Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global Higher Education Technology Market size is expected to gain momentum by reaching USD 169.72 billion by 2028 while exhibiting a CAGR of 10.3% between 2022 to 2028. In its report titled "Higher Education Technology Market Share, 2022-2028," Fortune Business Insights mentions that the market stood at USD 77.66 billion in 2020. Higher Education Technology Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Learning Mode (Offline Learning, and Online Learning), By End-user (Private Colleges, Community Colleges, and State Universities), and Regional Forecast, 2022-2028
Industry Development
- July 2020 – Blackboard Inc. announced the launch of Blackboard Retention Coaching. It is a data-driven, scalable, and proactive student retention solution that will enable institutes to facilitate personalized coaching and early student intervention.
- 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.
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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.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR | 10.3% |
| 2028 Value Projection | USD 169.72 Billion |
| Base Year | 2019 |
| Higher Education Technology Market Size in 2020 | USD 77.66 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
Drivers & Restraints
Adoption of Digitization by Educational Institute to Favor Market Growth
- Education is given utmost importance today, thereby becoming the 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.
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.
Market Segmentation:
By component, the Higher Education Market is trifurcated into hardware, solutions, and services. Based on learning mode, it is segmented into offline learning and online learning. By end-user, it is segmented into private colleges, community colleges, and state universities.
Based on the end-user, the private colleges segment held a market share of 25.3% in 2020. This is attributable to the increasing number of private institutions and universities.
Finally, based on region, this market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
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Restraining Factor
Increasing Unaffordability of Higher Education to Stem Market Growth
Seeking 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, Centre 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.
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.
Top Key Players Profiled in the Market for Higher Education Technology Report:
- 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)
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Major Points in TOC:
- Global Higher Education Technology Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Higher Education Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- 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
- Hardware
- By Learning Mode (USD)
- Offline Learning
- Online Learning
- By End User (USD)
- Private Colleges
- Community Colleges
- State Universities
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Component (USD)
- North America Higher Education Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Europe Higher Technology Education Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Global Higher Education Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
FAQs:
- How big is the Higher Education Technology Market?
The global higher education market is projected to reach USD 169.72 billion by 2028, exhibiting a CAGR of 10.3% during the forecast period [2022-2028].
- What is the market size of education?
In 2020, the market size was valued at USD 77.66 billion.
3. Which Country is expected to hold the highest market share?
U. S. is expected to hold the highest market share.
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