Meticulous Research® — a leading global market research company, published a research report titled, 'Vocational Education and Training Market by Supplier Institution (Public, Private), User's Gender (Male, Female), End Users (Students, Office Workers), and Geography - Global Forecast to 2029.'
According to the latest publication from Meticulous Research®, the global vocational education & training (VET) market is expected to grow at a CAGR of 9.8% during the forecast period 2022–2029 to reach $896.01 billion by 2029. Factors such as students adopting vocational education at an early age, growing demand for e-learning and digital skills, and higher dropout rates among college students are driving the growth of this market. However, the lack of a skilled workforce specializing in artificial intelligence (AI) and the Internet of Things (IoT) is expected to restrain the growth of this market to some extent. Moreover, increasing adoption/penetration of VET across key geographies is expected to create lucrative opportunities for players operating in this market.
The global VET market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market is segmented into supplier institution (public, private), user's gender (male, female), user's age group (16–24 years, 25–34 years, 35–44 years, and 45–54 years), end users (students, office workers), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on the supplier institution, in 2022, the public segment is estimated to hold the largest share of the VET market. The large market share of this segment is attributed to increasing student enrollment in public institutions than private institutions, mainly due to higher tuition fees at private VET institutions compared to public VET providers. Also, public institutions are usually funded by the government, which translates to better infrastructure & educational opportunities and increased exposure for enrolled students.
Based on user's gender, the female segment is expected to grow at the fastest CAGR during the forecast period. The fast growth of this segment is attributed to increasing female participation in higher education, rapid transition in the societal mindset, and increasing government support to improve girls' access to quality education.
Based on user's age group, in 2022, the 16–24 yrs segment is expected to hold the largest share of the VET market. The large market share of this segment is attributed to the increasing focus of young adults on higher education, including tertiary education and vocational diplomas. Also, individuals aged 16–24 years 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 users, the students segment is expected to grow at the fastest CAGR during the forecast period. The fast growth of this segment is attributed to the rising demand for higher education in developing countries and the increasing adoption of e-learning. Furthermore, the increasing preference of students for work-based learning ultimately leads to high demand for VET.
Based on geography, North America is expected to account for the largest share of the VET market. The large market share of this segment is attributed to the well-established education sector, growing government focus & expenditure on high education, high adoption of advanced technologies, including digitalization in educational facilities, high investment & funding for vocational training, and the presence of key players in the region.
The key players operating in the global Vocational Education and 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.).
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