Higher Education Market to Hit $2,367.51 Billion by 2027; Increasing Presence of Private Educational Institutions Worldwide to Fuel Growth: Fortune Business Insights™

Pune, Jan. 18, 2021 (GLOBE NEWSWIRE) — The global higher education market is projected to reach USD 2,367.51 billion by 2027, exhibiting a CAGR of 10.2% during the forecast period. Sudden surge in the adoption of online learning platforms during the on-going COVID-19 pandemic will revolutionize the higher education sector, observes Fortune Business Insights™ in its report, titled “Higher Education Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Learning Mode (Offline Learning, Online Learning), By End User (Private Colleges, Community Colleges, and State Universities), and Regional Forecast, 2020-2027”.Click here to get the short-term and long-term impact of COVID-19 on this market.
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The coronavirus pandemic forced universities and colleges across the globe to shift their teaching systems online, leading to unprecedented changes in the delivery of educational goods worldwide. For example, the MicroMasters course on Development Economics offered through the online learning platform edX by the Massachusetts Institute of Technology experienced a huge surge in demand as the university has priced the course on the basis of individual student income. Many large universities have also reduced their fees and are offering courses at affordable prices. For example, the University of Illinois has developed a technology that allows it scale its MBA program to thousands of students at a modest price of USD 22,000. Similarly, Georgia Tech began offering its online computer science program for only USD 7,000, leading to 10,000 university enrolments in September 2020. The COVID-19 pandemic, therefore, is reshaping the educational landscape, leading to historic changes in this market.The report states that the global market value stood at USD 1,090.87 billion in 2019 and shares the following information:Bird’s eye-view analysis of the industry trends and outlook;
Meticulous study of all market segments;
In-depth assessment of the market drivers and challenges; and
Exhaustive evaluation the regional dynamics and competitive landscape of the market.
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Restraining FactorIncreasing Unaffordability of Higher Education to Stem Market GrowthSeeking undergraduate and graduate degrees has gotten progressively expensive over the past few decades around the globe, negatively impacting the higher education market growth. According to the American think-tank, Center on Budget and Policy Priorities (CBBP), between 2008 and 2018, the average tuition fees at four-year public colleges increased across all 50 states in the US. Tuition on average increased by 37% and net costs that involve scholarships and grants grew by 24%, as per CBBP data. Another issue that stems from escalating higher education costs is the large burden of debt that students have to deal with once they graduate. In the UK, for instance, the average loan debt for students is USD 30,800, while in Sweden it is USD 20,000. However, investment in higher education still remains a lucrative prospect for students as, according to the World Bank, advanced degrees help students earn higher incomes compared to high school graduates.Regional InsightsHeavy Investments in Education to Accelerate the North America Market ExpansionThe US is the topmost choice for students around the globe for attaining advanced educational qualifications. This is mainly because the country is home to some of the oldest and most renowned universities in the world, particularly the Ivy League universities such as Harvard and Princeton. These and several other state universities receive strong governmental support in the form of large funding opportunities, especially for graduate and doctoral degrees, which enable the region to dominate the higher education market share. In 2019, the North America market size stood at USD 368.21 billion.In Europe, steadily growing presence of quality higher education institutions and rising popularity of mid-tier universities in the UK, Germany, France, and the Netherlands are aiding the regional market growth. Increasing focus on skill development and advanced technical degrees is emerging to be the prime growth determinant for the Asia Pacific market.
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Competitive LandscapeLeading Players to Expand Market Share through Strategic PartnershipsThe enormous opportunities presented by the higher education industry are prompting key players to engage in partnerships and collaborations to expand their presence and position in this market. In response, companies are pooling their resources to create innovative solutions to make advanced degrees more accessible to students.Industry Developments:October 2020: Blackboard Inc. partnered with Unizin, a group of higher education institutions, to develop a more inclusive and data-driven learning ecosystem for Unizin members. The partnership will allow Unizin to offer Blackboard Ally, Blackboard’s accessibility platform, to Unizin’s 14 member institutions.September 2020: 2U, Inc. collaborated with Colgate University’s Task Force on Remote Learning and Center for Learning, Teaching and Research. Under the collaboration, the university will be able to access 2U’s course production and development, technology, and support services bundle called 2UOS to deliver hybrid learning experience on select courses.List of Key Companies Profiled in the Higher Education Market Report:2U, Inc. (Maryland, United States)REMIND101, INC. (San Francisco)Verizon (New York, United States)Blackbaud, Inc (South Carolina, United States)Ellucian Company L.P. (Virginia, United States)Xerox Corporation (Connecticut, United States)CollegeDegrees.com, LLC, (Texas, United States)Oracle Corporation (California, United States)Instructure, Inc. (Utah, United States)Blackboard Inc. (Washington, D.C., United States)Hyland Software, Inc. (Westlake, Ohio, United States)Unifyed (Chicago, Illinois.)CDW LLC. (Lincolnshire, Illinois)Bain & Company, Inc. (Massachusetts, United States)Astera Software. (California, United States)
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Major Table of Content:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesKey TakeawaysMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPESTLE AnalysisPorter’s Five Force AnalysisEcosystem Analysis Global Market Share Analysis and Matrix, 2019Key Market Insights and Strategic RecommendationsProfiles of Key Players Provided for 10 players only)OverviewKey ManagementHeadquarters etcOfferings/Business SegmentsKey Details (Key details are subjected to data availability in public domain and/or on paid databases)Employee SizeKey FinancialsPast and Current RevenueGross MarginGeographical ShareBusiness Segment ShareRecent DevelopmentsPrimary Interview ResponsesAnnexure / AppendixGlobal Higher Education Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Component (Value)HardwarePCs/LaptopsTablets/ SmartphonesProjectorsInteractive White BoardsPrintersOthersSolutionsStudent Information SystemLearning Management SystemStudent Response SystemCampus ManagementPerformance ManagementOthers (Content and Collaboration, Data Security and Compliances, etc.)ServicesConsulting and AdvisoryImplementationTraining and SupportBy Learning Mode (Value)Offline LearningOnline Learning By End User (Value)Private CollegesCommunity CollegesState UniversitiesBy Region (Value)North AmericaSouth AmericaEuropeMiddle East & AfricaAsia PacificTOC Continued..
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