LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global alumni management software market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global alumni management software market for 2017-2021. The report also lists universities, schools and colleges, and educational foundations as the key end-user segments, of which the market share of universities and schools and colleges amounted to 47% and 45% respectively in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global alumni management software market:
- Low price of alumni management software
- Rise in demand for efficient alumni network program
- Increase in number of alumni associations
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Low price of alumni management software
The affordable pricing and planning of the alumni management software offered by the providers in the market will drive the demand for alumni management software during the forecast period. The low-priced alumni management software by different vendors in the market enables the end-user such as universities, colleges, and schools to deploy the software to manage the large database of students, their e-mail addresses, contact information, and other details. The low price of the software also encourages other alumni management software vendors to keep their prices low.
Rise in demand for efficient alumni network program
There is a rising interest in developing university alumni relations programs in countries across the globe due to the potential value of alumni involvement for student success and as a base for future philanthropy. Every year, thousands of students graduate from schools to colleges, from vocational training to universities, and from postgraduate research to professional programs. The organizations who provide this training have a valuable resource in their databases, but every educational institution is not equipped to engage with the alumni network efficiently. Thus, there is an increased need to deploy the alumni management software because of the numerous features it offers and meet the requirements for alumni engagement.
“Alumni management software creates and manages events for large alumni groups. As the alumni network is the backbone of any institution, it is essential for the organizers to collect all the related information about the alumni during the meeting without missing out any criteria,” says Ishmeet Kaur, a lead analyst at Technavio for enterprise application research.
Increase in the number of alumni associations
Some of the most powerful college alumni networks across the globe are the alumni networks of Stanford University, Harvard University, Columbia University, Dartmouth University, Boston University Alumni Council, and the University of Virginia. Networking with alumni can be difficult and time-consuming. However, graduating from a school or university that has a strong alumni base means diving straight into a built-in network of professionals. Hence, the alumni network is one of the factors considered by prospective students while selecting colleges, schools, and universities.
“Colleges and universities worldwide give due importance to and invest in the formation of alumni associations as the financial contributions made by the alumni indicates their willingness to help students of their alma mater. Moreover, the alumni network is a source of pride and recognition for these educational institutions,” says Ishmeet.
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