Higher Education Market: Segmented: By Component (Hardware, Solutions, Services), By Learning Mode (Offline Learning, Online Learning), By End User (Private Colleges, Community Colleges, State Colleges), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Higher Education Market to surpass USD 393.4 billion by 2032 from USD 40.33 billion in 2021 at a CAGR of 23.0% in the coming years, i.e., 2022-32.
Higher education is third-level education after high school. It includes undergraduate and graduate studies, conducted at universities and colleges of additional education. Higher education ultimately increased an individual’s chances of finding a better career and increasing their earning potential. The primary goal of higher education is the production of sufficient and qualified human resources for the economy on the whole. It makes individuals educated of such quantity and quality that they are attained to the state's production activities and, by extension, make the state's social, political, economic, cultural, and civil environment vibrant and self-sustaining.
The Higher Education Market is expected to project a notable CAGR of 23.0% in 2032.
The global Higher Education Market is anticipated to be boosted by the rise in the number of student enrollments. The said market is also expanding as a result of the education sector's growing internationalization. Additionally, factors like rising government financing and efforts, as well as increased international student mobility, are anticipated to generate a lot of opportunities for providers of higher education.
The Solutions segment is expected to grow with a higher CAGR during 2022-32
The Higher Education Market is categorized on the basis of Component into Hardware, Solutions, and Services. The Solutions segment is projected to lead the market over the forecast period. The higher education solutions offer a full application development environment to the IT developers so they may use it to create, design, deploy, and execute applications as required by the end users. These solutions offer integrating of structured and unstructured data across several technologies.
The State Colleges segment is expected to grow with a higher CAGR during 2022-32
Higher Education Market is categorized on the basis of End User into Private Colleges, Community Colleges, and State Colleges. The State Colleges segment is expected to witness considerable growth over the forecast period. Long-standing traditional higher education models will be accompanied by ones that focus on innovation, adaptation, and responsiveness.
The Rising Number of Student Enrollment and Government Initiatives
Higher Education Market growth is anticipated to be majorly accelerated by a number of factors, including the growing use of device-based computing, increased internationalization of the education industry, rising student enrollment, personalization of technology, and expanding connectivity and hardware. In addition to this, the rising computer and personal computing device usage, as well as different government programs promoting digital learning, are all expected to contribute to the growth of the Higher Education Market over the projected period.
Globalization and the Introduction of the Internet for Online Courses
The emergence of the internet and globalization have created new options for people to broaden their skill sets from world-renowned universities. People are choosing these courses since they are consistent with the global technological changes that are taking place globally. This is anticipated to be among the main factors influencing the spread of higher education software across institutions.
The Increasing Hacking for the Digital Transformation of the Education Sector
As the education sector undergoes digital transformation, the sector has become a target for hackers who use malware, phishing assaults, ransomware, and other forms of attacks. Since it contains sensitive information about teachers, users, the higher education industry is a vulnerable target for hackers. Owing to student graduations and new enrollments, the vertical has also noticed a change in the demographics. The implementation of a reliable security system is proving challenging due to these concerns.
The Higher Education Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is anticipated to account for the larger share of the market during the projected period. The adoption of higher education solutions in the North American region is anticipated to be fueled by the rising popularity of Bring Your Own Device (BYOD) among students and staff, and also more emphasis on improving student acquisition and retention rates. Asia Pacific is predicted to gain maximum market share in the near future.
The COVID-19 pandemic has stopped global advancements that have had an impact on education systems in both developed and developing countries. Nearly 90% of all primary, secondary, and tertiary students worldwide, roughly 1.5 billion pupils were no longer able to attend school physically. The impact has been transformative and intense as educators struggle to implement practical short-term solutions for distance teaching and learning, mainly in emerging markets, where schools and students faced additional challenges associated with funding and the already available infrastructure.
Higher Education Market is further segmented by region into:
Higher Education Market Segments:
|Market size value in 2021||USD 40.33 Billion|
|Revenue forecast in 2032||USD 393.4 Billion|
|Growth Rate||CAGR of 23.0% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Learning Mode, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||SAP, VMware, Oracle, Dell Technologies, Xerox, BYJU'S, ServiceNow, Blackbaud, Cisco, Verizon, Blackboard, Civitas Learning, Remind, Instructure, Anthology, and Other Prominent Players.|
The Higher Education Market size was estimated at USD 40.33 Billion in 2021 and is expected to reach USD 393.4 Billion in 2032.
Higher education is also known as third-level or post-secondary education. It is tertiary education that gives an individual the award of an academic degree. It is not compulsion, but an optional final stage of formal education that is pursued after passing the secondary education.
The Solutions and State Colleges segments accounted for the larger share of the Higher Education Market.
Key players in the Higher Education Market are SAP, VMware, Oracle, Dell Technologies, Xerox, BYJU'S, ServiceNow, Blackbaud, Cisco, Verizon, Blackboard, Civitas Learning, Remind, Instructure, Anthology, and Other Prominent Players.
The growing adoption of device-based computing, rise in the number of student enrolment, growing internationalization in the education industry, technology personalization, and increasing connectivity and hardware are expected to be the major drivers for the growth of the Higher Education Market.
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