Higher Education Technology Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Deployment (Cloud, On-premise), By Solution, By Services, By Learning Mode, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Higher Education Technology Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Deployment (Cloud, On-premise), By Solution, By Services, By Learning Mode, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Higher Education Technology Market Growth & Trends

The global higher education technology market size is anticipated to reach USD 140.40 billion by 2030 and is expected to grow at a CAGR of 18.6% from 2023 to 2030, according to a recent report from Grand View Research, Inc. The growth of the market can be attributed to the expansion of personalized and adaptive learning platforms, growing digital transformation and online learning, and various partnership programs among universities. For instance, in August 2023, the University of Oxford announced a partnership with the Museum of West African Art to establish an archaeological excellence center in West Africa and train a new generation of archaeologists to convey the story of the region's past from an African viewpoint, as well as to create student pathways to enhance research. Students from West African countries or with an extensive academic interest in West African archaeology and heritage will benefit from a tailored plan allowing them to enroll in the Oxford School's superior graduate courses in archaeological science. Such initiatives being pursued by the market players bode well for the growth of the market.

The increasing technology integration, such as virtual labs, simulation tools, and online platforms, is helping skill development in areas such as coding, data analysis, and digital literacy. Institutions are leveraging these technologies to train students for technology-driven industries, which is further expected to drive market growth. For instance, in May 2023, Cambridge University announced a partnership with Nazarbayev Intellectual Schools (NIS), an international school, to create a system of education for its schools that is internationally competitive. This entailed developing and implementing a curriculum, assessment, and teacher training program in Kazakh, Russian, and English for Grades 1 - 12.

Cambridge University also assisted NIS in disseminating programming learning to a larger number of schools across the country. The plan involved Cambridge and NIS exchanging information and skills to build a system that NIS could manage independently in the long run, with NIS gradually taking on greater responsibility.

The growing emphasis on linking education to the specific needs of the industry is boosting the market growth significantly. Higher education institutions are collaborating with various industries to create programs that emphasize practical skills and prepare students for job opportunities. Furthermore, higher education institutions are incrementally implementing focused diversity and inclusion strategies to promote equitable representation of underrepresented communities. This includes aggressive recruitment strategies, scholarship programs, and mentorship options. For instance, in April 2023, The University of California announced a partnership with UC Merced and College Track, a comprehensive college completion program. The partnership focuses on providing the resources, assistance, and environment for college students from underprivileged backgrounds who desire to be the first in their families to graduate from college.

Several higher education institutions are experiencing financial challenges as a result of factors such as the rising cost of education, changing economic conditions, and increased rivalry for research funds. These budgetary constraints might make it challenging for universities to invest in infrastructure, faculty development, and student support programs. However, public-private partnerships are being investigated as a strategy for leveraging private investment in higher education. This could involve partnerships with private enterprises for research projects, infrastructure development, or the establishment of joint programs.

Several countries are shifting to performance-based funding plans, in which funding is attached to specific performance measures and outcomes. This method strives to ensure that resources are distributed efficiently and that institutions are held accountable for delivering demonstrable results. Such initiatives are anticipated to create a positive outlook for the market.

Higher Education Technology Market Report Highlights

• Based on component, the solution segment is anticipated to register the fastest CAGR of around 19% over the forecast period. The increasing prevalence of online education has led to a greater demand for robust online assessment and proctoring solutions, thereby boosting the market growth
• In terms of solution, the campus management segment is anticipated to register the fastest CAGR of over 20% over the forecast period. Institutions are increasingly working on integrating diverse campus management technologies to establish an integrated platform. This integration comprises components such as student information systems, learning management systems, and finance management systems for seamless data flow
• Based on services, the managed services segment is anticipated to register the fastest CAGR of over 20% over the forecast period. Higher education is increasing its use of cloud-based managed services. This comprises cloud hosting, Infrastructure as a Service (IaaS), and Software as a Service (SaaS) options. Cloud services provide institutions with scalability, flexibility, and cost-effectiveness
• In terms of professional services, the consulting services segment is anticipated to register the fastest CAGR of over 20% over the forecast period. Higher education consulting services are increasingly focused on supporting institutions in formulating and executing strategic plans for digital transformation. This includes implementing new technology, optimizing procedures, and aligning IT strategies with institutional goals
• Based on deployment, the cloud segment is anticipated to register the fastest CAGR over 20% over the forecast period. Cloud adoption has the advantage of cost reduction and budget flexibility. Institutions can scale their resources according to demand, minimizing the need for massive upfront hardware infrastructure investments
• Based on learning mode, the online learning segment is anticipated to register the fastest CAGR over 19% over the forecast period. The segment growth can be attributed to the increasing need for micro-credentials and short courses. Higher education institutions are providing specialized, skill-focused programs that can be completed online, offering learners targeted information and certifications relevant to specific industries
• Based on vertical, the public segment is anticipated to register the fastest CAGR over 21% over the forecast period. Public institutions are constantly seeking internationalization methods, as well as ways to encourage global collaborations and attract international students. This shift promotes diversity in culture, knowledge sharing, and potential for collaborative research projects, thereby boosting segment growth
• Based on region, the Asia Pacific region is anticipated to register the fastest CAGR of over 23% over the forecast period. In Asia Pacific, there is an increasing emphasis on supporting entrepreneurial and innovation ecosystems. Universities are creating accelerators, incubators, and innovation hubs to help student entrepreneurs and collaborate with industry partners

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