LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the technical and vocational education market (TVE) in North America is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Technical and Vocational Education Market in North America 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the TVE market in North America into three major product segments. They are:
- STEM TVE
- Non-technical TVE
STEM TVE market: largest segment
In 2015, the STEM TVE segment was the highest revenue contributor to the market in North America and accounted for 48.61% of the market share. This segment will likely continue to dominate the market in the next four years.
Companies in the region opine that there is a deficit in the number of workers with expertise in STEM disciplines. Technavio researchers estimate that by 2018, the US will have more than 1.2 million jobs related to STEM skills. At present, with 3.48 million vacant jobs, the skill gap is evident in the manufacturing sector in the US. The inability to fill vacancies with workers having specialized skills has had repercussions on companies, especially on their innovations and business expansions and primary agenda of improving customer satisfaction.
Jhansi Mary, a lead analyst at Technavio for education technology research, says, “Businesses face challenges while meeting customer demand, production-level targets, and implementing new technologies due to the shortage skilled workforce. The increase in awareness on the rise in skill gaps is driving people in North America to invest in TVE. This measure will assist individuals to be equipped with the necessary practical knowledge about the industry. Emerging high-demand sectors include aeronautics, automotive, HVAC, and electronics.”
Non-technical TVE market: second-largest segment
“The non-technical TVE market in North America is expected to grow at a consistent pace during the forecast period. The non-technical TVE market is growing following an increased demand for skills in the fields of legal studies, nursing, hospitality, tourism, criminal justice, and security,” says Jhansi.
In the legal field, opportunities are abounding for those having skills such as legal transcription and office management. These skills will lead to a career as a legal secretary, law clerk, or paralegal. In the nursing and medical field, TVE can open doors to careers such as nursing assistant, surgical technologist, medical assistant, and phlebotomists. The hospitality and tourism sector in North America is also booming due to an increase in consumer interest in leisure and recreation. The spa and wellness sector is also developing. With so many job opportunities a growing number of people are enrolling in vocational training programs to improve their specialization. The above factors will drive the growth of the non-technical TVE market during the forecast period.
Other TVE segments
The others segment of the TVE market in North America was valued at USD 24.7 billion in 2015 and is expected to reach USD 26.26 billion by 2020 growing at a CAGR of 1.23%.
The others segment of the TVE market in North America is expected to grow at a consistent pace. This is because students taken up unconventional job opportunities as freelancers or are self-employed to express their creativity and individualism. These involve vocational skills are web development, photography, interior designing, and massage therapy among others.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Acumen Global Training
- City and Guilds
Browse Related Reports:
- Global Simulation Learning Market in the Higher Education Sector 2016-2020
- Global Generic E-Learning Courses Market 2016-2020
- Generic E-learning Courses Market in the US 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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