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 industry growth.
The pandemic brought the world to a halt. Many educational institutes were temporarily shut. For instance, Boston College Center for International Higher Education researched that around 220 million students were affected globally. Also, as per the National Student Clearinghouse Research Center Research, 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.
The global higher education technology industry 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.
By component, the industry 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 industry share of 25.3% in 2020. This is attributable to the increasing number of private institutions and universities.
Finally, based on region, this industry is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
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 industry 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 industry.
North America to Remain Dominant Backed by Presence of Large Ivy League Colleges
North America held the largest higher education technology industry 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 industry 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.
Key Players to Focus on New Launches to Strengthen Their Industry Positions
The industry is consolidated by major companies striving to maintain their position by focusing on providing customized and effective solutions as the students’ requirements. Besides, the industry’s major players are focusing on launching their new branches, partnerships, and collaborations with educational institutes to expand their business portfolio.
Some Of the Latest Industry Developments
- 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.
Some of the Key Players Profiled in the Industry for Higher Education Technology include:
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).