The latest report by IMARC Group, titled “Test Preparation Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global test preparation market is expected to grow at a CAGR of 6% during 2022-2027. Test preparation, also known as exam preparation, comprises educational courses or training programs designed to improve the performance of test-takers on standardized tests. Some commonly available test preparation solutions include mock tests, practice papers, crash courses, and in-person or online tutoring classes. It works by exposing individuals to problems and questions that resemble the content and structure of the actual exam. It aims to develop critical thinking, analytical writing skills, and verbal and quantitative reasoning to enhance the skills and abilities of test-takers through practice. As a result, test preparation solutions have gained immense popularity among students, job seekers, and working professionals to improve their test scores on examinations leading to occupational eligibility or admission to post-secondary institutes.
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 Test Preparation Market Trends:
The escalating demand for a skilled workforce in the service sector represents the primary factor driving the market growth. This has led to the widespread adoption of vocational and supplementary training programs among graduates to enhance their qualifications, skills, and employability. Moreover, the expanding education technology industry and the rising internet penetration are other major growth-inducing factors. Additionally, with the onset of coronavirus disease (COVID-19), individuals are increasingly opting for various online test preparation courses and online mock tests with built-in guidebooks and applications. In line with this, instant results and flexibility provided by test preparation solutions have accelerated the product adoption rate. Furthermore, several key players are heavily investing in product innovations, such as the launch of advanced self-assessment solutions integrated with artificial intelligence (AI)-based interviews and exams. Besides this, the growing popularity of m-learning methods and the rising adoption of standardized tests have catalyzed the demand for test preparation solutions. Other factors, including the increasing penetration of secure digital payment gateways, inflating consumer expenditure capacities, improving education infrastructure, technological advancements, and rapid digitization, are also creating a favorable market outlook.
- Based on the exam, the market has been divided into university, certification, high school, elementary, and other exams.
- The market has been segregated based on the end user into post-secondary certification, K-12, college students, job seekers, and working professionals.
- On the basis of the learning model, the market has been classified as blended and online.
- Based on gender, the market has been bifurcated into male and female.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, and others).
- The competitive landscape of the market has also been analyzed, with some of the key players being Aakash Educational Services Limited, ArborBridge, Inc., Watermelon Express, Inc. d/b/a BenchPrep, C2 Educational System Inc., Club Z! Inc., FIITJEE Limited, Huntington Learning Center Inc., Kaplan Inc., Pearson Plc, Sylvan Learning, LLC, Think and Learn Private Limited (BYJU’S), and TPR Education IP Holdings, LLC (The Princeton Review).
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