Global Higher Education Market to Reach US$ 101.5 Billion by 2032, Stimulated by Economic Advancements

December 18, 2023 | Other Reports

According to the latest report by IMARC Group, titled “Higher Education Market Report by Component (Solutions, Services), Deployment Mode (On-premises, Cloud-based), Course Type (Arts, Economics, Engineering, Law, Science, and Others), Learning Type (Online, Offline), End User (State Universities, Community Colleges, Private Colleges), and Region 2024-2032,” the global higher education market size reached US$ 24.2 Billion in 2023. Higher education encompasses institutions and systems dedicated to providing post-secondary education, which includes universities, colleges, vocational schools, and various online learning platforms. It refers to the stage of learning that follows the completion of secondary education, often leading to the awarding of degrees, diplomas, and certifications. This sector is characterized by a diverse array of programs and courses, ranging from humanities, sciences, engineering, and technology to vocational and professional training. Higher education institutions are pivotal in fostering critical thinking, advanced knowledge, and specialized skills, thereby playing a crucial role in personal development and societal advancement. They are instrumental in conducting research, promoting innovation, and serving as hubs for intellectual growth and cultural exchange. The benefits of higher education extend beyond individual intellectual growth, contributing significantly to economic development through the creation of a skilled workforce, the promotion of innovation, and the generation of new knowledge and technologies. The sector's evolution has been marked by increasing digitalization, leading to the proliferation of online courses and e-learning platforms, thereby making education more accessible and flexible. This adaptability caters to diverse learning needs and addresses the global demand for continuous education amidst rapidly changing job markets and technological landscapes.

Global Higher Education Market Trends:

The global higher education market is driven by the evolving demands of the modern workforce and the increasing importance of knowledge-based economies. Additionally, the growing recognition of higher education as a key determinant of career success and economic advancement is positively influencing the market. This awareness is leading to a rise in enrollment rates worldwide, particularly in developing economies, where educational attainment is closely linked to improved economic prospects. Along with this, technological advancements are revolutionizing the higher education landscape, with the rise of online learning platforms and digital resources enhancing accessibility and flexibility in learning. This digital transformation is expanding the reach of educational institutions and catering to the diverse learning preferences and schedules of students globally. In addition, the increasing demand for specialized and interdisciplinary programs due to the rapidly evolving job market and the need for skills that align with emerging industries such as artificial intelligence, renewable energy, and biotechnology, is favoring the market. Apart from this, internationalization is becoming a key focus, with institutions actively seeking to attract a diverse student body and establish global partnerships, thereby enriching the educational experience and fostering cross-cultural understanding. In confluence with this, government policies and funding also play a crucial role in shaping the higher education market, with several governments investing in education infrastructure, research, and scholarship programs to bolster educational quality and equity. Furthermore, the societal emphasis on lifelong learning and professional development creates a positive market outlook. Looking forward, the market value is projected to reach US$ 101.5 Billion by 2032, expanding at a CAGR of 17.27% during 2024-2032.

Market Summary:

  • Based on the component, the market has been segmented into solutions (student information management system, content collaboration, data security and compliance, campus management, and others) and services (managed services and professional services). At present, solutions represent the largest segment.
  • On the basis of the deployment mode, the market has been segregated into on-premises and cloud-based. Currently, cloud-based accounts for the largest market share.
  • Based on the course type, the market has been divided into arts, economics, engineering, law, science, and others. Presently, arts accounts for the largest market share.
  • On the basis of the learning type, the market has been segmented into online and offline. At present, offline represents for the largest market share.
  • Based on the end user, the market has been divided into state universities, community colleges, and private colleges. Currently, state universities hold for the largest market share.
  • Region-wise, the market has been segmented 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); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. At present, North America accounts for the largest market share.
  • The competitive landscape of the market has also been examined, with some of the key players being 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., Xerox Corporation., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Component
  • Deployment Mode
  • Course Type
  • Learning Type
  • End User
  • Region
Components Covered
  • Solutions: Student Information Management System, Content Collaboration, Data Security and Compliance, Campus Management,Others
  • Services: Managed Services, Professional Services
Deployment Modes Covered On-premises, Cloud-based
Course Types Covered Arts, Economics, Engineering, Law, Science, Others
Learning Types Covered Online, Offline
End Users Covered State Universities, Community Colleges, Private Colleges
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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., Xerox Corporation., etc.
Customization Scope 10% Free Customization
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Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Higher Education Market to Reach US$ 101.5 Billion by 2032, Stimulated by Economic Advancements
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