Higher Education Market
The global higher education market size is predicted to be worth USD 84.61 billion in 2024 and USD 172.34 billion by 2032, growing at a CAGR of 9.3% from 2024 to 2032.
Market Drivers
Government support is a factor in the growth rate of the higher education market. In countries like the US and Canada, the government authorities are gearing up to improve the educational infrastructure to attract students from various countries. The global economy is being influenced positively by the growing number of students seeking higher courses and training. Higher studies are subjected to promote effective research and development activities in any field, which is attributed to a better future across the world. The rising disposable income in both developed and emerging countries is also escalating the growth rate of the higher education market. Universities or colleges offer great options for students to emphasize their interests and passions in different ways. There are many positive effects of seeking higher education that help for advancement in their career to achieve their goals. In emerging countries, students opting for higher education is prevalent due to socioeconomic disparities. The skills and knowledge gained through the study help the global workforce to thrive for better options that sustainably improve the economy. Growing awareness of the importance of career goals is certainly to level up the growth rate of the higher education market.
In the current scenario, higher education is not only referred to as universities and colleges. There can also be various professional schools that provide music, art, medicine, law, theology, and many other specified courses that promote huge opportunities for people to gain knowledge and create innovation in their respective fields. All these factors may drive the growth rate of the market during the forecast period.
Market Restraints
However, the cost of higher education is very high, and it is highly difficult for the common people to afford it, which is impeding the growth rate of the higher education market. In a few countries, the economic crisis is hitting so hard that people cannot move to other countries for quality education, which is also a degrading factor for the market during the forecast period. Student retention has been declining due to the huge growth rate of the higher education market in recent times. In addition to this, the lack of skilled professionals, along with inadequate resources, especially in undeveloped countries, is posing a huge challenge for the key players.
Segment Analysis
By Offering
- Hardware
- Solutions
- Services
By User Type
- State Universities
- Community Colleges
- Private Schools
State universities are leading with the dominant share of the market, whereas community colleges are gearing up with the dominant growth rate of the market. The launch of various rules or regulations to transform quality education for students in state universities is merely leveraging the growth rate of the market. The demand for cross-border education with support from government authorities is additionally to enhance the market's growth rate.
By Course Type
- Arts
- Economics
- Engineering
- Law
- Science
- Others
The engineering segment has been gaining huge traction over the market share in the past few years. Many students are opting to study engineering with international courses, which is attributed to the surging growth rate of the market. Arts and economics segments are likely to foster growth opportunities in the coming years.
Regional Analysis
North America accounted for leading with the dominant share of the higher education market. The US and Canada are the major countries contributing the largest share of the market in the past few years. These countries are huge for many popular and top universities, and many people across the world compete to study in these places. There are a huge number of colleges or universities that offer various courses or training programs for students who desire flexible education with support from the government through scholarships. The penetration of the Internet of Things (IoT) in the education system shall elevate the growth rate of the market. In recent eras, the education system has evolved with modern technology. A person can study the course from anywhere in the world through internet connectivity. The prominence of offering effective education through online courses without even going to the university/college is ascribed to fueling the growth rate of the market. The collaborations between the universities in cross-border countries shall provide huge opportunities for students to explore new research projects with special skills.
Europe is next to North America, holding the largest share of the market. The quiet expansion of personalized international education in the most popular countries like the UK, Germany, and others is likely to propel the growth rate of the market. Asia Pacific's higher education market is likely to have the highest CAGR by the end of the forecast period. The popularity of merging with other countries to promote higher education, which poses higher chances to grow economically, is attributed to promoting the market's growth rate in Asia Pacific.
Recent Market Developments
In 2024, Panasonic Corporation is set to bring AV technology, which provides teachers with tools that connect students from wherever they are. The AV ecosystem is definitely a go for students who are planning to pursue higher education. This technology redefines learning with immersive visuals that look like a constructive learning environment for the students.
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