Higher Education Market

Global Higher Education Market Research Report: By Learning Mode (Online and Offline), By Course (Undergraduate, Master's, and PhD), By Revenue Source (Tuition fees, Grants, Contracts, and Gifts, Investment Returns, and Others), By Institution (Public and Private), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

ICT & Media | January 2024 | Report ID: EMR00445 | Pages: 301

The global higher education market was valued at USD 785.25 billion in 2023 and is estimated to reach approximately USD 2292.67 billion by 2032, at a CAGR of 12.6% from 2024 to 2032.

As of the time of its debut, the higher education market is a vibrant, changing industry that significantly influences the intellectual and professional landscape. This market is driven by a growing need for advanced knowledge and skills in an increasingly competitive global economy. It is characterized by a varied array of institutions ranging from traditional universities to specialized vocational schools. Enrollment rates increased dramatically in the early 21st century as a result of the realization that education is a critical factor in both individual and societal advancement.

The delivery of higher education has been completely changed by technological improvements, with digital resources and online platforms playing a crucial role. The market is characterized by an ongoing pursuit of innovation and flexibility to satisfy the shifting demands of businesses and students. Even with persistent issues with accessibility, price, and quality, the market for higher education continues to be vital for both professional and personal growth, as well as for the evolution of society and the economy.

 

 

HIGHER EDUCATION MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

785.25 Bn

Projected Market Value (2032)

2292.67 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Learning Mode, By Course, By Revenue Source, By Institution, & Region

Segments Covered

By Learning Mode, By Course, By Revenue Source, By Institution, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Higher Education Dynamics

Numerous elements influence the higher education market's dynamics, which are a reflection of the intricate interactions between societal, economic, and technical forces. Program choices and enrollment trends are greatly impacted by demographic changes, such as shifting population patterns and rising educational costs. Decisions about the pursuit of higher education and the selection of fields are influenced by economic considerations, such as changes in the job market and wage levels. The educational landscape is always changing due to technological improvements, which have made digital materials, virtual classrooms, and online learning essential. Because of the intense competition in the global employment market, there is a continuing need for specialized skills, which forces higher education institutions to modify their programs to match changing industry demands.

The affordability and accessibility of higher education are influenced by funding models, both public and private, which can have an impact on student demographics and enrollment rates. The dynamic nature of the higher education industry is also influenced by geopolitical concerns, standards of accreditation, and regulatory changes. Institutions must be flexible, creative, and sensitive to new trends in order to navigate these complex dynamics and continue to deliver high-quality, pertinent education in a constantly changing environment.

 

Global Higher Education Market Drivers

  • Technological Advancements

By removing geographical obstacles through online learning platforms and giving students unprecedented flexibility, the integration of cutting-edge technologies has democratized access to education. With options for individualized and interactive learning, virtual classrooms, augmented reality, and artificial intelligence have improved education. Personalized support systems and targeted interventions are made possible by educational institutions' use of data analytics to monitor student performance.

Emerging technologies also make it easier to collaborate on research projects, bridging conventional divides and promoting international academic collaborations. A wider range of people can now access educational content because of the development of digital resources and massive open online courses (MOOCs). Administrative procedures become more effective as educational institutions use learning management systems and digital evaluations, freeing up teachers to concentrate on cutting-edge teaching strategies. Technology-driven education gives students the skills that employers are looking for in the changing labor market, making them relevant and competitive.

  • Funding Models

In the higher education sector, funding methods play a pivotal role by significantly impacting the quality, accessibility, and long-term viability of educational establishments. These models incorporate many funding sources including grants for research, tuition, government money, and charity. Public funding has a significant impact on institutional resources and tuition prices, which in turn shapes how accessible education is. Both the financial stability of universities and student affordability are impacted by the distribution of public and private funding.

Institutions are also financially supported by endowments and charitable gifts from individuals, businesses, and foundations. These allow for the funding of research projects, infrastructure improvements, and scholarships. Research funds, frequently from public or private institutions, support the growth of scholarly inquiry and creativity. Variations in funding sources can cause revenue streams to fluctuate, which can impact an institution's capacity to sustain and improve the quality of education. The changing landscape of funding options also highlights the necessity for higher education to be in line with social and economic goals by reflecting broader societal trends and governmental interests.

 

Restraints:

  • Financial Barriers

Many students' opportunities to pursue higher education are limited by the rising prices of living expenses, textbooks, and tuition, which place a significant strain on students and their families. For those from lower-income homes, education becomes an elusive goal due to financial restraints that might worsen socioeconomic inequality. A significant barrier that discourages potential students and can make it more difficult for them to fully engage in the workforce after graduation is the mounting weight of student loan debt.

Financial obstacles have an effect on student populations' demographic makeup in addition to individual students, with underrepresented groups encountering disproportionately greater obstacles. These obstacles can lead to a growing skills gap since gifted people may be discouraged from going to college because of budgetary worries. In addition, institutions have to strike a balance between retaining an inexpensive education and being financially sustainable, which frequently forces them to make tough choices about how best to allocate resources, support faculty, and upgrade infrastructure.

