Higher Education Testing and Assessment Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR44572
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The higher education testing and assessment market has the potential to grow by USD 5.13 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 5.55%.

This higher education testing and assessment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (academic and non-academic) and geography (North America, Europe, APAC, MEA, and South America). The higher education testing and assessment market report also offers information on several market vendors, including Aspiring Minds Inc., Edutech, IOTA360 LLC., McGraw-Hill Education Inc., MeritTrac Services Pvt Ltd., Mettl Online Assessment, Mindlogicx, Pearson Plc, Scantron Corp., and Wheebox among others.

What will the Higher Education Testing and Assessment Market Size be in 2021?

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Higher Education Testing and Assessment Market: Key Drivers and Trends

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The transition of educational institutions to formative assessment is notably driving the higher education testing and assessment market growth, although factors such as weak assessment mechanisms of online tests may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the higher education testing and assessment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The adoption of formative assessments by educational institutions is one of the major factors driving the higher education testing and assessment market growth.
  • In recent years, formative assessments have been gaining traction from several educational institutions.
  • The performance of the students and the interaction between students and faculty are enhanced with the adoption of formative assessments.
  • The adoption of formative assessments is encouraged by initiatives such as Re-Engineering Assessment Practices (REAP).
  • The evolving role of educational technologies is one of the key higher education testing and assessment market trends.
  • Educational institutions are introducing assessments that include elements such as digital badging and micro-credentials, and several vendors offer such advanced technologies.
  • The addition of elements in education technologies such as LMS and CMS balances the assessment of students.
  • Vendors, such as Pearson, and educational institutions promote the balanced assessment of students.

This higher education testing and assessment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Higher Education Testing and Assessment Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Aspiring Minds Inc.
  • Edutech
  • IOTA360 LLC.
  • McGraw-Hill Education Inc.
  • MeritTrac Services Pvt Ltd.
  • Mettl Online Assessment
  • Mindlogicx
  • Pearson Plc
  • Scantron Corp.
  • Wheebox

 

This statistical study of the higher education testing and assessment market encompasses successful business strategies deployed by the key vendors. The higher education testing and assessment market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The higher education testing and assessment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Higher Education Testing and Assessment Market?

Higher-Education-Testing-And-Assessment-Market-Market-Share-by-Region-2020-2025

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42% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for higher education testing and assessment in North America. However, the market growth rate in North America will be slower than the growth of the market in other regions.

The shift from classrooms to virtual platforms will facilitate the higher education testing and assessment market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Higher Education Testing and Assessment Market?

Higher-Education-Testing-And-Assessment-Market-Market-Share-by-Product-2020-2025

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The higher education testing and assessment market share growth by the academic segment will be significant during the forecast period. The advent of technologies such as learning management system (LMS) and content management system (CMS) and the rising demand for innovative personalized technologies such as adaptive learning has increased the adoption of digital technologies for academic testing and assessment in higher educational institutions. The transition from traditional pen and paper-based testing and assessment to online testing and assessment and the increasing use of technology by students will drive the growth of the segment during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the higher education testing and assessment market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Higher Education Testing and Assessment Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive higher education testing and assessment market growth during the next five years
  • Precise estimation of the higher education testing and assessment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the higher education testing and assessment industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of higher education testing and assessment market vendors

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Higher Education Testing And Assessment Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6%

Market growth 2021-2025

$ 5.13 billion

Market structure

Fragmented

YoY growth (%)

3.57

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 42%

Key consumer countries

US, Canada, Germany, UK, and China

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Aspiring Minds Inc., Edutech, IOTA360 LLC., McGraw-Hill Education Inc., MeritTrac Services Pvt Ltd., Mettl Online Assessment, Mindlogicx, Pearson Plc, Scantron Corp., and Wheebox

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Academic - Market size and forecast 2020-2025
    • Non-academic - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Aspiring Minds Inc.
      • Edutech
      • IOTA360 LLC.
      • McGraw-Hill Education Inc.
      • MeritTrac Services Pvt Ltd.
      • Mettl Online Assessment
      • Mindlogicx
      • Pearson Plc
      • Scantron Corp.
      • Wheebox

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
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      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
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      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The higher education testing and assessment market growth will increase by $3.67 billion during 2019-2024.
      The higher education testing and assessment market is expected to grow at a CAGR of 4.17% during 2019-2024.
      Technavio has segmented the higher education testing and assessment market by product (Academic and Non-academic) and geographic (North America, Europe, APAC, MEA, and South America).
      Aspiring Minds Inc., Edutech, IOTA360 LLC., McGraw-Hill Education Inc., MeritTrac Services Pvt Ltd., Mettl Online Assessment, Mindlogicx, Pearson Plc, Scantron Corp., Wheebox are a few of the key vendors in the higher education testing and assessment market.
      North America will register the highest growth rate of 40.87% among the other regions. Therefore, the higher education testing and assessment market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the higher education testing and assessment market growth are:
      • Transition of educational institutions to formative assessment
      • Evolving role of educational technologies
      The higher education testing and assessment market vendors should focus on grabbing business opportunities from the academic segment as it accounted for the largest market share in the base year.
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