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

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.