CHICAGO, Sept. 25, 2020 /PRNewswire/ -- According to market research report on "Higher Education Market by Component (Solutions and Services), Solution (Student Information Management System, Content Collaboration, Data Security and Compliance, Campus Management), Deployment Type, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Higher Education Market size is expected to grow from USD 13.7 billion in 2020 to USD 35.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period. A growing number of higher education enrollments, increasing use of advanced technologies and collaborations between enterprises and institutions are the major drivers for the growth of the market.
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Solutions segment to hold a larger market size during the forecast period
Higher education solutions are transforming colleges, universities, and research campuses worldwide, along with new and engaging services for the entire lifecycle. The solutions included in the study are the student information management system, content collaboration, data security and compliance, campus management, and others. Higher education solutions are incorporated into business applications to enhance their capabilities. They derive insights from the business data in the analytics phase, thereby helping enterprises in making business-related decisions.
Managed services segment to grow at the highest CAGR during the forecast period
Managed services are delivered and managed by third-party Managed Service Providers (MSPs). These services entail in meeting customer needs and resolving their issues. They are focused on enhancing the service quality and end-user experience, along with gaining cost optimization and quality of service. Vendors are required to offer technical expertise, service consistency, and flexibility, regardless of their clients' geographic location.
Private colleges vertical to grow at the highest CAGR during the forecast period
A private college is an independent college having its own policies, goals, and is privately funded. These colleges are usually smaller in size than government colleges and universities and have lesser student admission. But private colleges are expected to adopt higher education solutions and services at a higher rate during the forecast period.
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North America to account for the highest market share during the forecast period
Higher spending on education in the North American region is one of the major drivers for the Higher Education Market. According to data published by the Organization for Economic Cooperation and Development (OECD), the US spends an average of USD 16,268 per year to educate a pupil from primary through tertiary education. Most of the higher education vendors have a direct or indirect presence in this region via system integrators, distributors, and resellers. Higher education institutes are adopting higher education solutions and services to make better strategic decisions and improve recruitment, student outcomes, and institutional efficiency.
The major players in the Higher Education Market are Oracle (US), SAP (Germany), Dell Technologies (US), VMware (US), Xerox (US), ServiceNow (US), Unifyed (US), Ellucian (US), Hyland Software (US), Blackbaud (US), Cisco (US), Verizon (US), Blackboard (US), Civitas Learning (US), Remind (US), Instructure (US) and Anthology (US). The study includes an in-depth competitive analysis of key players in the Higher Education Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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