The increasing number of education enrollments is boosting the market growth
The global higher education market size is likely to attain over USD 63.5 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 21% during the forecast years 2021-2028. Higher Education is instrumental in fostering growth, reducing poverty and boosting shared prosperity. It benefits not just the individual, but the entire educational system. Higher education institutions are driving domestic and international growth in many countries, and nations are actively competing for the growing numbers of mobile students who want to study abroad.
The present and future higher rducation market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the higher education market opportunities during the forecast years. Factors such as the increasing collaboration between enterprises & institutions along with growing internet penetration are some of the key factors driving the market growth for higher education market. However, the market growth is restrained by factors such as data privacy concerns. Technological readiness is also expected to emerge a major challenge to the market growth.
The report also emphasizes several distinctiveness of the global higher education industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the higher education industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The higher education market has tough competition among the new emerging and pre-established market vendors. Besides, the higher education industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the component, the market is categorized into hardware, software, and services. The hardware segment is predicted to hold the major share of the market while the services segment is expected to witness rapid growth. This is owing to the increased demand for hardware like PCs, laptops, projectors, tablets, smartphones among others.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the higher education market in this region is mostly ascribed to the importance of higher education in the regions with countries like India, Japan, and China. Education has become vital in these areas to support economic and sociological development. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the market maturity, large number of universitites, along with supporting infrastructure in the region.
The major players of the global higher education market are Oracle, SAP, Dell Technologies, VMware, Xerox, ServiceNow, Unifyed, Ellucian, Hyland Software, Blackbaud, Cisco, Verizon, Blackboard, Civitas Learning, Remind, Instructure and Anthology. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Higher Education Market
Component Overview, 2019-2028 (USD Billion)
Application Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America