has led to a growing demand for global education and a more diverse range of educational experiences.
Government policies and funding: Government policies and funding can have a significant impact on the higher education market, with many countries investing heavily in higher education to support economic growth and development.
Demographic trends: The growth of the middle class, an aging population, and changing labor market demands are all demographic factors that can drive demand for higher education.
Over the last two decades, the higher education market has emerged and is now increasing. In private and public institutions, ministries of education and government agencies, education, and testing companies, the number of players in that market is expanding. Educational institutions are becoming more receptive to technological components being adopted. Technology plays a vital role in enabling students and educators to interact and take advantage of upcoming learning opportunities in education. Within the higher education market, there is growing competition between public and private higher education institutions, with international universities and business partners' participation for research, associations, and funds to focus on students and faculty from all over the world.
Growing Number of Enrollments
Companies are continually looking for people who can lead this change and adapt quickly to such changes with the changing technological landscape. The lack of qualified employees has become one of the significant challenges for businesses, leading to people turning to specialized higher education courses that could benefit students in the long run.
Globalization and the increase in the web has given people from leading universities worldwide new opportunities to build their skills. Individuals opt for these courses because they are in line with the technological advances taking place worldwide. The software adoption for higher education across institutions will likely be one of the leading factors.
Growing International Student Mobility
With globalisation coming and the growing number of students who visit different countries to train, there are projected to be enormous opportunities for higher education providers.The massive flow of traffic of university education students around the world is expected to create tremendous opportunities for higher education providers as institutions will have to manage these vast volumes of data, thereby creating new revenue streams for providers of software for higher education.
The growing number of enrolments means that students choose cloud-based education as their primary source to boost the higher education market. It is expected that increased connectivity and hardware, cloud-based resource privacy, device-based computing replacement, technology personalization, and the emergence of collaborative and online learning will be significant drivers for the higher education market.
The education industry has chosen to transform digitally and has been a lovely place for hackers to carry out phishing, ransomware, malware, and other attacks. Hackers focus on the higher education sector since it provides users and teachers with personal information. The industry also saw a change in the crowd due to new registrations and graduation of students. These factors have made a robust security solution challenging to implement.
Higher Education Market: Challenges
The higher education market also faces several challenges, including:
Rising costs: The cost of higher education has been rising steadily, making it increasingly difficult for students to afford. This has led to concerns about student debt and the overall affordability of higher education.
Competition from alternative education providers: Online learning platforms and vocational training programs are increasingly seen as viable alternatives to traditional higher education institutions, putting pressure on traditional institutions to adapt and compete.
Changes in student preferences: Students today have different expectations and preferences than in the past, including a greater focus on career outcomes and flexibility in course offerings.
Demographic shifts: Changing demographics, including declining birth rates and an aging population, can impact the demand for higher education.
Technological disruption: Technological advancements can both enable new educational opportunities and disrupt traditional models of higher education, requiring institutions to adapt quickly.
COVID-19 pandemic: The pandemic has had a significant impact on the higher education market, including decreased enrollment, increased costs, and a shift to online learning, which has highlighted the need for institutions to be agile and adaptable in the face of unexpected challenges.
Higher Education Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Higher Education Market: Segmentation
By End User
- Private Colleges
- State Universities
- Community Colleges
- Content Collaboration
- Data Security and Compliance
- Campus Technology
- Performance Management
- Training and Support
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa
Higher Education Market: Regional Synopsis
It is anticipated that Asia-Pacific has the highest CAGR. In the higher education market, China is now a major producer, exporter, and investor. A combination of population and economic growth, bilateral business models, and changes in the flow of incoming and outgoing students are driving the region's growth, increasing global competition and rapidly expanding higher education capacity.
North America is estimated to have the highest rate of higher education adoption. There are many opportunities for students in Latin America and the Middle East, and Africa. Suppliers are massively adopting these solutions in most countries, such as the UAE and Saudi Arabia.
Higher Education Market: Recent Developments
There have been several recent developments in the higher education market, including:
Increased emphasis on online learning: The COVID-19 pandemic has accelerated the trend toward online learning, with many institutions moving to remote instruction and investing in online learning platforms.
Growing demand for vocational training: There is a growing demand for vocational training and certification programs that provide specific job skills and credentials, particularly in industries such as technology and healthcare.
Expansion of international education: Many institutions are expanding their international programs and partnerships, seeking to attract students from around the world and provide students with a global perspective.
Investment in emerging technologies: Higher education institutions are investing in emerging technologies such as artificial intelligence, blockchain, and virtual reality, to enhance the learning experience and prepare students for the future workforce.
Emphasis on career outcomes: Students are increasingly focused on career outcomes, and institutions are responding by investing in career services, internships, and other programs that prepare students for the job market.
Higher Education Market: Key Players
- Xerox Corp.
- Panasonic Corp.
- Oracle Corp.
- EduComp Solutions
- Dell Inc.
- Cisco Systems Inc.
- Three Rivers Systems
- Smart Technologies Inc.