What is the global market size of the Vocational Education and Training Market?

Global Vocational Education and Training Market size was valued at USD 622.4 billion in 2021 and is poised to grow from USD 683.4 billion in 2022 to USD 1585.23 billion by 2030, growing at a CAGR of 9.8% in the forecast period (2023-2030).

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 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.

Vocational Education and Training Market Report Snapshots

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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).

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. '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.'

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.

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).

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Vocational Education and Training Market Regional Insights

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