Higher Education Technology Market to Display a CAGR of 10.3%; Increasing Adoption of Distance Courses to Augment Market Growth

The global higher education technology market size is expected to gain momentum by reaching USD 169.72 billion by 2028 owing to the increased online teaching globally. This information is published by Fortune Business Insights in its report titled “Higher Education Technology Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Solutions, and Services), By Learning Mode (Offline Learning, and Online Learning), By End-user (Private Colleges, Community Colleges, and State Universities), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 77.66 billion in 2020 and is projected to exhibit a CAGR of 10.3% during the forecast period.

Unifyed Announces its Agreement with Jacksonville University to Develop Modern ERP Solutions

A leading software education provider Unifyed announced its agreement with Jacksonville University in May 2021. Jacksonville is Northeast Florida’s premier private university. The agreement between the two institutes will help modernize Unifyed business operations and drive its digital transformation strategy by developing modern-day ERP and SIS technology. Moreover, its Student Information System and ERP systems are built in collaboration with Columbia University, will help in driving drive increased revenue by enrollment and retention automation. Such initiatives by the key companies are likely to surge the demand for advanced higher education technology across the globe.

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https://www.fortunebusinessinsights.com/higher-education-market-104503

Increasing Online Teaching to Aid Market Growth 

Online learning has gained pace in the education sector amid the COVID-19 pandemic. Moreover, the online platform was also popular for higher education way before the world witnessed the pandemic. This platform has gained traction because of the availability of higher internet speed and increased usage of personal computing devices. For instance, As per the ‘Online Education in 2019’ report stated that, by Northeastern University, 1.46 million students were enrolled in online four-year undergraduate programs, 774,000 in two-year programs, and 869,000 for graduate-level courses. Furthermore, governments worldwide are also promoting digital learning, which is expected to drive the growth of the market for higher education technology during the forecast period.

Companies Focus on Investments in Education-Technology to Widen Business Horizons

The rising investment in education technology has increased dramatically in recent years. For instance, according to the World Economic Forum (WEF) report in April 2019, the global Ed-tech investments have reached USD 18.66 billion in 2019. Another report by European EdTech VC Educapital mentioned that global Ed-tech investment surged by 77% in 2018 to reach USD 8.3 billion. Countries such as China, United States, France, and India are the major investors in Ed-tech. Investors such as Exceed Capital, Owl Ventures, and Kapor Capital are investing heavily in ed-tech services to transform the education system, and this is expected to drive the higher education technology market growth. 

Industry Development

• September 2020 – 2U, Inc. and Colgate University announced a partnership to develop an engaging and efficient online learning experience for students amid the ongoing pandemic.  This partnership aims to provide college faculties new and unique opportunities to retool their existing skill and adopt new approaches and concepts to enhance the teaching method. 

The Report Lists the Key Companies in this Market:

• Oracle Corporation (California, United States)
• Astera Software (California, United States)
• VMware, Inc. (California, United States)
• ServiceNow, Inc. (California, United States)
• Unifyed (Chicago, Illinois)
• Blackbaud, Inc (South Carolina, United States)
• Cisco Systems, Inc. (California, United States)
• Verizon (New York, United States)
• Blackboard Inc. (Washington, D.C., United States)
• CDW LLC. (Lincolnshire, Illinois)

Further Report Findings

• By component, the market is trifurcated into hardware, solutions, and services. Out of these, the hardware segment held the largest market share owing to increased demand for projectors, whiteboards, tablets, printers, smartphones, and other devices.
• North America to remain at the forefront in higher education technology market share during the forecast period owing to the significant investments and spending on the education sector in the region. North America stood at USD 27.05 billion in 2020.

Table of Segmentation