LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global higher education market to grow at a CAGR of over 12% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Continuous development of new products and solutions for higher education is one of the major trends being witnessed in the global higher education market 2019-2023. Product developments by some of the vendors encourage other vendors to come up with innovative products to remain competitive in the market - which is one of the main trends now. Products like Blackboard Ally by Blackboard, Emerald Release by D2L, and Spark for Education by Adobe contain premium features and additional functionality, for higher education students free of cost. These innovative products help students express themselves using web stories, graphics, and video to complete their assignments.
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According to Technavio analysts, one of the key factors contributing to the growth of the global higher education market is the increase of internationalization in the education sector:
Global higher education market: Growth of internationalization in the education sector
Internationalization is the integration of intercultural and international dimensions into education. The internationalization of teaching and research is one of the major strategies adopted by various higher education institutes. This is attributed to the need to attract the best students and staff, to increase the quality standards of education and to generate more revenues. Also, the increase in tertiary enrollments globally has led to a rise in the need of internationalization.
According to a senior analyst at Technavio for research on K12 and higher education, “The adoption of internationalization has led to the advent of new higher education partnerships such as teaching partnerships and the provision of degrees off-shore. There is also a rise in the demand for a cross-cultural exposure on their courses among students to prepare themselves for international careers, which has further increased the requirements for the internationalization of higher education. Such a rise in internationalization in the education sector is likely to fuel the growth of the global higher education market during the forecast period.”
Global higher education market: Segmentation analysis
The global higher education market research report provides market segmentation by product (software and hardware) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for more than 41% share. It was followed by EMEA and APAC respectively. The huge investments by higher education institutions in modern technologies and the adoption of cloud solutions have fueled the market growth in the Americas.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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