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 Share, Size & 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”. 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 Higher Education Market.
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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.
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)
- ServiceNow, Inc. (California, United States)
- Xerox Corporation (Connecticut, United States)
- Dell Inc. (Texas, United States)
- 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)
- VMware, Inc. (California, United States)
- Bain & Company, Inc. (Massachusetts, United States)
- Astera Software. (California, United States)
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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, 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.
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Table Of Content Higher Education Market Report:
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2 Key Takeaways
3 Higher Education Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
3.3.1. Short-term Impact
3.3.2. Long-term Impact
4 Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. PESTLE Analysis
4.4. Porter’s Five Force Analysis
4.5. Ecosystem Analysis
4.6. Global Higher Education Market Share Analysis and Matrix, 2019
5 Key Higher Education Market Insights and Strategic Recommendations
6 Profiles of Key Players Provided for 10 players only)
6.1.1. Key Management
6.1.2. Headquarters etc
6.2. Offerings/Business Segments
6.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
6.3.1. Employee Size
6.3.2. Key Financials
126.96.36.199. Past and Current Revenue
188.8.131.52. Gross Margin
184.108.40.206. Geographical Share
220.127.116.11. Business Segment Share
6.4. Recent Developments
Leading Players to Expand Higher Education Market Share through Strategic Partnerships
The 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.
- 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.
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