Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global Higher Education Technology Market size was valued at USD 77.66 billion in 2020 and is projected to reach USD 169.72 billion by 2028, exhibiting a CAGR of 10.3% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Higher Education Technology Market Forecast, 2021-2028."
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In this technologically advanced world, many institutes and universities are adopting unique methods to transform teaching. They combine technology with theory and practical studies to bring out the best output from students to tackle real-world problems. Many universities seek help from tech giants by joining hands or partnering with them to promote higher studies. For instance, in June 2021, the University of Illinois Urbana-Champaign Grainger College of Engineering announced a partnership with the IBM Corporation to strengthen the college's workforce and research development efforts in various fields such as AI/ML, quantum information technology, and environmental sustainability. Such initiatives are expected to drive market growth.
Notable Industry Development:
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.
Key Takeaways
- Higher Education Technology Market size in North America was USD 27.05 billion in 2020
- Temporary Closure of Institutes Reduced Educational Hardware Demand and Increased Online Learning
- Substantial Spending on Learning Software to Drive Market Growth
- Growing Private Educational Institutes to Fuel the Demand for Advanced Learning Software
Discover the Leading Players Featured in the Report:
“Companies leading the global Higher Education Technology Market are Oracle Corporation (California, United States), Astera Software (California, United States), VMware, Inc. (California, United States), ServiceNow, Inc. (California, United States), Unifyed (Chicago, Illinois), Blackbaud, Inc (South Carolina, United States), Cisco Systems, Inc. (California, United States), Verizon (New York, United States), Blackboard Inc. (Washington, D.C., United States), CDW LLC. (Lincolnshire, Illinois)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 10.3% |
| 2028 Value Projection | USD 169.72 billion |
| Base Year | 2020 |
| Higher Education Technology Market Size in 2020 | USD 77.66 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component; Learning Model; End User; and Geography |
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Drivers and Restraints:
Adoption of Digitization by Educational Institutes to Favor Market Growth
Education is given utmost importance today, thereby becoming a vital element for people to enroll themselves in college. The ongoing digitization across various countries is stimulating the demand for advanced teaching-learning approaches, which in turn is driving the Higher Education Market growth.
On the other hand, many countries are still facing problems in adopting advanced learning programs due to low education funds in the region. Besides the rapidly transforming educational culture, high tuition fees are the major constraints of the market.
Segmentation
By Component
- Hardware
- PCs/Laptops
- Tablets/ Smartphones
- Projectors
- Interactive White Boards
- Printers
- Others
- Solutions
- Student Information System
- Learning Management System
- Student Response System
- Campus Management
- Performance Management
- Others (Content and Collaboration, Data Security and Compliances, etc.)
- Services
- Consulting and Advisory
- Implementation
- Training and Support
By Learning Mode
- Offline Learning
- Online Learning
By Industry
- Private Colleges
- Community Colleges
- State Universities
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Remain Dominant Backed by Presence of Large Ivy League Colleges
North America held the largest Higher Education Technology Market share in 2020 and is expected to remain at the forefront during the forecast period. This is due to the presence of the world's premier institutes and colleges, such as Ivy League colleges in the U.S. Moreover, the government invests heavily in the region's educational infrastructure.
The Higher Education Market in Europe is expected to gain traction backed by the increasing number of educational institutes that will propel the demand for advanced higher education technology in the forthcoming years.
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Competitive Landscape:
Key Players to Focus on New Launches to Strengthen Their Market Positions
The Higher Education Market is consolidated by major companies striving to maintain their position by focusing on providing customized and effective solutions as the students' requirements. Besides, the market's major players are focusing on launching their new branches, partnerships, and collaborations with educational institutes to expand their business portfolio.
FAQs
How big is the Higher Education Technology Market?
The Higher Education Technology Market size was USD 77.66 billion in 2020. It is expected to reach USD 169.72 billion by 2028.
How fast is the Higher Education Technology Market growing?
The Higher Education Technology Market will exhibit a CAGR of 10.3% during the forecast period, 2021-2028.
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