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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