Educational Services Global Market Report 2021 - COVID-19 Impact And Recovery

The Business Research Company’s Educational Services Global Market Report 2021 - COVID-19 Impact And Recovery

LONDON, GREATER LONDON, UK, November 30, 2021 /EINPresswire.com/ -- The educational services market is expected to show strong growth as it recovers from the COVID-19 pandemic in 2021. Historically, the market was led by Western Europe and North America, but forecast figures show Asia Pacific leading the market in the future – particularly China and India – with growth rates more than double those in Western Europe and North America.

The main factors driving growth in the educational services market are:
• Continuous population growth and the structural social changes in India and China (migration from rural communities to mass urbanization), coupled with the demand for highly skilled science and technology labor resources in the emerging economies.
• Improved access to education and mobility for higher education and an increase in the availability, affordability and quality of digital technology products and services.

Off-the-shelf learning packages, remote tutoring and eBook growth are all playing their part in the migration of education from bricks-and-mortar classrooms and hard-copy papers to virtual learning environments and digital reading. In tandem, the rapid expansion of the bio and digital technology markets is driving demand for graduates with high-level technical skillsets.

The significant social-interaction constraints imposed world-wide by the COVID-19 pandemic on the provision of formal face-to-face courses has acted as an accelerant in driving the physical-to-virtual shift in how education is delivered.

The educational services market consists of the revenues earned from educational services and related goods by entities (organizations, sole traders and partnerships) that provide instruction and training in a wide variety of subjects. The instruction and training is provided by specialized establishments such as schools, colleges, universities, and training centers. The educational services market is segmented into elementary and secondary schools, colleges and universities, professional schools, and other educational services. Only goods and services traded between entities or sold to end consumers are included.

As per data in the Global Market Model, compared to growth rates in the historic period (CAGR was 5.7% between 2010-15 and 6.2% between 2015- 19), global market growth was relatively static in 2020 with only a small 2.7% increase for the whole sector. This modest trend is expected to continue in 2021, with an expected growth rate of 4.5%. Forecast figures beyond 2021 show much healthier growth, with an overall increase in CAGR of 7.6% between 2020-2025 and an increase of 7.1% CAGR between 2025-2030. Elementary & Secondary schools form the largest segment in the market and will continue to provide the highest growth in future periods.

Historically, Western Europe had the largest market share 2015 (36%) but was overtaken by Asia Pacific in 2019 (37%). This shift is forecast to continue, with Asia Pacific’s market share expected to be around 42% by 2030. Western Europe will still have the second largest share of the market but its share will shrink to 22.5% by 2030. South America experienced the largest growth rate between 2010- 2019, although growth collapsed during 2019-20, in line with the rest of the world. North America and Western Europe are expected to see a growth rate of around 20% by 2030, with other regions averaging at least double that growth figure (40-60%).

There are significant differences in the amount of spend per head of population across leading countries within each region. Germany will continue to have the highest spend, with a historic level of $1.9K per head, rising to £2.6K by 2030. US spend growth is expected to rise from $0.9K per head in 2010 to nearly $1.2K in 2030. However, dramatic growth continues in China and India, with spend per head rising from $160 (China) and $37 (India) in 2010 to a predicted $431 and $100 by 2030; almost a three-fold increase in 20 years.

The Global Education Services Market Report is one of a series of new reports from The Business Research Company that provides educational services market overviews, analyzes and forecasts educational services market size, share, education services market players, education services market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

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