According to the latest report by IMARC Group, titled "Higher Education Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global higher education market is expected to grow at a CAGR of 20.37% during 2022-2027. Higher education refers to a stage of formal learning generally offered in a university or college that is followed by a degree or diploma certificate at the end of the course of study. It is mainly adopted by students after their completion of secondary education. It combines practical and theory studies in order to achieve the defined learning outcome and objective. Some of the popular teaching tools adopted by colleges and universities across the globe include seminars, online and offline lectures, on- and off-site workshops, projects and internships. Besides this, it also includes research and social services that assist in personal development and developing critical thinking.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Higher Education Market Trends:
The global market is primarily driven by the rising number of student enrolments in colleges and universities. This is attributed to the increasing demand for employees with higher education degrees that can help them to adapt to the rapidly changing business environment. Along with this, the rising investments by private and public agencies to improve and upgrade the overall education infrastructure and the availability of a vast range of specializations are impacting the market growth favorably. Moreover, the widespread integration of the internet of things (IoT) and artificial intelligence (AI) with online learning platforms in order to automate personalized learning experiences and improve language affinity and ability are gaining prominence among the masses. Other factors, including rapid digitization, the advent of microlearning modules that enable students to compete in the market, easy availability of scholarships, the development of new colleges and universities, the penetration of high-speed internet connectivity and the rising adoption of smartphones among individuals, are also positively influencing the market.
- On the basis of the component, the market has been bifurcated into solutions (student information management system, content collaboration, data security and compliance, campus management and others) and services (managed and professional services).
- Based on the deployment mode, the market has been classified into on-premises and cloud-based.
- On the basis of the course type, the market has been segmented into arts, economics, engineering, law, science and others.
- Based on the learning type, the market has been segregated into online and offline.
- On the basis of the end-user, the market has been categorized into state universities, community colleges and private colleges.
- Based on the region, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), the Middle East and Africa, and Latin America (Brazil, Mexico and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Anthology Inc., Blackbaud Inc., Cisco Systems Inc., Dell Technologies Inc., Ellucian Company L.P., Instructure Inc., Oracle Corporation, Pearson plc, SAP SE, ServiceNow Inc., Verizon Communications Inc., VMware Inc. and Xerox Corporation.
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