Technical And Vocational Education Market Size, Trends, 2028

Global Technical And Vocational Education Market Size, Share & Industry Trends Analysis Report By Course Type (STEM Education and Non-STEM Education), By End User, By Learning Mode (Offline and Online), By Organization, By Regional Outlook and Forecast, 2022 - 2028

Published Date: November-2022 | Number of Pages: 233 | Format: PDF | Report ID: KBV-21590

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Technical And Vocational Education Market

Market Report Description

The Global Technical And Vocational Education Market size is expected to reach $1057.4 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.

The goal of Technical and vocational education and Training is multifaceted. Preparing youth for employment is a primary objective. This is accomplished via the acquisition and development of work-related skills and the mastery of fundamental knowledge and scientific concepts. Work is defined broadly and hence includes both official employment and self-employment.

Technical And Vocational Education Market - Global Opportunities and Trends Analysis Report 2018-2028

To urge self-employment, technical and vocational education programs frequently incorporate training in entrepreneurship. Social reproduction and change in occupational and vocational activities are associated with this concept. Continual professional development is a related function. Rapid technological advancement necessitates that refresh their knowledge and abilities.

In contrast to the past, when a job might be retained for life, it is now usual to switch careers several times, technical and vocational education facilitates this adaptability in two ways. One involves imparting broad technical knowledge and transferable abilities upon which many jobs may be built. The second is providing workers with ongoing vocational training.

In contrast to the industrial paradigm of the old economy, the worker in today's global economy must perpetually reinvent him or herself. In the past, full-time employment, specific professional duties, and well-established career trajectories guaranteed employees a job for life. The knowledge-based global economy is characterized by fast technological and work-related developments. Frequently, workers find themselves deemed redundant and unemployed.

Today, technical and vocational education is responsible for retraining these workers so they may find and return to employment. Technical and vocational education is not just a venue for work-related education, but also personal growth and independence. This refers to the development of those human capacities that pertain to the achievement of one's full potential in terms of paid or self-employment, occupational interests, and non-work-related life objectives. Technical and vocational education also aims to allow individuals to overcome obstacles resulting from birth circumstances or earlier educational experiences.

COVID-19 Impact Analysis

The scope of the technical and vocational education and training disruption caused by COVID-19 is simply amazing. The COVID-19 pandemic prompted massive attempts to enhance learning continuity and hastened the adoption of novel techniques. After discontinuing face-to-face learning, many providers of technical and vocational education and training hurried to shift to remote learning modalities, creating solutions and partners to enable this transition and providing support for students and tutors. In the majority of nations, responding technical and vocational education providers lacked a crisis readiness strategy, and few had ever engaged in distance learning.

Market Growth Factors

The Emphasis On Practical Abilities

The fundamental principle of vocational education training is "learning by doing." Practical learning takes precedence over theoretical learning. Significantly more time is devoted in vocational schools to the practice of actual skills that students will need and may apply in the job. The focus of their education is on learning the skills and information required to perform effectively in their chosen sector. This method of education incorporates work experience directly into the curriculum, rather than requiring students to pursue internships or entry-level employment outside of class time.

Vocational schools are less expensive than other types of educational institutions.

As most vocational courses may be finished in two years or less, vocational education is often a low-cost option for individuals. The tuition and other costs associated with this field of study are lower than those of other types of colleges. This further contributes to the cost savings students experience during their studies. They pay less each year they are in school, which reduces any debt they must incur to pay for school.

Market Restraining Factors

Promoting Social Justice And Inclusive Work Environments

Part of the difficulty that technical and vocational education has in promoting social equality is equipping underprivileged kids and adults with the appropriate skills and assisting them in making the transition from school to employment. Depending on the contextual dynamics of inclusion and exclusion, as well as the skills of individuals, ensuring an inclusive workplace presents several policy problems. For instance, the exclusionary experiences of individuals with disabilities and underprivileged women may be comparable in some respects and unlike in others.

Technical And Vocational Education Market Share and Industry Analysis Report 2021

Course Type Outlook

Based on the Course Type, the Technical and Vocational Education Market is segmented into STEM Education and Non-STEM Education. The STEM education segment acquired the highest revenue share in the technical and vocational education market. Science, technology, engineering, and mathematics (STEM) education has been accepted by several nations due to its ability to promote the social and economic growth of populations. Globally, a large number of businesses provide STEM learning courses.

