Pune, India, Aug. 17, 2021 (GLOBE NEWSWIRE) -- The global higher education technology market size is expected to gain momentum by reaching USD 169.72 billion by 2028 while exhibiting a CAGR of 10.3% between 2021 to 2028. In its report titled "Higher Education Technology Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 77.66 billion in 2020.
In this technologically advanced world, many institutes and universities are adopting unique methods to transform teaching. They combine technology with theory and practical studies to bring out the best output from students to tackle real-world problems. Many universities seek help from tech giants by joining hands or partnering with them to promote higher studies. For instance, in June 2021, the University of Illinois Urbana-Champaign Grainger College of Engineering announced a partnership with the IBM Corporation to strengthen the college's workforce and research development efforts in various fields such as AI/ML, quantum information technology, and environmental sustainability. Such initiatives are expected to drive market growth.
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COVID-19 Impact
The pandemic brought the world to a halt. Many educational institutes were temporarily shut. For instance, Boston College Center for International Higher Education reported that around 220 million students were affected globally. Also, as per the National Student Clearinghouse Research Center Report, the number of enrollments and admissions fell by 1.3%, with the loss of about 231,000 students compared to the year earlier. However, it has strengthened the online platform and distance learning programs for higher studies. Moreover, the colleges are expected to reopen soon as the vaccination drive has gained pace worldwide.
Market Segmentation:
By component, the Higher Education Technology Market is trifurcated into hardware, solutions, and services. Based on learning mode, it is segmented into offline learning and online learning. By end-user, it is segmented into private colleges, community colleges, and state universities.
- Based on the end-user, the private colleges segment held a market share of 25.3% in 2020. This is attributable to the increasing number of private institutions and universities.
Finally, based on region, this market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
What does the Report Provide?
The Higher Education Technology Market report for higher education technology provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
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Drivers & Restraints
Adoption of Digitization by Educational Institute to Favor Market Growth
Education is given utmost importance today, thereby becoming the vital element for people to enroll themselves in college. The ongoing digitization across various countries is stimulating the demand for advanced teaching-learning approaches, which in turn is driving the higher education technology market growth.
On the other hand, many countries are still facing problems in adopting advanced learning programs due to low education funds in the region. Besides the rapidly transforming educational culture, high tuition fees are the major constraints of the market.
Regional Insights
North America to Remain Dominant Backed by Presence of Large Ivy League Colleges
North America held the largest higher education technology market share in 2020 and is expected to remain at the forefront during the forecast period. This is due to the presence of the world's premier institutes and colleges, such as Ivy League colleges in the U.S. Moreover, the government invests heavily in the region's educational infrastructure.
The Higher Education Technology Market in Europe is expected to gain traction backed by the increasing number of educational institutes that will propel the demand for advanced higher education technology in the forthcoming years.
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Competitive Landscape
Key Players to Focus on New Launches to Strengthen Their Market Positions
The market is consolidated by major companies striving to maintain their position by focusing on providing customized and effective solutions as the students' requirements. Besides, the market's major players are focusing on launching their new branches, partnerships, and collaborations with educational institutes to expand their business portfolio.
Industry Development
- July 2020 – Blackboard Inc. announced the launch of Blackboard Retention Coaching. It is a data-driven, scalable, and proactive student retention solution that will enable institutes to facilitate personalized coaching and early student intervention.
Higher Education Technology Market Share Report Scope and segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 10.3% |
| 2028 Value Projection | USD 169.72 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 77.66 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Component; Learning Model; End User; and Geography |
| Growth Drivers | Adoption of Digitization by Educational Institute to Favor Market Growth |
| North America to Remain Dominant Backed by Presence of Large Ivy League Colleges | |
| Pitfalls & Challenges | Insufficient State Funding and Higher Tuition Fees to Limit Enrollments |
List of Key Players Profiled in the Market for Higher Education Technology:
- Oracle Corporation (California, United States)
- Astera Software (California, United States)
- VMware, Inc. (California, United States)
- ServiceNow, Inc. (California, United States)
- Unifyed (Chicago, Illinois)
- Blackbaud, Inc (South Carolina, United States)
- Cisco Systems, Inc. (California, United States)
- Verizon (New York, United States)
- Blackboard Inc. (Washington, D.C., United States)
- CDW LLC. (Lincolnshire, Illinois)
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Table of content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Higher Education Technology Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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