  • Regulatory Compliance Burdens

Many rules that cover things like program approval, financial aid, accreditation, and student privacy are frequently applied to educational institutions. The complexity of compliance can take significant administrative time and resources away from the main goals of education, which makes educational institutions less flexible and responsive.

Even though strict regulatory frameworks are meant to guarantee quality and accountability, they can unintentionally foster a risk-averse culture that stifles innovation and makes it more difficult for institutions to quickly adjust to shifting educational environments. Smaller institutions may find it more difficult to afford compliance costs, both in terms of money and administrative time, which may restrict their ability to provide a wider range of programs or make investments in state-of-the-art teaching tools.

Moreover, the dynamic character of regulations introduces an extra degree of intricacy, necessitating institutions to remain up to date with ongoing modifications and revisions. Because of this constantly changing environment, it is frequently necessary to make continuous expenditures in staff training and compliance infrastructure, devoting funds that could be used for educational initiatives or student support services.

 

Opportunities:

  • Flexible Learning Models

These approaches give students the freedom to customize their educational experiences to fit their unique interests, schedules, and learning styles. They include online courses, hybrid programs, and personalized learning pathways. A wide range of learners, including parents, working professionals, and people living in remote locations, can benefit from the chance to participate in asynchronous or remote learning. The adaptability of these models promotes inclusivity by dismantling conventional educational barriers like time and location restrictions.

Furthermore, by integrating digital tools, interactive content, and collaborative platforms, flexible learning models enable institutions to quickly adjust to technology changes. By encouraging creative pedagogies and equipping students for the changing needs of the workforce, this flexibility raises the standard of education as a whole. Schools that use flexible learning models are better able to draw in a varied student body, address global issues with effectiveness, and provide a more engaging and individualized learning environment.

  • Global Expansion and Collaboration

Higher education institutions have a unique chance to improve their worldwide reputation, cultivate cultural diversity, and improve their academic environments through global expansion and partnership. Establishing global campuses or study programs, collaborating on research projects, and forming strategic collaborations can help schools reach a wider audience, draw in a more varied student body, and provide students with a truly global perspective. This is a global opportunity that exposes students to a variety of cultures, languages, and academic traditions, thereby equipping them with the skills necessary to navigate an increasingly linked world.

In addition to facilitating knowledge sharing, collaborative activities with overseas universities allow teachers and students to participate in interdisciplinary research initiatives and have access to a diverse range of global viewpoints. The internationalization of education is further facilitated by joint degree programs, twinning agreements, and student exchange programs, which provide a more thorough and well-rounded educational experience.

 

Segment Overview

  • By Learning Mode

Based on learning mode, the global higher education market is divided into online and offline. The offline category dominates the market with the largest revenue share in 2023. With the traditional or "offline" higher education paradigm, students physically attend classes on a campus, engage in in-person conversations with faculty, and have access to campus resources like labs and libraries. This traditional style, which provides a thorough and engaging learning experience, has long been the accepted method for approaching higher education.

However, the "online" or "distance" education market has emerged as a result of the introduction of digital technology. Online higher education allows students to access lectures, resources, and assignments from a distance by using digital platforms to provide courses and programs. This mode makes education more accessible for people who would not be able to attend traditional on-campus classes owing to employment, family, or geographic constraints because of its flexibility in terms of time and location.

  • By Course

Based on the course, the global higher education market is categorized into undergraduate, master's, and PhD. The undergraduate category leads the global higher education market with the largest revenue share in 2023. Usually lasting three to four years, this is the first stage of higher education. Students major in a variety of subjects while pursuing a bachelor's degree, such as a bachelor of science (BS) or bachelor of arts (BA). In addition to satisfying general education requirements, undergraduate programs offer a comprehensive and fundamental education through major-specific courses. Instilling foundational information and abilities in a particular area is the aim.

Postgraduate Training:

After earning an undergraduate degree, students’ progress to the master's level, which is a more specialized and advanced educational stage. A master's degree, such as a master of arts (MA) or master of science (MS), can be obtained through one to two-year programs. The Doctor of Philosophy, or PhD, is the pinnacle of academic attainment. A doctoral program involves extensive study and usually requires multiple years to finish. Doctorate applicants defend a dissertation, conduct original research, and publish in scholarly works.

  • By Revenue Source

Based on revenue source, the global higher education market is segmented into tuition fees, grants, contracts, and gifts, investment returns, and others. The tuition fees segment dominates the higher education market. The main source of funding for many institutions of higher learning is tuition fees. Enrollment in courses and degree programs is fee-based for students. The amount varies according to the type of program, location, and prestige of the school, as well as the degree of study. The costs of academic resources, buildings, wages for faculty, and administrative overhead are partially met by tuition fees.

