The global higher education market is projected to expand at a high CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing number of public and private institutions, government agencies, ministries of education, and testing and education companies.
Higher education is known as post-secondary education. It is considered as a final stage of formal learning that takes place after secondary education. Higher education is offered by several educational institutions such as colleges, universities, academics and institutes of technology, seminaries, trade schools, vocational schools, and several other career colleges. Higher secondary education consists of training & research guidance and post-secondary education.
Market Trends, Drivers, Restraints, and Opportunities:
- M-learning and E-learning are two major higher education modes, which drive the market.
- Increased connectivity & hardware, privacy of cloud-based resources, importance of collaborative & online learning, and personalization of technology are projected to fuel the market.
- Factors such as strategic alliance, new technological developments, ease of deployment, and partnership are expected to drive the market.
- Decreased government funding, high education cost, and difficulty in adopting server-based computing act a barrier for market growth.
- Rising popularity of mobile learning and electronic learning is driving the market.
- Rising number of student enrollments in educational institutions is a major factor boosting the market.
Market Segment Insights:
The performance management segment is expected to expand at a robust CAGR during the forecast period
Based on software, the global higher education market is segregated as data security & compliance, performance management, campus technology, content & collaboration, student & curriculum, and other solutions. Higher education solutions offer an application development environment for IT developers to design, deploy, execute, and develop applications. The student & curriculum software helps higher education institutes to generate revenue and increase their market share. It helps institutions in making firm decisions and gaining profits. The performance management segment is projected to hold a major market share of the total revenue during the forecast period.
The PCs segment is estimated to hold a key market share of the total revenue during the forecast period
On the basis of hardware, the global higher education market is fragmented as projectors, printers, tablets, interactive white boards, and Pcs. The PCs segment is expected to expand at a high CAGR during the forecast period. Acceptance of modern learning technology such as virtual classrooms, E-learning, distance learning, and mobile learning is driving the segment.
The state universities segment is anticipated to hold a major market share of the total revenue during the forecast period
In terms of end-users, the global higher education market is classified as state universities, private colleges, and community colleges. The state university segment is expected to expand at a robust CAGR during the forecast period. Cost of education in state universities is inexpensive as compared to other segments, which encourages youth to opt for university education after higher education. The private collages market is likely to grow at a rapid pace during the forecast period.
The market in North America is expected to hold a major market share
In terms of regions, the global higher education market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Increased focus on student retention and acquisition rates in the region are expected to drive the market in North America. Rising adoption of Bring Your Own Device (BYOD) between teachers and students is projected to boost the regional market. Moreover, high investments in modern technologies by educational institutes are estimated to fuel the market. The US is the primary choice of most students for higher education, as the region consists of several old universities such as Princeton and Harvard.
The market in Asia Pacific is expected to expand at a high CAGR during the forecast period. China is the primary exporter, producer, and investor in the higher education market. Growth of the region is attributed to economic growth and joint trade patterns. Rapid growth in the quality of higher education institutions and increasing popularity of universities in Germany, the UK, and France has driven the market in Europe.
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