The Global vocational training market was valued at $61,831.32 billion in 2019 and is anticipated to grow at a CAGR of 6.59% from 2020 to 2027. This growth is attributed to several macro and micro economic factors such as
- The Shift in Education Sector
The shift in the education system from the traditional way to digital learning amid COVID19 is disruptive the learning across the globe. The COVID19 pandemic has impacted on the lives and has resulted in the adoption of innovative technologies of getting education services.
The COVID19 pandemic have led to shut down of school and university across the globe. Globally around 1.2 billion of students are out of the school due to the COVID19 pandemic. Due to this, the education sector has changed dramatically and there has been a distinctive rise in the e-learning, whereby the teaching is done online with a digital platform.
Many countries are at different points in their COVID19 infection rate across the globe. With the sudden shift from the traditional way of classroom learning to the adoption of online learning will continue to post COVID19 pandemic. According to data published by World Economic Forum, even before COVID19, there has been an increase in the adoption of education technology with global EdTech investment up to $18.66 billion in 2019 and the overall online education market projected to reach $350 Billion by 2025.
In response to the significant demand for online education amid the COVID19 pandemic, many online learning platforms have offered free access to their services such as 3P Learning, Cahoots, and among others. This will result in an increase in demand for e-learning and vocational training in Australia.
- Rising Demand for Skilled Manpower
Further several factors restraining the market growth include
- Restraining 1
- Restraining 2
Collaborations and Alliances in the Vocational Training market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Vocational Training market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the Vocational Training market report also includes following data points:
- Impact on Vocational Training market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Vocational Training market
Key Insight in the report:
The global Vocational Training market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Vocational Training market is analyzed across below-mentioned different segments:
- Program Type
- High School programs
- Tech Prep Education
- Postsecondary Vocational School
- Apprenticeship Program
- On-the-job Training
- RTO Types
- Private RTOs
- TAFE Institutes
- Community RTOs
- Enterprise RTOs
Vocational Training market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in Vocational Training market include:
- Bit Media
- Career Education
- Cisco Systems
- City & Guilds Kineo
- Adobe Systems Articulate Global
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Vocational Training market estimates for 2020 and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Vocational Training market