Technical And Vocational Education Market Worth $1.43 Trillion By 2030

Technical And Vocational Education Market Growth & Trends

The global technical and vocational education market size is anticipated to reach USD 1.43 trillion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to expand at a CAGR of 9.8% from 2022 to 2030. The increasing use of technology in education and the rising demand for job-relevant skills in various sectors are expected to propel industry growth. Technical and vocational education provides support services for the educational sectors that are both instructional and non-instructional. The widespread use of the internet has demonstrated that e-education continues to proliferate and has a lot of untapped potential that could alter the industry’s performance.

The COVID-19 pandemic had a negative impact on the industry in 2020. Education providers gradually shifted to online learning and blended (online and offline) learning and training mode, which became a more efficient way of education. Advanced technology and AI-based education have played a crucial role, especially during the COVID-19 pandemic in offering services to a larger set of people due to increased accessibility worldwide. As a result, there has been a significant increase in demand for technical & vocational education during the pandemic. The STEM course type segment led the industry in 2021due to the easy availability of STEM courses.

In addition, STEM courses provide skills related to technology, engineering, science, and mathematics, which result in better job opportunities. Key players are adopting strategies, such as service launches, several developments, and technological innovations. For instance, in May 2020, SAP and UNICEF partnered to develop a training program in vocational education for the young population in the world to prepare them for job-relevant skills with quality education. The partnership aimed to provide programs to the disadvantaged youth of the world and provide them with decent jobs from acquired skills.

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Technical And Vocational Education Market Report Highlights

• The academic institutions & individual end-user segments dominated the industry in 2021. Pursuing these courses during academic education by students and individuals gives them an added advantage in procuring better job opportunities and salaries

• Europe accounted for the largest share in 2021. European technical and vocational systems are supported by a strong network of collaborators in the field of vocational education

• Social partners, including businesses and labor unions, are involved in the governance of these networks through a variety of chambers, committees, and councils

• Asia Pacific is expected to register the fastest CAGR over the forecast period owing to the rapid economic development as a result of the rising focus on bridging the skilled labor supply and demand gap

• Various initiatives have been started to support vocational and technical education, enhance disposable income, and expand industry potential for companies in the region

• For instance, in India, the Ministry of Skill Development and Entrepreneurship has come up with various schemes and initiatives to boost the skills that are mutually recognized and have importance in the future skillset required for work

Technical And Vocational Education Market Segmentation

Grand View Research has segmented the global technical and vocational education market based on course type, end-user, learning mode, organization, and region:

Technical & Vocational Education Course Type Outlook (Revenue, USD Million, 2017 - 2030)

• STEM Education

• Non-STEM Education

Technical & Vocational Education End-user Outlook (Revenue, USD Million, 2017 - 2030)

• Academic Institutions & Individuals

• Corporate Workers

Technical & Vocational Education Learning Mode Outlook (Revenue, USD Million, 2017 - 2030)

• Online

• Offline

Technical & Vocational Education Organization Outlook (Revenue, USD Million, 2017 - 2030)

• Public Institution

• Private Institution

Technical & Vocational Education Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Turkey

  • Saudi Arabia

  • UAE

List of Key Players in Technical And Vocational Education Market

• Adobe Inc.

• Articulate Global LLC

• City & Guilds Group

• TUV Rheinland

• Babcock International Group PLC

• Pitman Training Group

• CEGOS

• learndirect

• The Center for Professional Advancement (CfPA)

• International Business Machine Corp. (IBM)