PUBLISHER: Grand View Research | PRODUCT CODE: 1405935
PUBLISHER: Grand View Research | PRODUCT CODE: 1405935
The global higher education market size is expected to reach USD 1,569.37 billion by 2030 and is expected to grow at a CAGR of 12.1% from 2024 to 2030, according to a recent report from Grand View Research, Inc. This growth can be attributed to rapid technological progress that has altered the market. The extensive use of online learning platforms and digital technologies improves accessibility, attracts students worldwide, and broadens the reach of higher education. Evolution of workforce dynamics, such as the emergence of gig economy employment and the need for continual upskilling, contribute to a consistent need for higher education programs that meet the needs of developing industries. Blockchain technology is being incorporated to verify academic qualifications in a secure and transparent approach.
It aids in fraud prevention and improving efficiency of processes involving credential verification during enrollment or hiring. The storage and availability of educational resources are being transformed by cloud computing. It allows for seamless communication between students and professors, remote access to learning materials, and institutional flexibility. Smart classroom technology, such as smart projection devices, interactive whiteboards, wireless presentations, and lecture recording systems, improves the teaching and learning experience. Students use lecture recordings to review course material for better understanding. Moreover, the fast adoption of online learning demands institutions' rapid adaptation to new technologies and instructional methodologies, necessitating significant investments in technological infrastructure and faculty training.
The shifting employment market will increase the requirement for ongoing upskilling and retraining. Higher education institutions will play a vital part in providing possibilities for lifelong learning by delivering programs that adapt to changing market needs. For strategic decision-making, universities in this market will increasingly rely on data analytics. Data-driven insights will inform institutional plans and improve efficiency, from enrollment management to tailored learning interventions. EdTech will continue to be important in the market. Recognizing the importance of maintaining a healthy and supportive learning environment, universities and institutions will invest in assistance services and mental health programs in the forecasted period.