Higher education market to grow by $63 Million from 2022 to 2027
However, the high cost of college is still one of the biggest challenges for this market.
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For Technavio — a leading market research and advisory company — the global higher education market is a part of the global education services market, which covers products, services, and solutions that are offered to educational institutions, corporate institutions, students, parents, individuals, and teachers.
On a growing stage, the higher education market size is expected to increase by USD 63,368.82 million, from 2022 to 2027. From this, some changes should happen, including educational content delivery methods, new higher education institutes, and more internationalization in the education sector.
Considering that the global higher education market is fragmented, there are many vendors offering higher education in the market. Some of the most prominent and popular ones include Adobe Inc., Apple Inc., Dell Technologies Inc., Microsoft Corp., as well as many others.
According to Yahoo!, Technavio has segmented the market based on the product (software and hardware), end-user (private colleges, state universities, and community colleges), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The media outlet pointed out that the market share growth of the software segment should be higher than the other segments — as demand has increased due to the higher education institutions' shift in emphasis toward active learning strategies and changes in the ways that educational content is delivered.
Changes in educational content delivery methods is one of the main reasons for the higher education market growth. New forms of content distribution have emerged due to new technologies, and institutions have increasingly been investing in it. Innovative techniques have transformed the way students learn, making them more engaged.
Regarding geography, the report stated that North America will account for 37% of the market's growth during the predicted time. The region currently controls the majority of the global higher education industry because of the increasing need for effective and high-quality education. Technology has become an important tool in including people from everywhere to have access to education at any time.
Although there are many hopeful insights and estimates for the future of the higher education market, the rise of its cost is one of the main challenges that need to be addressed. For students, the high tuition is moving students away from pursuing a secondary education. The value and advantages of a college degree are not sufficiently weighed against the cost increase, according to Yahoo!. Being afraid of future debt is one of the biggest factors making enrollment of specially low-income students decline.
To read other insights about the future of the higher education market, click here.