Higher Education Market Likely To Touch At $1,569.37 Billion By 2030: Grand View Research Inc.

Author : Mrudula Karmarkar | Published On : 04 Jan 2024

San Francisco, 04 January 2024: The Report Higher Education Market Size, Share & Trends Analysis Report By Learning Mode (Offline, Online), By Course (Master’s, PhD), By Revenue Source (Tuition Fees, Investment Returns), By Institution (Public, Private), And Segment Forecasts, 2024 - 2030

The global higher education market size is expected to reach USD 1,569.37 billion by 2030 and is expected to grow at a CAGR of 12.1% from 2024 to 2030, according to a recent report from Grand View Research, Inc. This growth can be attributed to rapid technological progress that has altered the market. The extensive use of online learning platforms and digital technologies improves accessibility, attracts students worldwide, and broadens the reach of higher education. Evolution of workforce dynamics, such as the emergence of gig economy employment and the need for continual upskilling, contribute to a consistent need for higher education programs that meet the needs of developing industries. Blockchain technology is being incorporated to verify academic qualifications in a secure and transparent approach.

It aids in fraud prevention and improving efficiency of processes involving credential verification during enrollment or hiring. The storage and availability of educational resources are being transformed by cloud computing. It allows for seamless communication between students and professors, remote access to learning materials, and institutional flexibility. Smart classroom technology, such as smart projection devices, interactive whiteboards, wireless presentations, and lecture recording systems, improves the teaching and learning experience. Students use lecture recordings to review course material for better understanding. Moreover, the fast adoption of online learning demands institutions' rapid adaptation to new technologies and instructional methodologies, necessitating significant investments in technological infrastructure and faculty training.

The shifting employment market will increase the requirement for ongoing upskilling and retraining. Higher education institutions will play a vital part in providing possibilities for lifelong learning by delivering programs that adapt to changing market needs. For strategic decision-making, universities in this market will increasingly rely on data analytics. Data-driven insights will inform institutional plans and improve efficiency, from enrollment management to tailored learning interventions. EdTech will continue to be important in the market. Recognizing the importance of maintaining a healthy and supportive learning environment, universities and institutions will invest in assistance services and mental health programs in the forecasted period.

The growing population in countries, such as the U.S., Canada, the UK, and India, is driving the demand for higher education institutions. The demand for worldwide collaboration with institutions has grown for global interconnection of higher education market. Idea of continuous learning and development is becoming a growing trend as individuals look to advance their skills. As a result, there is an increasing need for graduate degrees, career advancement, and short workshops in the market portfolio.

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Many students can readily avail higher education because of various options, such as community-based college programs, distance learning courses, and financial assistance. The demand for skilled labor is rising as economies expand globally. Institutions are essential to support economic expansion. Different courses and degrees that students seek are influenced by changes in the labor market, including modifications to employment criteria and the need for particular abilities and personality traits. Course offerings, technological adoption, infrastructure development, and support services have evolved as rivalry between universities and educational institutions for students and capital.

Higher Education Market Report Highlights

• The online segment is expected to register the highest CAGR of over 13% from 2024 to 2030. Online education will have more emphasis on personalized learning pathways. AI-powered adaptive learning platforms will personalize information to specific student needs, enhancing the learning experience
• The masters segment is expected to register the highest CAGR of around 14% from 2024 to 2030. Master's degree programs will continue to shift toward blended learning approaches that combine online and in-person courses. Advanced technology will be incorporated progressively into master’s degree programs
• The grants, contracts, and gifts segment is expected to register the highest CAGR of over 12.5% from 2024 to 2030. Grants, contracts, and gifts will be used to support research and innovation. Fundraising activities will undergo a digital transformation in coming years. Grants and contributions will help institutions establish innovation hubs and entrepreneurship initiatives
• The private segment is expected to register the highest CAGR of 12.5% over the forecast period due to major focus on customized learning experiences. In addition, private higher education aims to investigate alternate certification methods to provide learners with more open pathways
• Asia Pacific is expected to register the highest CAGR of 13.3% from 2024 to 2030. Private higher education providers will continue to grow in the APAC region. These educational institutions will contribute to meeting the increased demand for higher education by providing different programs and flexible learning substitutes to a diverse range of students

Institutional evaluations and rankings can also impact enrollment and income figures. Institutions of higher education have become centers for innovation and research. With the advent of technology, cloud services allow educational institutions to preserve and retrieve data, apps, and resources privately and effectively. Administrative duties, such as responding to questions from students, streamlining the admissions procedure, and offering support, are handled by chatbots. To promote creativity and experiential learning across a range of subject areas, including engineering and design, higher education colleges and universities are investing in creative areas.

Economic downturns and recessions can result in less public support for education and more competition for grants and scholarships. The widespread adoption of online and hybrid learning techniques is projected to boost market growth. As people strive to gain additional skills throughout their career, short & skill-focused programs and small-scale certifications will grow in popularity. Technology advancements have improved distance learning practices and model adaptability making them a crucial element of the market.

Higher Education Market Report Scope

The rising dependency on technology exposes institutions to risks related to cybersecurity. Safeguarding sensitive data and guaranteeing the security of digital platforms remain ongoing challenges in the interconnected world of the higher education sector. Innovative technologies in this sector, such as augmented, mixed, and virtual reality (AR, MR, VR), artificial intelligence (AI), and blockchain, will be integrated into learning, investigation, and management domains. Institutions in this industry will become more student-centered, providing customized educational experiences, adaptable program planning, and extensive support services.

Key players are investing resources in research & development activities to support growth and enhance their internal business operations. The report will include company analysis based on the financial performances, product benchmarking, key business strategies, and recent strategic alliances. Companies are engaging in mergers & acquisitions and partnerships to further upgrade their products and gain a competitive advantage in the market. They are working effectively on new product development and existing product enhancement to acquire new customers and capture more market shares.

List of Key Players in Higher Education Market

• California Institute of Technology
• Columbia University
• Imperial College London
• Massachusetts Institute of Technology
• Peking University
• Stanford University
• Tsinghua University
• The President and Fellows of Harvard College
• The Trustees of Princeton University
• The University of Tokyo
• University of Cape Town
• University College London, UCL
• University of Oxford
• University of the Andes
• University of Pennsylvania
• Yale University