Grants are monies given to an institution to support certain projects, programs, or initiatives by outside organizations, such as government agencies, private foundations, or research groups. These can include funds for projects, funding for research, and grants to support diversity and inclusion. Gifts and contracts include money obtained employing contracts with companies, organizations, or charitable donors. Contracts may cover consulting services, joint research projects, or specially designed training courses. Donations from alumni, philanthropists, and corporate entities are common forms of gifts that support capital campaigns, scholarships, and endowments. Numerous universities oversee endowments or investment portfolios that are accumulated via gifts and other sources. The institution's long-term, reliable source of income is provided by the profits on these investments. Investment money helps fund the school's operations in several ways, such as hiring new staff, maintaining the facilities, and offering scholarships.

  • By Institution

Based on institutions, the global higher education market is divided into public and private. The private category dominates the market with the largest revenue share in 2023. Private institutions are owned and operated by private entities. These could be nonprofit or for-profit establishments. To pay for its operations, private schools and universities rely on a variety of funding sources, such as endowments, donations, and tuition. Because they are not primarily sponsored by government appropriations, private institutions frequently have more autonomy in decision-making and can determine their tuition prices. 

Usually at the state or federal level, government agencies finance and run public institutions. The government provides substantial financial support to these universities and colleges, and a public board or agency frequently supervises their governance. Public universities are required to serve the public interest by offering reasonably priced education to citizens of the nation or region.

 

Global Higher Education Overview by Region

The global higher education market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2023. Some of the most famous and prominent institutions in the world, including Harvard, MIT, Stanford, and the University of Toronto, are located in the area. These universities draw top students and promote innovative research. Leading nations in North America, the United States, and Canada have made significant investments in their higher education institutions over the years, offering cutting-edge facilities for research, a supportive environment for academic performance, and cutting-edge infrastructure. In addition, a broad variety of universities providing a broad range of courses and programs define the higher education scene in North America. The area is at the forefront of research and development due to its dedication to multidisciplinary studies, technological advancement, and innovation.

Throughout the forecast period, Asia-Pacific is anticipated to post a significant CAGR. The demand for academic institutions is fueled by Asia-Pacific's growing population, notably the growing number of young people pursuing higher education. Globalization and economic growth have also increased the value of education as a catalyst for innovation and competitiveness, leading to significant investments in the higher education market. The region draws researchers and students because it concentrates on STEM (science, technology, engineering, and mathematics) fields, which are in sync with changing worldwide trends. Furthermore, technological developments, online learning environments, and cooperative efforts that increase accessibility to education all contribute to this rise.

 

 

Global Higher Education Competitive Landscape

In the global higher education market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global higher education market include,

  • California Institute of Technology
  • Columbia University
  • Imperial College London
  • Massachusetts Institute of Technology
  • Peking University
  • Stanford University
  • Tsinghua University
  • The President and Fellows of Harvard College
  • The Trustees of Princeton University
  • The University of Tokyo
  • University of Cape Town
  • University College London UCL
  • University of Oxford, and various others.

 

Global Higher Education Recent Developments

  • In January 2023, Harvard College's president and fellows worked with the Royall House and Slave Quarters to enhance historical awareness for upcoming studies and educational initiatives. Harvard's dedication to resolving historical circumstances—particularly slavery—is demonstrated by this relationship. The effort tries to increase societal understanding and communication.
  • In July 2020, VMware plans to introduce its education offerings in India, which would include training on AWS infrastructure for the VMware Cloud. With the inclusion of the AWS APAC (Mumbai) Region, VMware Cloud on AWS is now accessible in 14 global regions. The new services will help clients use best practices while establishing the hybrid cloud platform.

 

Scope of the Global Higher Education Market Report

Higher Education Market Report Segmentation

ATTRIBUTE

DETAILS

By Learning Mode

  • Online
  • Offline

By Course

  • Undergraduate
  • Master's
  • PhD

 

By Revenue Source

  • Tuition fees
  • Grants
  • Contracts and Gifts
  • Investment Returns
  • Others

By Institution

  • Public
  • Private

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Higher Education Market Size and Forecast: To identify and estimate the market size for the global higher education market segmented by learning mode, by course, by revenue source, by institution, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of higher education between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global higher education market
  • Market Influencing Factors: To find out the factors which are affecting the sales of higher education among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global higher education market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Prospective Students and Parents
  • Current Students
  • Administrators and Institutional Leaders
  • Employers and Industry Representatives
  • International Students and Global Partners
  • Governments, Associations, and Industrial Bodies
  • Educators and Faculty

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, The higher education market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to higher education market research, the market is expected to grow at a CAGR of ~12.6% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032
North America held the largest share in 2023.
The major players operating in the global higher education market include California Institute of Technology; Columbia University; Imperial College London; Massachusetts Institute of Technology; Peking University; Stanford University; Tsinghua University; The President and Fellows of Harvard College; The Trustees of Princeton University; The University of Tokyo; University of Cape Town; University College London UCL; University of Oxford ,and various others.