Australia Higher Education Market

Australia Higher Education Market Overview:

The Australia higher education market size reached USD 34.59 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 73.92 Billion by 2032, exhibiting a growth rate (CAGR) of 7.80% during 2024-2032. The market is propelled by increasing international student enrollment, government investment and support for education, growth in online and distance learning platforms, rising demand for skilled professionals in various sectors, and expansion of research and innovation programs in universities.

Australia Higher Education Market Trends:

Increasing International Student Enrollment

Australia has become one of the most popular destinations for international students, driven by its high-quality education system, diverse cultural environment, and post-study work opportunities. The presence of world-renowned universities, strong global rankings, and a multicultural society make Australia an attractive option for students from countries such as China, India, and Southeast Asia. Additionally, the geographical proximity of Australia to these regions facilitates easier travel and cultural integration for international students. The robust visa policies of the country, including post-study work visas, allow international graduates to gain work experience in Australia, further enhancing the appeal of its higher education system. As a result, international students form a significant portion of the student population in Australian universities, contributing to the overall growth of the higher education market. According to Gitnux, the higher education sector in Australia possesses the highest number of international student enrollment, accounting for 46% of total international enrollments in 2022. This influx of international students generates revenue for educational institutions and boosts the economy through spending on accommodation, living expenses, and travel.

Government Investment and Support for Education

The Government of Australia is supporting and developing the higher education sector by providing substantial funding to universities, various scholarships to students and enforces numerous regulatory standards. These help in maintaining the high standards of the education system in Australia. For instance, programs such as the Commonwealth Grant Scheme (CGS) provide financial assistance to domestic students. This makes higher education more accessible to Australian citizens. As a result, a sustainable domestic student base is created, which, combined with international students, contributes substantially to the growth of the market. As per a study conducted by the Australian Bureau of Statistics in 2021, 5.5 million individuals possess a bachelor’s degree or a higher educational qualification, recording a 30.7% rise since 2016. Moreover, the government also promotes research and innovation within universities. This enhances the global reputation of Australia as a leader in education and research. The Parliament of Australia announces the Universities Accord (Student Support and Other Measures) Bill 2024 in response to the Australian Universities Accord Final Report. The Bill includes various amendments made to the Higher Education Support Act 2003 and consists of 5 schedules. Additionally, government policies also focus on ensuring equity in education. This involves providing opportunities for Indigenous students and students from disadvantaged backgrounds to access higher education through specialized support programs. Inclusive approaches such as these drive local enrollment and augment the overall reputation of the Australian education system, contributing to market growth.

Rising Demand for Skilled Professionals

The Australian economy relies immensely on a highly skilled workforce. Sectors such as healthcare, engineering, information technology, and renewable energy particularly require trained professionals. This demand for workers with specialized skills is continuously rising as industries evolve and technologies advance. Due to this, Australian higher education institutions are offering many different programs that have been formulated to meet specific industry needs. Consequently, many courses are gaining popularity in areas such as data science, cybersecurity, and healthcare management. For instance, in 2022, 11% of overseas students are studying health in Australian universities, according to Gitnux. These courses provide a competitive edge in the job market, encouraging students to seek such qualifications. Also, partnerships between universities and industries are creating more opportunities for practical learning and internships. This helps students in gaining real-world experience while pursuing their degrees. Collaborations such as these between education and industry requirements ensure that graduates are well-prepared for the workforce, further augmenting the appeal of Australian higher education.

Australia Higher Education Market News:

• August 9, 2024: The education sector of Australia has invested $175 million in advertising between May and June this year. The investment in advertising increased by 19% as the Australian higher education institutions are spending more money on advertisement and marketing, to attract more students to university.

Australia Higher Education Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, course type, learning type, and end user.

Component Insights:

• Platform
• Services
   

The report has provided a detailed breakup and analysis of the market based on the component. This includes platform and services.

Course Type Insights:

• Arts
• Economics
• Engineering
• Law
• Science
• Others
   

A detailed breakup and analysis of the market based on the course type have also been provided in the report. This includes arts, economics, engineering, law, science, and others.

Learning Type Insights:

• Online
• Offline
   

The report has provided a detailed breakup and analysis of the market based on the learning type. This includes online and offline.

End User Insights:

• State Universities
• Community Colleges
• Private Colleges
   

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes state universities, community colleges, and private colleges.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Higher Education Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia higher education market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia higher education market?
• What is the breakup of the Australia higher education market on the basis of component?
• What is the breakup of the Australia higher education market on the basis of course type?
• What is the breakup of the Australia higher education market on the basis of learning type?
• What is the breakup of the Australia higher education market on the basis of end user?
• What are the various stages in the value chain of the Australia higher education market? 
• What are the key driving factors and challenges in the Australia higher education?
• What is the structure of the Australia higher education market and who are the key players?
• What is the degree of competition in the Australia higher education market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia higher education market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia higher education market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia higher education industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.