What Has Been The Evolution of the Higher Education Market in Recent Years?
The higher education market has seen considerable growth due to a variety of factors.
• In recent times, there has been a robust expansion in the higher education market. The market, which was worth $688.13 billion in 2024, is projected to escalate to $754.13 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 9.6%.
The upward trend during the historic period can be credited to the increasing count of higher education enrolments, the democratization of knowledge, advancements in research, rising social mobility, and community growth.
What Are the Future Growth Projections for the Higher Education Market?
The higher education market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the higher education market is anticipated to experience swift expansion in the coming years. It is set to escalate to$1107.81 billion in 2029, with a compound annual growth rate (CAGR) of 10.1%.
Factors contributing to this projected growth for the forecast period include an increase in international student mobility, economic mobility, global integration, and critical thinking. Additionally, a surge in student enrolment, fast-paced technological advancements, the adoption of online learning and hybrid models, and the emphasis on lifelong learning are notable trends during this forecast period.
What Are The Core Factors Supporting Growth In The Higher Education Market?
Advancements in the higher education market are expected to be driven by the increase in international student mobility. This term refers to the phenomenon of individuals crossing national borders for educational purposes. Higher education institutes play a significant role in this trend, particularly those that offer specialized programs or have a well-respected standing. For example, data from the Institute of International Education Inc., an American student exchange agency, shows that in the 2022/23 academic year, more than one million students from over 210 countries studied in America, reflecting a 12% growth on the previous year. Thus, the higher education market's expansion is fueled by the rising trend of international student mobility.
What Are The Major Segments Within The Global Higher Education Market?
The higher education market covered in this report is segmented –
1) By Component: Platform, Services
2) By Student Served: Junior High School, Post Graduate, Corporate, Under Graduate, High School
3) By Revenue Source: Tuition Fees, Grants, Contracts, And Gifts, Investment Returns
4) By Course Type: Arts, Economics, Engineering, Law, Science
5) By End User: State Universities, Community Colleges, Private Colleges
Subsegments:
1) By Platform: Learning Management Systems (LMS), Student Information Systems (SIS), Online Course Platforms, Assessment And Testing Platforms, Collaboration And Communication Tools
2) By Services: Consulting Services, Implementation And Integration Services, Training And Support Services, Content Development Services, Analytics And Reporting Services
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What Emerging Trends Are Influencing The Growth Of The Higher Education Market?
Leading companies in the higher education market are exploring innovative technologies such as AI tools to boost different elements of education and learning. AI tools are applications or software using artificial intelligence to carry out tasks, which typically need human intellect like reasoning, learning, solving problems, and decision-making. For example, OpenAI, an AI research body based in the US, launched the most advanced version of ChatGPT in August 2023. This tool is seen as a game-changer in enhancing the learning experience in universities. Applications for ChatGPT involve personalized and engaging learning experiences, support for research, automated marking, and improved services for students. The incorporation of ChatGPT into higher education is anticipated to transform and enhance the educational setting, offering a hint of an adaptable, interactive, and student-focused future in higher education. The application of ChatGPT in this sector continues to be scrutinized and discussed, with the aim of ensuring its ethical and effective implementation on campuses.
Who Are the Key Players In The Higher Education Market?
Major companies operating in the higher education market report are:
• Verizon Communications Inc.
• Dell Technologies Inc.
• Panasonic Corporation
• The International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Adobe Inc.
• VMware Inc.
• ServiceNow Inc.
• Xerox Holdings Corporation
• Pearson plc
• Educomp Solutions Limited
• New Oriental Education & Technology Group Inc.
• Bright Horizons
• Blackbaud Inc.
• Ellucian Company L.P.
• Coursera Inc.
• Instructure Inc.
• Desire2Learn Inc.
• Smart Technologies Inc.
• Anthology Inc.
• Leverage Edu
• SAP SE
• Unit4 Education Solutions
What Is The Most Dominant Region In The Higher Education Market?
North America was the largest region in the higher education market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the higher education market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
