In the current scenario, the higher education landscape across the developed regions is transforming with constant disruptive changes happening such as online education, for-profit universities, and an aging workforce. Owing to these factors, developed regions are experiencing an increase in tuition concept and a decrease in funding.
Thus, higher education institution costs will constantly propel, whereas state funding is likely to shrink. Resultantly, most schools have surged tuition fees substantially, over the recent past.
As the costs spur continuously, traditional education institutes will become unaffordable for a large group of students. Therefore, some regions have started to adopt competency-based education. Most non-traditional adult learners are adopting this disruptive change in the education system widely.
Moreover, purveyors of education technology supporting the students to progress through school at their own pace with help of technology. As a result, the global competency-based education spending market will continue to grow at an unprecedented rate over the forecast period.
Augmenting workforce need in new industries is among the major factors escalating the growth of the competency-based education spending market share. Need for new industries and innovative career fields induce educational institutions such as colleges and universities to invest a large amount in offering competency-based programs.
These programs evaluate the students’ progress to enhance skills and ensure the graduate students placement in any landscape with increase labor demand. Furthermore, the students are willing to make heavy investments for courses in specialization in major subjects such as non-destructive testing engineering, diagnostic imaging, health education, mechatronics, and strategic communication.
Additionally, market players and several universities are collaborating with each other to set up robust and sound competency-based education that utilizes hardware, solutions, and software provided by key market players. Hence, owing to these factors the competency-based education spending market will continue to grow.
In the pandemic situation such as COVID-19, K-12 school districts and universities are forced to close temporarily, and people are recommended to stay in isolation or are even quarantined. As per UNESCO reports, COVID-19 pandemic will adversely affect over 290 million students across 22 countries. Many competency-based education firms are leveraging this occasion by offering attractive discounts on e-learning modules.
These measures have been met by overwhelming response of students, and as a result many start-ups are witnessing a growth of 25% in competency-based education market. Furthermore, competency-based education platforms have witnessed 30%-40% rise in admissions in Q1, 2020. As per the current situation, the competency-based education market would witness growth around 10% by the end of year 2020.
Growing Investments in Competency-based Education Spending to Generate Greater Market Revenue
Competency-based education spending is gaining space rapidly owing to introduction of innovative education solutions over the recent past. Companies in education technology are introducing and offering new solutions to institutions and universities for efficient and effective implementation of competency-based education programs.
In addition to this, a significant amount of company revenue share is invested in programs for the development of solutions, software, and important content for competency-based education programs. For instance, the Thailand authorities are looking forward to improving the nation’s English proficiency by using artificial intelligence (AI) to enhance students speaking and writing skills online.
Therefore, the authorities of the country launched a free mobile application Echo English in order to increase the citizens to practice English through games. Influenced by this initiative, the Philippines government also launched the K-12 curriculum in schools as core subjects.
Learning Style to Limit the Competency-based Education Spending Market Growth
The most crucial benefit offered through competency-based education is the real life experience for the students. However, there are a few challenges involved in this program such as the learning style. In some situations, the e-learning style may not fit the preferred style and approach of many students. This increases the chance of procrastination among unmotivated students.
Owing to this, the poor and middle-class students might also find it an expensive approach. These are some factors that are likely to hinder the competency-based education spending market growth.
Examples of some of the market participants in the global competency-based education market identified across the value chain include
North America will remain the major revenue generator of the competency-based education spending market over the forecast period. This growth is largely attributed to the growing number of K-12 schools along with higher education institutions in the US. These schools and institutes opt for competency-based education programs over the conventional education delivery model. This exhibits additional growth benefits for the regional development.
Given the huge potential, edutech stakeholders in APAC and Middle East are progressively viewing technology as a bridge to fill the education and technology gaps in these regions. With growing investments to develop the education infrastructure in APAC and Middle East, competency-based education spending will create lucrative prospects for the major players.
The competency-based education spending market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The competency-based education market can be segmented on the basis of component, end user, and region.
Component:
End-user:
Explore Similar Insights
Competency-based Education Spending Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