End-user Outlook

On the basis of End-user, the Technical and Vocational Education Market is divided into Academic Institutions and Individuals and Corporate workers. The Academic Institutions & Individuals segment procured the largest revenue share in the technical and vocational education market in 2021. It is because the proportion can be linked to the availability of these courses at academic institutions. Additionally, students enroll in these courses through academic institutions to obtain better employment.

Learning Mode Outlook

By Learning Mode, the Vocational Education Market is classified into Online and Offline. The Online segment registered a significant revenue share in the technical and vocational education market in 2021. It is due to the increasing need for digitalization, accessibility, more advanced information, and communication technology, and improved protection for sensitive data. In addition, freedom in determining the location, time, and speed of learning for both students and instructors is one of the primary advantages of online learning over traditional learning.

Organization Outlook

Based on the Organization, the Technical and Vocational Education Market is bifurcated into Public Institution and Private Institutions. The public Institution segment acquired the largest revenue share in the technical and vocational education market in 2021. The majority of technical and vocational education is offered by state institutions. Several nations, like Germany and France, offer free public institutions for vocational education. Countries like the United States and Canada have a high prevalence of vocational education in their public schools.

Technical And Vocational Education Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 608.5 Billion
Market size forecast in 2028 USD 1057.4 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 8.5% from 2022 to 2028
Number of Pages 233
Number of Tables 400
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
Segments covered Course Type, Learning Mode, Organization, End-user, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • The Emphasis On Practical Abilities
  • Vocational schools are less expensive than other types of educational institutions.
Restraints
  • Promoting Social Justice And Inclusive Work Environments

Regional Outlook

Region-wise, the Technical and Vocational Education Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a promising growth rate in the technical and vocational education market in 2021. It is due to the rise of the sector such as cutting-edge innovations, such as the hybrid model, quickly developing technical improvements, rising awareness of vocational training, and peer-to-peer learning to bridge the gap between education and employment needs.

Free Valuable Insights: Global Technical And Vocational Education Market size to reach USD 1057.4 Billion by 2028

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Acumatica, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), Adobe Inc., Articulate Global, LLC, IBM Corporation, TÜV Rheinland AG, Babcock International Group PLC (Scandinavian AirAmbulance), Pitman Training Group Ltd. (Launch Life International, Inc.), The CEGOS Group, and The Center for Professional Advancement (CfPA).

Strategies deployed in Technical And Vocational Education Market

» Partnerships, Collaborations and Agreements:

  • Aug-2022: Adobe signed an agreement with AICTE, a statutory body, and a national-level council for technical education. Through this agreement, Adobe would deliver expertise and courses for upskilling educators, and incorporate digital creativity into the curriculum, to equip students with the essential creative and digital literacy skillset required to succeed in today's digital-first world. Moreover, Adobe intends to double down on building a strong skilling ecosystem in the country and assign educators and students with new-age talents to flourish in the post-pandemic digital-first world.
  • Aug-2022: Amazon Web Services teamed up with Accenture, a global professional services company. This collaboration aimed to help unemployed Indians start a profession in cloud computing. Additionally, the training program is supporting unemployed people across India to develop the necessary cloud skills and find in-demand cloud possibilities.
  • Aug-2022: Amazon joined hands with the University of Hawai?i. Through this collaboration, the companies aimed to cloud education to prepare, upskill and empower students in cloud computing talents over the next three years. Moreover, associations in Hawai?i would work with the AWS Academy program to deliver educational institutions with a ready-to-teach, no-cost, cloud computing curriculum that trains students for globally recognized AWS certifications and in-demand cloud jobs.
  • Jun-2022: Cegos came into a partnership with myskillcamp, a Belgian scale-up specializing in digital learning solutions. Under this partnership,myskillcamp customers would now have a permit to Cegos’ eLearning Soft Skills catalog. Moreover, by integrating the supreme content of the Cegos Soft Skills catalog with Myskillcamp’s digital learning solution, this partnership would be the optimal reaction to the continued skills revolution.
  • May-2022: IBM formed a partnership with Arunachal Pradesh’s division of education. Together, the entities aimed to present its ‘STEM for Girls’ program in more than 130 secondary and higher secondary schools within 15 districts in the state. Moreover, this endeavor is part of a three-year program between IBM and the state government.
  • Mar-2022: Acumatica formed a partnership with Certiverse, an end-to-end exam development platform. Under this partnership, Certiverse would deliver its first-of-a-kind online exam creation and delivery system to Acumatica. Moreover, the Certiverse platform would further enhance the current Acumatica certification program, supporting the efficient creation of psychometrically valid exams and practice trials to better asset partner certification.
  • Jan-2022: Cegos partnered with e-Aspire, a highly creative multimedia production company. Under this partnership, e-Aspire consumers would now have the permit to Cegos’ soft skills eLearning catalog. Moreover, the quality and variety of content they deliver to a broad range of organizations, e-Aspire shares with Cegos a fundamental conviction: the significance of the operational effect of training on the learner.
  • Mar-2021: Amazon Web Services formed a partnership with Niti Aayog, a policy think tank of the Indian government. This partnership aimed to train students on the foundations of cloud computing via Atal Tinkering Labs. However, AWS would provide the talented youth of the country with digital and web-based tools that can improve their innovative and creative abilities, encouraging the nation to develop a manifold in its creation and entrepreneurship network.
  • Mar-2021: IBM joined hands with the All India Council of Technical Education along with the Ministry of Education. Together, the entities aimed to deliver skills-based training procedures on the recently launched National Educational Alliance for Technology 2.0 platform. Moreover, courses on Cloud, Artificial Intelligence, IoT, Quantum Computing, and Data Science would deliver industry-relevant, technical job-role-based training for faculty and students.
  • Aug-2020: IBM joined hands with National Skill Development Corporation. Together, the entities aimed to deliver ‘Open P-TECH’, a free digital education platform, focused on occurring technologies and professional evolution skills. Additionally, IBM would curate online courses from the Open P-TECH platform and deliver them to consumers through NSDC’s eSkill India portal to authorize Indian youngsters on different skills to succeed in future careers. Moreover, P-TECH could make foundational learning in appearing technology and professional talents for the youth more affordable.

