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In the UK, the market for technical and vocational education will grow at a steady CAGR of over 8% by 2020. The persistence of skill mismatches in this region will compel people to opt for technical and vocational courses. In the UK, the number of workforce vacancies grew by around 40% during 2013-2015. However, employers in the UK do not find the right skills in candidates and, as a result, around 25% of job vacancies cannot be filled. The lack of interpersonal, analytical, numeracy, and other essential 21st century skills will lead to the high demand for technical and vocational courses in this region. As awareness about skill mismatches increases, corporates as well as individual learners will increase their investments in technical and vocational education.
Another factor inciting growth in this market is the rising digitization of technical and vocational education. With advances in technology, trainers are improving the delivery of vocational and technical education through the incorporation of online as well as offline platforms. Though classroom-based training is still the dominant method of teaching in this region, many vendors have started to incorporate blended learning in their training methods. Furthermore, apart from using PCs, some trainers have also started using mobile devices to improve their distance learning programs. With increasing advances in technology, technical and vocational training providers have been compelled to use educational software solutions, virtual learning platforms, simulations, and interactive multimedia content to provide training.
In the UK, this market is fragmented owing to the presence of more than 900 training providers. As a result, this market has no clear leader. In the past five years, the market has seen various consolidations in the forms of mergers and acquisitions, which in turn has affected the market dynamics. For instance, Pearson acquired TQ Holdings in October 2011 to capitalize on the excellence of TQ Holdings in vocational education and training. In the following year there was a merger between JHP Group and learndirect under the learndirect brand.
Top vendors in the market are -
Other prominent vendors in this market are Acorn Learning and Development, ACT Training, Babcock International, Interserve Learning & Employment, First4 Skills, GP Strategies, Pitman Training, Tavcom Training, and The TTE Technical Training Group.
According to this market research, the STEM technical and vocational education product segment dominated this market in 2015 by accounting for a market share of more than 75%. Increasing awareness about skill mismatches in STEM-related fields will compel people to opt for such educational products during the forecast period.
The corporate sector was the largest market segment during 2015 and is anticipated to retain its dominant market position by the end of 2020 as apprenticeships are rapidly becoming an integral part of the discretionary budget of successful organizations in the UK. The need to decrease technical and non-technical capability gaps and to groom eligible employees to move up the company's hierarchy will result in this market segment’s strong growth during the next few years.
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Technical and vocational training primarily comprises of formal, non-formal, and informal learning. This learning program provides knowledge and skills from elementary to advanced levels, across a broad range of work settings in varied socio-economic contexts. The institutions providing vocational training are forced to recover costs, often by prioritizing training and production over learning and even competing with local producers, with a competitive advantage of subsidized facilities and non-wage labour. Most private providers predominantly focus on training in areas like commerce, foreign languages, and information and communication technologies (ICT).
The report, technical and vocational education market in the UK, is part of Technavio’s education portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as education technology, K12 and higher education, and school and college essentials. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market drivers
PART 06: Impact of drivers
PART 07: Market challenges
PART 08: Impact of drivers and challenges
PART 09: Market trends
PART 10: Market landscape
PART 11: Market segmentation by product
PART 12: Market segmentation by end-users
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
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