Global Technical and Vocational Education and Training (TVET) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Technical and Vocational Education and Training (TVET) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Technical and vocational education and training (TVET) is understood as comprising education, training and skills development relating to a wide range of occupational fields, production, services and livelihoods. TVET, as part of lifelong learning, can take place at secondary, post-secondary and tertiary levels and includes work-based learning and continuing training and professional development which may lead to qualifications. TVET also includes a wide range of skills development opportunities attuned to national and local contexts. Learning to learn, the development of literacy and numeracy skills, transversal skills and citizenship skills are integral components of TVET. This report calculates the income of educational institutions providing technical and vocational education and training.

Market Overview:


The latest research study on the global Technical and Vocational Education and Training (TVET) market finds that the global Technical and Vocational Education and Training (TVET) market reached a value of USD 669843.72 million in 2022. It’s expected that the market will achieve USD 1195336.94 million by 2028, exhibiting a CAGR of 10.13% during the forecast period.

Technical and vocational education and training (TVET) is understood as comprising education, training and skills development relating to a wide range of occupational fields, production, services and livelihoods. TVET, as part of lifelong learning, can take place at secondary, post-secondary and tertiary levels and includes work-based learning and continuing training and professional development which may lead to qualifications. TVET also includes a wide range of skills development opportunities attuned to national and local contexts. Learning to learn, the development of literacy and numeracy skills, transversal skills and citizenship skills are integral components of TVET. This report calculates the income of educational institutions providing technical and vocational education and training.

Advantages of vocational education training

There are numerous advantages to TVET programs. There are many contributions of Technical and Vocational Education and Training (TVET) to a nations economy. TVET has been proved as the key to skill development. With its feature focused on specific occupations, it has allowed individuals to find skill-related jobs or start their own employment. TVET stands as a major player in the economic growth of a nation through the development of the workforce and the rise in the employment rate.

Skills and qualifications required for job hunting are on the rise

The rapid technological changes demand that workers continuously update their knowledge and skills. Unlike in the past when a job could be held for life, it is commonplace to change vocations several times. TVET enables that flexibility in two ways. One is providing broad-based technical knowledge and transversal skills on which different occupations can be based.

Limitation of TVET system

While there has been increasing in the awareness of TVET and therefore, an increase in the quantity of intake of the TVET system, the capacity of industry to absorb the graduates have not increased as much, especially in the recent years when the global economic crisis affected most of the labor-intensive sectors. On the other hand, the industries that were not greatly affected and were the focus of the training interventions, such as the business process outsourcing require skills that do not necessarily match those of the graduates of the education system.

Region Overview:


In 2021, the share of the Technical and Vocational Education and Training (TVET) market in United States stood at 30.69%.

Company Overview:



SGS

SGS is a Swiss multinational company headquartered in Geneva, which provides inspection, verification, testing and certification services. It has more than 96,000 employees and operates over 2,600 offices and laboratories worldwide. It ranked on Forbes Global 2000 in 2015, 2016, 2017, 2020 and 2021.

BSI

The British Standards Institution is the national standards body of the United Kingdom. BSI produces technical standards on a wide range of products and services and also supplies certification and standards-related services to businesses. As a leading business improvement partner, BSI works with organizations to understand their development needs, creating training programs to align with and meet their strategic objectives. Operating in 195 countries, BSIs industry experts have developed an unrivaled portfolio of courses to support the entire organization.

SGS is one of the major players operating in the Technical and Vocational Education and Training (TVET) market, holding a share of 0.117% in 2022.

Segmentation Overview:


Technical education and training cover industries with high technical requirements such as aviation, telecommunications, and IT.

Non-technical education and training include tourism and hospitality, beauty and wellness, public administration and other less technically demanding industries.

By type, Technical segment accounted for the largest share of market in 2021.

Application Overview:


By application, the IT segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Technical and Vocational Education and Training (TVET) market covered in Chapter 3:

IDC Training House Sdn Bhd
City & Guilds Group
PT Tranceformasi Indonesia Kreatif
TasTAFE
New Horizons
BSI
TEDU
IPDC Training Institute
ExecuTrain
Wagons Learning
Training Vision Institute (TVI)
Dcolearning
Foster & Bridge Indonesia
SGS
Astra Manufacturing Polytechnics
China East Education Holdings Limited
Opus Kinetic
GP Strategies Corporation
NTUC LearningHub

In Chapter 4 and Chapter 14.2, on the basis of types, the Technical and Vocational Education and Training (TVET) market from 2018 to 2029 is primarily split into:

Technical
Non-Technical

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Technical and Vocational Education and Training (TVET) market from 2018 to 2029 covers:

Healthcare
Hospitality
IT
Advanced Manufacturing
Engineering
Logistics & Transportation
Other Applications

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)