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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
Report ID: MRICT - 104603 Pages: 220 Jun-2022 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 Hours Download Free Sample ReportThe Vocational Education and Training Market is expected to reach $896.01 billion by 2029, at a CAGR of 9.8% during the forecast period 2022 to 2029. The rising number of 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 AI and IoT technologies is expected to restrain the growth of this market to some extent. Moreover, the increasing adoption/penetration of VET across the key geographic markets is expected to create lucrative opportunities for key players operating in this market.
The COVID-19 pandemic has adversely affected many economies. 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.
The concept of e-learning/online learning was not unknown to the VET sector, though it received global popularity during the pandemic. In Europe, the number of students learning either fully or mostly online increased to 92% in 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. 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.
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Student's Adoption of Vocational Education at an Early Age Fuels the Growth of the Vocational Education and Training Market
The national standards at vocational schools demand an early orientation of the studies toward professional requirements for continued competence development. Students are systematically confronted with problems for their future professional practice to promote problem-solving thinking and action. Students enrolling in VET at an early age play an important role in the growth of the market. For instance, in 2020, 21.7% of the Australian population aged 15–64 participated in nationally-recognized training programs. The participation was highest among those aged 15–19 (41.2%), followed by those aged 20–24 (30.6%) (Source: National Centre for Vocational Education Research). Vocational courses provide students on-site training, which helps them develop specific skill sets to get better jobs.
At an early stage of career, vocational learning plays a critical role in skill development and employability. The importance of vocational development bridges the gap between theoretical knowledge and practical skills. In non-vocational studies, students have significantly fewer opportunities to put their acquired knowledge to work. However, this situation gets corrected for students in a vocational education setting. Students spend hours in the classroom each week, learning hands-on practical skills related to their chosen field.
According to the Organisation for Economic Co-operation and Development, in 2020, the enrolment rate in the 15–19-year age group in VET programs was high in the Czech Republic (70%), followed by Austria (69%), Switzerland (60%), and Luxembourg (58%). Hence, the largest enrolment rate in 15–19-year-old students in VET programs drives the demand for this market.
According to Eurostat, in 2019, 21.4 million pupils were studying at the upper secondary level in the European Union (EU), of which more than 10.2 million (48%) were enrolled in vocational education. Students adopting vocational education at an early age to prepare for tertiary education or learn skills relevant to employment is the key trend in the VET market.
Public Segment to Grow at the Fastest CAGR During the Forecast Period
Based on supplier institution, the VET market is segmented into public and private. The public segment is expected to grow at the highest CAGR during the forecast period. The growth of this market is attributed to factors such as higher student enrollment in public institutions, mainly due to higher tuition fees in private VET institutions. Also, public institutions are usually funded by the government, which translates to better infrastructure, educational opportunities, and increased exposure for enrolled students.
Male Users Segment to Dominate the Vocational Education and Training Market in 2022
Based on the user's gender, the VET market is segmented into male and female. In 2022, the male segment is estimated to account for the largest share of the VET market. Male students enroll in VET programs as vocational education focuses on offering industry-specific skill sets required to enter the labor market.
16-24 years Segment to Grow at the Fastest CAGR During the Forecast Period
Based on the user's age group, the VET market is segmented into 16–24 years, 25–34 years, 35–44 years, and 45–54 years. The 16-24 years segment is expected to grow at the fastest CAGR during the forecast period. The growth of this market is attributed to the increasing number of young adults participating in 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.
Students Segment to Dominate the Vocational Education and Training Market in 2022
Based on end users, the VET market is segmented into students and office workers. In 2022, the students segment is estimated to account for the largest share of the VET market. The large market share 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 increases the growth of the VET market.
Asia-Pacific to Grow at the Fastest CAGR During the Forecast Period
Based on geography, the VET market is segmented into five major geographies - North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. The rapidly developing economy focuses on reducing the demand & supply gap in the skilled workforce. In addition, various schemes were launched to support VET for technical sectors and increase disposable income, leading to the boost of vocational education and increasing market opportunities for players operating in the APAC region.
Key Players
The key players operating in the global VET market include 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.).
Scope of the Report:
Vocational Education and Training Market, by Supplier Institution
Vocational Education and Training Market, by User's Gender
Vocational Education and Training Market, by User's Age Group
Vocational Education and Training Market, by End Users
Vocational Education and Training Market, by Geography
Key Questions Answered in the Report-
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