Competency-based Education Spending Market - Segmentation Analysis and Growth Prospects | Technavio

Technavio has published a new report on the global competency-based education spending market from 2017-2021. (Graphic: Business Wire)

LONDON--()--According to the latest market study released by Technavio, the global competency-based education spending market is expected to grow at a CAGR of more than 18% during the forecast period.

This research report titled ‘Global Competency-based Education Spending Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

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The market research analysis categorizes the global competency-based education spending market into the following type of products. They are:

  • Hardware
  • Systems
  • Solutions
  • Content
  • Others

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The top three revenue-generating segments are discussed below:

Global competency-based education spending market by hardware

The hardware segment in the global competency-based education spending accounted for close to 42% of the total market share in 2016. The implementation of appropriate infrastructure by a large number of universities and colleges in their competency-based education model will improve the overall quality of education in the market. Universities and educational institutions are collaborating with technology companies such as IBM and Microsoft to cater to the increasing need for hardware devices. Such collaborations will support the rising need for interactive, immersive, and project-based learning. The market is also witnessing a rising investment in hardware start-ups with innovative solutions such as Oculus VR gear.

According to Jhansi Mary, a lead analyst at Technavio for education technology research, “In 2015, zSpace introduced the zSpace 200, an interactive screen to help students learn animal dissection, through engaging virtual image, using a pair of glasses equipped with sensors and stylus. These devices are a pre-requisite for any competency-based program. Therefore, increased adoption of these devices is significantly contributing to the growth of the market.”

Global competency-based education spending market by systems

The increasing investments made by leading vendors for the development of LMS, student information system (SIS), student information management systems (SIMS), content authoring tools, enterprise resources planning (ERP), LCMS, learning analytics systems, change and configuration management system (CCMS), and education data security tools will propel growth in this market. In 2016, the systems segment in the competency-based education spending market occupied around 23% of the total market share. Educational institutions and system providers are collaborating to monitor students' learning progress and identify gaps to develop more intuitive systems. Colleges and universities are using advanced educational systems to measure the learning achieved by students, irrespective of the time taken for learning.

“Development of competency-based educational devices help universities to conduct online assessments, understand the students' prior learning experience, and assign credits accordingly. The significant spending done by market vendors in launching innovative solutions for students, teachers, and administrators will boost the growth of the market during the forecast period,” says Jhansi.

Global competency-based education spending market by solutions

In 2016, the competency-based education spending market by solutions accounted for more than 14% of the total market share. The growing implementation of social learning, adaptive learning, and personalized learning in educational institutions and organizations will fuel sales in this market segment. These solutions include various online self-assessment tools and virtual feedback platforms that allow students to gauge their performance. The vendors are offering solutions that simplify the digital transformation and increase student engagement with a comprehensive and powerful digital learning environment.

The top vendors highlighted by Technavio’s market research analysts in this report are:

  • Blackboard
  • D2L
  • Ellucian
  • Instructure

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

According to the study released by Technavio, the global competency-based education spending market is set to grow at a CAGR of over 18% until 2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com