Market Analysis and Insights
The market for higher education was estimated to be worth USD 477.15 billion in 2022, and at a CAGR of 7.08%, it is predicted to grow to USD 853.32 billion by 2030.
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The growing use of digitalized solutions in the education pc sector and rising consumer expenditure per capita are both positively affecting the demand for higher education. Additionally, the need is being supported globally by rising globalization and the incorporation of international and intercultural components by a number of colleges to raise the caliber of the educational system.
Higher Education Market Scope :
| Metrics | Details |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2022-2030 |
| Study Period | 2020-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 853.32 billion |
| Growth Rate | CAGR of 7.08% during 2022-2030 |
| Segment Covered | by Course,by Institute ,by Mode ,by Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Massachusetts Institute of Technology(MIT), Harvard University, Stanford University, California Institute of Technology (Caltech),University of Oxford,University of Barcelona,Università degli Studi di Padova,University of Cambridge, Imperial College London, University College London (UCL), University of Chicago, ETH Zurich (Eidgenössische Technische Hochschule Zürich), University of Leeds, University of Edinburgh, and University of Manchester, |
Market Definition
Higher education refers to educational initiatives and establishments that extend learning beyond the secondary level and are frequently provided by universities, colleges, and technical schools.
It includes a range of academic and professional specialties, such as but not restricted to business, engineering, medicine, law, and the social sciences, as well as the arts, humanities, and sciences.
Degrees including bachelor's, master's, doctorate (Ph.D.), and professional degrees are typically offered in higher education programmes. The information and skills taught in these programmes are intended to be more specialized and in-depth than those generally taught in secondary education (high school). Higher education institutions are in charge of doing research, providing challenging coursework, and promoting analytical thinking, specialized knowledge, and critical thinking in their particular disciplines.
They serve a crucial role in training people for a variety of professional vocations and leadership positions. They also contribute to the intellectual and cultural development of society. Due to the requirement of additional degrees for admittance or progression in many occupations and sectors, higher education is sometimes seen as a stepping stone to greater employment options. It serves as a platform for intellectual exploration, self-discovery, and personal growth.
Key Market Segmentation
Insights on Course
The Undergraduates Segment is Valued for the Highest Share
In 2021, the market share was occupied primarily by undergraduates. After high school but before postgraduate studies, undergraduate higher education is the academic phase of learning. A person who is pursuing a degree at the undergraduate level in a university or college is referred to as an undergraduate student.
Insights on Mode
The Offline Education Segment Valued for the Highest Share
The most significant market share in 2021 belonged to Offline Education. Globally, offline higher education has grown significantly during the past few decades. Every nation on earth has a sizable offline higher education system. In every region, it produces and employs the most people. For offline higher education, there are both private and state institutions available.
Insights on Region
The Asia Pacific Region Accounted for the Highest Share
Asia-Pacific and North America are predicted to have the two greatest market shares for higher education over the projection period. In North America, there is a huge and diversified U.S. higher education market. More than 26.03 million students were enrolled in higher education institutions in the United States in 2019–2020, per statistics from the National Centre for Education Statistics.
Key Company Profiles
The key players operating in the higher education market include Massachusetts Institute of Technology(MIT), Harvard University, Stanford University, California Institute of Technology (Caltech), University of Oxford, University of Barcelona, Università degli Studi di Padova,University of Cambridge, Imperial College London, University College London (UCL), University of Chicago, ETH Zurich (Eidgenössische Technische Hochschule Zürich), University of Leeds, University of Edinburgh, and University of Manchester, and Others.
COVID-19 Impact and Market Status
Many higher education institutions had to immediately switch from in-person to virtual car due to lockdowns and social isolation tactics. This change needed curriculum adaptation, online tool training for instructors and students, and resolution of challenges with technology access and dependable internet connections.
While online learning made it possible to continue education, it also presented difficulties, including those related to sustaining student interest, assuring efficient communication, and resolving questions about how well online training is compared to conventional in-person instruction.
