LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global coding bootcamp market to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The report has further categorized the global coding bootcamp market based on end-user (individual learners and institutional learners), mode of delivery (full-time coding bootcamp and part-time coding bootcamp), language (ruby, java, python, .NET, and others), and geography (the Americas, EMEA, and APAC).
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Technavio analysts highlight the following three drivers that are contributing to the growth of the global coding bootcamp market:
- Low cost of bootcamps
- Increase in student enrollments
- Increase in regulatory factors
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Low cost of bootcamps
In comparison to a proper formal education that comprises of four years of bachelor's degree in Computer Science (CS), the short duration of training and low-cost options offered by coding bootcamps ensure cost-effectiveness. In comparison to a CS degree program, the cost of a coding bootcamp is equivalent to only one semester of the degree program. And the coding bootcamp usually provides access to job profiles that offer higher salary when compared to CS degree. The cost of training for students varies per region and program.
According to Jhansi Mary, a lead analyst at Technavio for education technology research, “Coding bootcamps also provide several finance options for the students to finance the program. The various options offered are self-financed or access to low-interest loans. Vendors also offer deferred payment options such as monthly installments and tuition deferral until the employment of the students and, free training through scholarships.”
Increase in student enrollments
Globally, there has been a steady rise in the number of students enrolling in coding bootcamps because of the increased popularity and growing adoption of coding bootcamps. There has been a rapid rise in the number of enrollments in APAC and EMEA, even though coding bootcamps are yet to gain traction in these regions. The several benefits offered by coding bootcamps are attracting student enrollments and ensuring steady growth.
The need for coding bootcamp vendors is fueled due to the expected rise in the number of student enrollments in the Americas as well as other regions. Due to this, the number of coding bootcamp providers across the world will increase. The increasing affordability of coding bootcamps, increased adoption of online learning, and the rising demand for MOOCs are the key factors contributing to the growth in enrollments.
Increase in regulatory factors
By providing accreditation to coding bootcamp agencies, the governments and regulatory bodies across the world are gradually showing interest in making the concept of coding bootcamps mainstream. For instance, in March 2015, the US government announced the TechHire initiative. One of the areas of focus for the TechHire initiative is the implementation of training models that prepare students for high paid jobs in months and not years.
“In March 2017, Council of Integrity in Results Reporting consisting of a group of 17 bootcamps and stakeholder organizations developed a common framework. This will be used for reporting, documenting, and auditing a student's outcome after completion of coding bootcamps. This would further prevent the students from vendors offering fake graduations and falsely claimed bootcamps,” says Jhansi Mary.
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