According to the research report titled ‘Global Custom Higher Education Market Size study with COVID-19 impact, by Software Solution, by Hardware Device, by Service, by End User and Regional Forecasts 2020-2027’, available with Market Study Report LLC, Global Custom Higher Education Market to reach USD 112.95 Billion by 2026 and was worth USD 65.48 billion in 2019 and is expected to grow with a CAGR of 8.1% during 2020-2027.
For the record, higher education, also known as tertiary education, is an optional final stage of learning which is attained at institutes of technology, seminaries, collages, academics, college-level institutions as well as universities.
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Rising adoption of advanced technologies in education sector and rapid expansion of online education sector are prime factors driving the growth of global custom higher education market. In fact, according to Shift Disruptive E-learning, online learning solutions requires around 40-60% less employee time as compared to conventional classroom setting. It also states that e-learning has retention rates of around 25-60% in comparison with classroom learning which is at 8-10%. Similarly, World Education Services states that global e-learning industry is expected to generate revenues worth USD 331 billion by the year 20205.
Growing inclination towards higher education across the globe is also aiding the market expansion. Additionally, the emergence of COVID-19 pandemic has resulted in strict lockdown, which in turn has increased the demand for digital and online platforms of learning in order to promote social distancing practices among students, thereby stimulating the industry outlook. However, high investment required while opting for higher education may act as a restraining factor to the growth of global custom higher education industry.
As per software type, the market is split into content & collaboration, performance management, student & curriculum, data security & compliance, campus technology and others. In terms of hardware device, the industry is bifurcated into interactive white boards, projectors, PCs, tablets and others.
Blackboard Inc., Oracle Corp., Dell Inc., Panasonic Corp., Cisco Systems Inc., IBM Corp., Educomp Solutions Ltd., Verizon Communications Inc., Xerox Holdings Corp. and Adobe Inc. are the key participants in global custom higher education market.
By service, the market is divided into training & support, implementation and consulting & advisory. The end-user scope of global custom higher education industry comprises of state universities, community college and private college.
Considering the geographical landscape, North America custom higher education industry is predicted to expand substantially during the forecast period. Preference towards using advanced technologies in higher education facilities is favoring the market scenario. Alternatively, Asia-Pacific market is slated to record healthy growth in the forthcoming years. Increasing number of student enrollments for higher education is swaying the business dynamics in Asia-Pacific.
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