» Mergers and Acquisitions:

  • Apr-2022: Cegos took over Next Group, a leading participant in professional reskilling. This acquisition would further reinforce its leadership status, Cegos is boosting its evolution in the BtoC segment and reducing its function in the professional reskilling market.
  • Feb-2020: Cegos completed the acquisition of the Crescimentum, a company concentrated on the development of leadership. Through this acquisition, Cegos is reinforcing its existence in Latin America.

Scope of the Study

Market Segments Covered in the Report:

By Course Type

  • STEM Education
  • Non-STEM Education

By End User

  • Academic Institutions & Individuals
  • Corporate Workers

By Learning Mode

  • Offline
  • Online

By Organization

  • Public Institution
  • Private Institution

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Acumatica, Inc.
  • Amazon Web Services, Inc. (Amazon.com, Inc.)
  • Adobe Inc.
  • Articulate Global, LLC
  • IBM Corporation
  • TÜV Rheinland AG
  • Babcock International Group PLC (Scandinavian AirAmbulance)
  • Pitman Training Group Ltd. (Launch Life International, Inc.)
  • The CEGOS Group
  • The Center for Professional Advancement (CfPA)

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Related Reports:

North America Technical And Vocational Education Market Report 2022-2028

Europe Technical And Vocational Education Market Report 2022-2028

Asia Pacific Technical And Vocational Education Market Report 2022-2028

LAMEA Technical And Vocational Education Market Report 2022-2028

FREQUENTLY ASKED QUESTIONS (FAQ):

The global Technical And Vocational Education Market size is expected to reach $1057.4 billion by 2028.

The Emphasis On Practical Abilities are driving the market in coming years, however, Promoting Social Justice And Inclusive Work Environments restraints the growth of the market.

Acumatica, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), Adobe Inc., Articulate Global, LLC, IBM Corporation, TÜV Rheinland AG, Babcock International Group PLC (Scandinavian AirAmbulance), Pitman Training Group Ltd. (Launch Life International, Inc.), The CEGOS Group, and The Center for Professional Advancement (CfPA).

The STEM Education segment acquired maximum revenue share in the Global Technical And Vocational Education Market by Course Type 2021 thereby, achieving a market value of $776.1 Billion by 2028.

The Offline segment is leading in the Global Technical And Vocational Education Market by Learning Mode 2021, achieved a market value of $544.4 Billion by 2028.

The Europe market dominated the Global Technical And Vocational Education Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $354.5 Billion by 2028.

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