USD 622.4 billion
Vocational Education and Training Market Size, Share, Growth Analysis, By Course Type(STEM Education, Non-STEM Education), By End User(Academic Institutions and Individuals, Corporate workers), By Learning Mode(Online, Offline), By Organization(Public Institution, Private Institution), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2076 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
142
|Figures:
78
Vocational Education and Training Market Insights
Vocational Education and Training Market size was valued at USD 622.4 billion in 2019 and is poised to grow from USD 683.4 billion in 2023 to USD 1585.23 billion by 2031, growing at a CAGR of 9.8% in the forecast period (2024-2031).
The importance of vocational education and training (VET) in education is rising in response to the need for highly qualified and trained workers on a worldwide scale. In reaction to the state of the world economy, the rate of technological advancement, and the information age, VET has recently become more popular in both industrialised and emerging nations. Furthermore, as a result of globalization, there is an increased need for skilled workers who possess new information and abilities. This is evident in developing nations when they carry out industrialization and modernisation. As a result, many rising economies experience a shortage of trained workforce needed to meet social needs. The COVID-19 epidemic has had a negative impact on a number of economies worldwide. Because the technology market in the education sector has not been significantly impacted, it is anticipated that the VET market would rebound more quickly after COVID-19. Complete lockdowns and quarantines during the COVID-19 epidemic prevented students from physically entering school facilities. The gap between learners and learning was reduced thanks to technology. Online learning was made possible by offering students remote access to lectures and classes.
US Vocational Education and Training Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Public
Fastest Growth
Public
Growth Rate
9.8% CAGR
Global Vocational Education and Training Market ($ Bn)
Country Share for North America Region (%)
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Vocational Education and Training Market Segmental Analysis
Global Vocational Education and Training Market is segmented by Course Type, End User, Learning Mode, Organization and region. Based on Course Type, the market can be segmented into STEM Education, Non-STEM Education. Based on End User, the market is segmented into Academic Institutions and Individuals, Corporate workers. Based on Learning Mode, the market is segmented into Online, Offline. Based on Organization, the market is segmented into Public Institution, Private Institution. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Vocational Education and Training Market Analysis by product type
The public segment is anticipated to hold the largest market share of the global vocational education and training market during the projection period, according to supplier institutions. The rapid growth of this market is attributed to elements including increased government support for public institutions, stronger infrastructure, increased educational possibilities, and higher student participation in public institutions due to cost-effective courses.
Vocational Education and Training Market Analysis by users
According to user gender, the male segment is anticipated to hold the greatest share of the VET market in 2022. Because of the high expansion of this market, more and more male students are concentrating on developing high-quality, industry-specific skill sets for better employment chances.
Global Vocational Education and Training Market By Product
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Vocational Education and Training Market Regional Insights
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). Asia-Pacific is predicted to experience the fastest CAGR growth during the projection period geographically speaking. Reducing the demand-supply gap in skilled labour is a priority for this region's quickly rising economies.
In addition, a number of initiatives are being developed to support technical VET and raise disposable income. For important firms operating in this region, these initiatives are anticipated to improve vocational education and expand market potential. The VET market is anticipated to be dominated by North America. The strong market share of this sector is ascribed to a number of factors, including the region's presence of important players, an expanding government focus on and investment in higher education, high adoption of cutting-edge technology, including digitalization in educational facilities.
Global Vocational Education and Training Market By Region
- Largest
- Fastest
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Vocational Education and Training Market Dynamics
Vocational Education and Training Market Drivers
Affordable Skill Training to Join Workforce will Boost Demand for Vocational Education and Training
- Due to its advantages, including better career prospects, higher earnings potential, and increased job satisfaction, vocational training is in high demand. The affordable alternative for people who do not want to borrow money to attend college is vocational training. Compared to attending a college or university, vocational training is less expensive. It equips a person with the knowledge and skills necessary to perform a certain job. Improved flexibility and mobility as well as lifelong learning are made possible with the help of vocational training. It improves society, the mind, and the body.
- A significant demand in the VET market is anticipated as a result of the growing need for a workforce that is technologically trained. The gap between learners and learning was reduced thanks to technology. Online learning was made possible by offering students remote access to lectures and classes.
Vocational Education and Training Market Restraints
Lack of Technology Access to Hinder Market Growth
- Complete lockdowns and quarantines during the COVID-19 epidemic prevented students from physically entering school facilities.
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Vocational Education and Training Market Competitive Landscape
Several foreign and local marketplaces exist, making the market for vocational training extremely competitive. The market competitiveness is heightened by market expansion, revenue generation, and opportunity. The top players in the market, who hold a sizable market share, are Adobe Systems, Articulate, Blackboard, Career Education, Cegos, Cisco Systems, City & Guilds Kineo, and Desire2Learn.
Vocational Education and Training Market Top Player's Company Profiles
- Adecco Group
- City & Guilds Group
- GP Strategies Corporation
- LinkedIn Learning
- Cegos Group
- D2L Corporation
- Kineo
- Pearson PLC
- Prometric
- Skillsoft Corporation
- Udemy, Inc.
- Coursera Inc.
- Pluralsight LLC
- Simplilearn Solutions Pvt. Ltd.
- International Business Machines Corporation (IBM)
- Edmentum, Inc.
- Apollo Education Group, Inc.
- John Wiley & Sons, Inc.
- NIIT Limited
- Cornerstone OnDemand, Inc.
Vocational Education and Training Market Recent Developments
- On feb 15, 2022 Articulate Launches Learning Content Library To Entire Platform.
- On 5th April, 2022 The Cegos Group, the European leader in Learning and Development and one of the world's leading providers in the sector, announces the acquisition of Next Group, which focuses on professional reskilling for individuals and on work-linked higher education. With this acquisition, which further strengthens its leadership position, Cegos is accelerating its development in the BtoC segment and consolidating its position in the professional reskilling market.
Vocational Education and Training Key Market Trends
- The acceptance of vocational education and training(VET) is being fueled by major countries' increasing expenditure and the major regions' increasing involvement in vocational education and training (VET).
- One major factor driving the expansion of the VET market is the rising demand for online education. The COVID-19 epidemic brought the demand for digital abilities to previously unheard-of heights. This phenomena is anticipated to increase the market's need for technical workers.
Vocational Education and Training Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global vocational education and training market analysis, A significant portion of this estimate relates to the function of software development, but jobs in allied industries like data analysis, cybersecurity, and privacy protection are also expected to expand significantly. Consequently, a strong demand in the VET market is anticipated as a result of the growing requirement for a workforce that is technologically skilled. Vocational education and training (VET) gives students the critical skills they need to support their personal growth, improve their employability, and promote active citizenship. VET increases business productivity, competitiveness, research, and innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 622.4 billion |
| Market size value in 2031 | USD 1585.23 billion |
| Growth Rate | 9.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vocational Education and Training Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vocational Education and Training Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vocational Education and Training Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vocational Education and Training Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vocational Education and Training Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vocational Education and Training Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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