Due to a declining student population, decreased income from auxiliary services (including housing and meals), rising expenditures for technological infrastructure, and health-related policies, several universities and colleges experienced financial difficulties. Some organizations were compelled to make spending reductions, furloughs, or layoffs. International students experienced delays that had an impact on both their ability to enroll and their entire experience due to travel limitations and visa concerns. Financial concerns also affected several universities that depended primarily on tuition from overseas students.
Latest Trends in the Global Higher Education Market
1. A noteworthy development in recent years has been the growth of online programmes and courses. Universities are catering to students who want flexibility in their learning experiences by offering a choice of online courses and even whole degree programmes. Another growing trend is blended learning, which blends classroom and online training.
2. Micro-credentials are brief, specialized courses that offer certain skills or information. They are often referred to as digital badges or nano degrees. These qualifications are becoming more popular as a means for people to pick up certain skills without committing to whole degree programmes.
3. Adaptive learning technologies employ data analytics and algorithms to customize learning opportunities to meet the needs and skills of specific students. By offering personalized material and evaluations, this strategy boosts engagement and improves learning results.
4. Instead of merely requiring students to finish a predetermined amount of credit hours, competency-based education concentrates on their learning particular abilities or competencies. With this concept, students may advance at their own tempo and more successfully market their abilities to companies.
5. In order to provide immersive and engaging learning experiences, augmented reality (AR) and virtual reality (VR) technologies are being incorporated into education. These tools improve learning in disciplines that call for visualization or practical application.
Significant Growth Factors
There is a rising need for higher education to equip people with the information and skills required for a variety of job choices as the globe becomes more connected and the need for competent professionals rises.
The use of technology in education has created new possibilities for online learning, individualized learning environments, and cutting-edge instructional strategies. The expansion of professional development and upskilling programmes offered by higher education institutions is being driven by the demand for lifelong learning. The need for foreign study programmes and institutional partnerships is rising as more students look for educational opportunities overseas.
Higher education institutions support research and innovation across a range of industries by bringing in funds and forming alliances that foster expansion. For the purpose of advancing their careers and personal growth, older adults, working professionals, and people from a variety of backgrounds are seeking higher education.
Restraining Factors
For many people, the expense of higher education can be a substantial obstacle, raising issues with affordability and student debt. Many schools are struggling financially as a result of declining government support, declining enrolment, and the need to make infrastructure and technological investments.
Concerns regarding the applicability of specific degrees and programmes might arise as a result of the labor market's rapid changes, which can have an impact on enrollment choices. It can be difficult to ensure uniform quality across different programmes and institutions, particularly in light of the abundance of online learning possibilities. Although there are advantages to technology in education, there are also difficulties, such as providing equal access, managing privacy issues, and sustaining participation. The operations of institutions are frequently impacted by complicated regulatory frameworks, accrediting procedures, and shifting governmental policies.
Travel restrictions and political unpredictability may make it more difficult for overseas students to register for programmes at foreign universities. The ability of higher education institutions to equip graduates with the skills required for gainful work is under investigation, which may have an effect on enrollment and financing. The popularity of alternative educational models like apprenticeships, online boot camps, and practical training may cause students to leave the conventional path of higher education.
Recent Developments in the Global Higher Education Market: A Snapshot
• The introduction of Blackboard Retention Coaching was announced by Blackboard Inc. in July 2020. With the help of this data-driven, scalable, and proactive student retention system, universities will be able to offer individualized coaching and early student assistance.
Key Segments Higher Education Market
by Course
• Undergraduate
• PhD
• Masters
by Institute Overview
• State (Public) Institutions
• Private (Non-Public) Institutions
by Mode Overview
• Online Education
• Offline Education
Regional Overview
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Frequently Asked Questions (FAQ) :
The market value of higher education market in 2030 was USD 853.32 billion
The Global higher education market is Segmented on the by Course ,by Institute ,by Mode ,by Region.
The major contenders in the global market are Massachusetts Institute of Technology(MIT), Harvard University, Stanford University, California Institute of Technology (Caltech), University of Oxford, University of Barcelona, Università degli Studi di Padova,University of Cambridge, Imperial College London, University College London (UCL), University of Chicago, ETH Zurich (Eidgenössische Technische Hochschule Zürich), University of Leeds, University of Edinburgh, and University of Manchester, and Others.