Introduction:
Higher education solutions are gaining traction as schools and universities are shifting to the online learning. Moreover, universities from several countries across the world are investing more in higher education solutions to continue with their online operations. Governments are also investing aggressively in a cloud-based Student Information System (SIS) so that students do not miss out on the curriculum. Higher education includes all postsecondary education, training, and research guidance provided by educational institutions that have been designated by state authorities as institutions of higher learning. Higher education is provided at a variety of educational institutions, including universities, academies, colleges, seminaries, and institutes of technology, as well as through specific college-level institutions, such as vocational schools, trade schools, and other career colleges that award degrees. Globally, in 2021, roughly 220 million students were enrolled in formal post-secondary education, more than doubling the enrollment figure from 2000. It is estimated that there will be 380 million students opting for higher education by 2030. This growth in student numbers can be attributed to access to advanced educational programs that expand student reach and increase in the number and types of educational institutes (both public and private)
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Market Trends:
The COVID-19 pandemic, led to lock down across all the regions to prevent the spread of corona virus. The demand for online education was increased during 2020 as around 1.7 billion learners were unable to attend their educational institutes and needed online education to continue with their tuitions. This led to the speedy adoption of educational software and EdTech tools across universities and colleges for effective student engagement. The pandemic also revealed the shortcomings of the technology infrastructure in higher education system and the need for advanced digital technology to adapt to the rapidly changing education system. Now, higher educational institutes are focused on adopting advanced technologies such as AI, AR/VR, and IoT across institutes to provide personalized education experience, direct access to study materials, enhance collaboration among peers, and improve digital literacy and student engagement. According to one of the published study by MarketsandMarkets Research Pvt Ltd, AI in the education market is expected to grow at CAGR 47% during the period 2018-2023. Moreover, universities have been focused on deploying personal assistance systems such as chatbots. For instance, Georgia State University partnered with AdmitHub, to create a database of frequently answered questions by university employees during the admission process. The process was a big hit where the personal assistant answered almost 50,000 + questions and got an overall satisfaction score of four out of five stars by the end users.
Further, investments in the education technology space and governments initiatives to promote education are driving the market growth. For example, to help the universities and colleges in the UK, 100 million Euro package has been introduced. It is estimated that tuition fee of euro 2.6 billion will be provided to universities to manage their financial activities. Similarly, government in Germany announced a Euro 100 million of grants and additional loan support for students in the country.
strategic ALLIANCES and THEIR IMPACT ON the higher education market
In May 2022, Anthology and GoPeer, a student success platform that helps institutions manage their tutors locally or remotely, formed partnership to bring more tutoring options to higher education institutions. The partnership will enable Anthology clients to deploy GoPeer as either a standalone offering or through Blackboard Assist, the tool within Anthology’s Blackboard Learn that connects students to the support services they need to use.
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In March 2022, Anthology and the United Nations Educational, Scientific and Cultural Organization (UNESCO) has announced Anthology’s sponsorship for the World Higher Education Conference (WHEC2022) to be held May 18 – 20, 2022 in Barcelona, Spain. UNESCO and Blackboard, now part of Anthology, initially formed a partnership to support global digital learning initiatives in 2020 and this flagship higher education event, held only once each decade, marks the organizations’ continued collaboration to help define the future of higher education.
In June 2021, the University of Illinois Urbana-Champaign Grainger College of Engineering formed partnership with the IBM 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 market growth.
In March 2021, EAB partnered with PowerSchool to become an exclusive provider of the PowerSchool Intersect recruitment platform. This would help more students find and enroll at their best-fit higher education institutions.
Resultingly, higher education providers have created new course lines and strategies to expand their offerings. Market vendors have adopted different approaches, majorly strategic alliances to accelerate higher education availability for clients.
Market Insights:
Some of the major players offering higher education software and services includes Oracle, SAP, Dell Technologies, VMware, Xerox, ServiceNow, Unifyed, Ellucian, Hyland software, Blackbaud, Cisco, Verizon, Blackboard, and Instructure among others. In North America, the US and Canada, have shown faster and wider adoption of advanced technologies in higher education. Further market players from US have adopted organic as well as inorganic growth strategies to expand their global presence and increase their market share in the higher education market. For instance, VMware has launched education services in India in July 2020. In India, the new services include VMware Cloud on AWS infrastructure training. VMware Cloud on AWS is now available in 14 regions around the world, following the addition of the AWS APAC (Mumbai) Region. The new services assist customers in implementing the hybrid cloud platform for various use cases.
The surge in market growth can be attributed to increasing accessibility to smartphones and rising use of personal computing devices and computers, as well as various government initiatives promoting digital learning. Other factors such as rising student enrolment, rising internationalization in the education sector, personalization in technology, and growing connectivity are expected to emerge as significant factors accelerating the growth of the higher education market.
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