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(Wireless-NewsWire.Com, July 22, 2022 ) According to a new market research report titled, 'Vocational Education and Training Market by Supplier Institution (Public, Private), User's Gender (Male, Female), and End User (Students, Office Workers) - Global Forecast to 2029', the vocational education & training market is expected to record a CAGR of 9.8% during the forecast period 2022–2029 to reach $896.01 billion by 2029.
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Vocational education & training (VET) is an essential component of education, playing an increasingly important role in response to global demand for high quality and skilled labor force. In recent years, VET has gained prominence in both developed and developing countries in response to the global economy, the pace of technological change, and the era of knowledge.
Furthermore, globalization generates new demand for a high-quality labor force empowered with new skills and knowledge. This can be seen in developing countries as they engage in modernization and industrialization. Therefore, the shortage of skilled labor needed to meet social requirements is common in many emerging economies.
According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), in 2020, Central and Eastern Europe had the largest share (about 19%) of the 15–24 years age group participating in VET. This region was followed by Central Asia, North America, & Western Europe, with about 15% and 9% of youth participating in VET. Also, South & West Asia and Sub-Saharan Africa had the lowest share, with less than 2% of youth participating in formal VET. Hence, the large participation of Europe, North America, and Asia in VET is expected to boost the growth of this market.
In addition, higher education largely remains a financially inaccessible privilege. Students can invest in their futures without investing in a bachelor's degree through vocational education. By enrolling in vocational education programs, students can earn degrees in high-demand fields like nursing, business, and engineering, leading to high-paying jobs. Still, many students believe that a bachelor's degree is the only path to success. To change this trend, California is spending $200 million to encourage more students to earn a vocational certificate instead of a bachelor's degree.
The U.S. Department of Education indicates that people with vocational education have a slightly higher employment rate than academic credentials. According to the Georgetown University Center on Education and the Workforce, over 30 million jobs pay an average of $55,000 a year and do not require a bachelor's degree. The healthcare industry alone creates millions of high-paying jobs that do not require students to study for four years.
Hence, the growing participation of the major regions in VET and growing investment by major countries are driving the adoption of VET.
The Impact of COVID-19 on the Vocational Education & Training Market
The COVID-19 pandemic has adversely hit many economies around the globe. The market for technology in the education sector has not been affected to a great extent, due to which the VET market is projected to recover at a faster rate post-COVID-19. During the COVID-19 pandemic, complete lockdowns and quarantine stopped the learners from physically accessing educational institutions. Technology helped bridge the gap between learners and learning. Students were provided with remote access to lectures and classes, giving rise to online learning.
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The e-learning/online learning concept was not new to the VET sector, though it received global traction during the pandemic. In Europe, the number of students learning either fully or mostly online increased to 92% in December 2020. VET & apprenticeship providers in Germany, Greece, Portugal, Romania, Spain, Turkey, and the U.K. are incorporating online platforms for learning and assessment. Hence, the increasing demand for online learning is a key trend supporting the growth of the VET market.
Furthermore, the COVID-19 pandemic increased the reliance on digital skills to unprecedented levels. This phenomenon is expected to boost the market's demand for a workforce with technical knowledge. According to a recent report by Microsoft Data Science, the global workforce is expected to grow as 190 million new technology-oriented jobs will be created over the next five years. Software development role accounts for a large part of this prediction, but roles in related fields like data analysis, cybersecurity, and privacy protection are also slated to grow substantially. Hence, the rising need for a technologically skilled workforce is expected to lead to a high demand in the VET market.
Key Findings in the Global Vocational Education & Training Market Study
The global VET market is segmented on the basis of supplier institution (public and private), user's gender (male and female), user's age group (16–24 years, 25–34 years, 35–44 years, and 45–54 years), end users (students and office workers), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on supplier institution, the public segment is expected to grow at the fastest CAGR during the forecast period. The high growth of this segment is attributed to factors such as higher student enrollment in public institutions due to cost-effective courses, better infrastructure, educational opportunities, and increasing government support for the public institutions.
Based on user's gender, in 2022, the male segment is estimated to account for the largest share of the VET market. An increasing number of male students are focusing on gaining high-quality and industry-specific skillsets for better job opportunities in the labor market, leading to the high growth of this market.
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Based on user's age group, the 16-24 years segment is expected to grow at the fastest CAGR during the forecast period. The high growth of this market is attributed to the increasing number of young adults opting for higher education, including tertiary education and vocational diplomas. Also, individuals aged 16–24 with upper secondary education and VET certification have access to more diverse job opportunities and comparatively better wages than those who have not completed their upper secondary education.
Based on end user, in 2022, the student segment is estimated to account for the largest share of the VET market. The large market share of this segment is mainly attributed to the rising demand for higher education in developing countries and the increasing adoption of e-learning. Moreover, the rising preference of students for work-based learning is increasing the demand for the VET market.
Based on geography, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. The rapidly developing economies of this region are focused on reducing the demand-supply gap in skilled workforce. In addition, various schemes are being launched to support VET for technical sectors and increase disposable income. These activities are expected to boost vocational education and increase market opportunities for key players operating in this region.
Key Players
Some of the key players operating in the global vocational education & training market are Adobe Inc. (U.S.), Articulate Global, LLC (U.S.), Blackboard Inc. (U.S.), Cegos Group (France), Cisco Systems, Inc. (U.S.), City & Guilds Group (U.K.), The Hewlett Packard Enterprise Company (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), and Lumesse Limited (U.K.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/vocational-education-and-training-market-5289
Key questions answered in the report-
Which are the high-growth market segments in terms of the supplier institution, user's gender, user's age group, end users, and countries/regions?
What is the historical market for vocational education & training across the globe?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, and opportunities in the global Vocational Education and Training Market?
Who are the major players in the global market, and what market share do they hold?
Who are the major players in various countries, and what market share do they hold?
How is the competitive landscape?
What are the recent developments in the global Vocational Education and Training Market?
What are the different strategies adopted by major players in this market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global Vocational Education and Training Market, and how do they compete with other market players?
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Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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