Overview of the global competency-based education spending market
Research analysis on the global competency-based education spending market identifies that the rising workforce requirement in new industries will be one of the major factors that will have a positive impact on the market’s growth. The need for innovative career fields and new industries induces educational institutions such as universities and colleges to invest heavily in offering competency-based programs. Competency-based programs evaluate the progress of students in terms of precise skills and ensure the placement of graduates into any new field with rising labor demand.
Competency-based education spending market growth
These institutions are also making huge investments to offer courses in specializations such as diagnostic imaging, strategic communication, mechatronics, non-destructive testing engineering, and health education. Moreover, universities are also partnering with leading market players to set up a sound and robust competency-based education that uses solutions, systems, and hardware provided by key market vendors. According to the competency-based education spending market analysis, Technavio’s market research analysts predict that this market will grow at a CAGR of more than 18% by 2021.
Competency-based education spending market trends
The introduction of innovative education solutions is one of the key trends that will gain traction in the competency-based education spending market in the forthcoming years. Education technology companies are introducing new solutions to institutions for effective the implementation of competency-based education programs. A significant share of revenue is also invested in programs by companies for the development of software, solutions, and essential content for competency-based programs. For instance, Creatrix Campus, a cloud-based educational solution provides competency-based education assistance to various institutions. This enables educators to spot competencies and skills with programs or courses and their learning outcomes.
The costs of competency-based education: Competitive landscape and key vendors
The market consists of numerous established players and small and medium-sized enterprises that offer an extensive range of solutions for educators, students, and corporates. Players in this competency-based education market are making huge investments to develop innovative solutions, which will help them sustain the competition and improve their market positions.
The leading vendors in the market
- Blackboard
- D2L
- Ellucian
- Instructure
Competency-based education spending by product
- Hardware
- Systems
- Solutions
- Content
During 2016, the hardware segment accounted for the major shares of the competency-based education spending market. The increased implementation of the suitable infrastructure required to deploy the competency-based education model by a large number of universities and colleges will be the major factor contributing to the growth of this industry segment in the coming years and will increase the competency-based education spending market size.
Competency-based education spending based on geography
- APAC
- Europe
- North America
- ROW
This market study estimates that in terms of geographic regions, North America will be the major revenue contributor to the competency-based education spending market throughout the forecast period. The rise in the number of K-12 schools and higher education institutions that choose the competency-based education model over the traditional education delivery model will drive the growth of the market in this region.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global competency-based education spending market?
- What are the key market trends impacting the growth of the global competency-based education spending market?
- What are the challenges to market growth?
- Who are the key vendors in the global competency-based education spending market?
- What are the market opportunities and threats faced by the vendors in the global competency-based education spending market?
- Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
- What are the key outcomes of the five forces analysis of the global competency-based education spending market?
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