Meticulous Research®, a globally renowned market research firm, recently released a comprehensive report titled, “Vocational Education and Training Market by Supplier Institution (Public, Private), User’s Gender (Male, Female), End Users (Students, Office Workers), and Geography – Global Forecast to 2029.” According to this study, the global vocational education and training (VET) market is projected to grow at a compound annual growth rate (CAGR) of 9.8% between 2022 and 2029, reaching a market value of $896.01 billion by 2029.
Several factors are contributing to the expansion of the VET market. Key drivers include the increasing adoption of vocational education by students at an early age, the rising demand for e-learning platforms, and the growing emphasis on digital skills. Additionally, higher dropout rates from traditional college programs have further stimulated the growth of vocational education. However, the industry faces challenges such as the shortage of skilled professionals in fields like artificial intelligence (AI) and the Internet of Things (IoT), which could impede its growth to some extent. Despite these challenges, the growing penetration of vocational education across various geographies presents numerous opportunities for market players.
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The report provides an in-depth analysis of the global VET market, offering historical data for 2020 and 2021, current estimates for 2022, and forecasts up to 2029. The market is segmented by supplier institution (public, private), user’s gender (male, female), age group (16–24 years, 25–34 years, 35–44 years, 45–54 years), end users (students, office workers), and geography. Additionally, the study assesses the competitive landscape, analyzing regional and country-level trends.
In 2022, the public institution segment is expected to dominate the VET market. The primary reason for this dominance is the higher enrollment of students in public institutions, primarily due to the lower tuition fees they offer compared to private institutions. Public institutions are also often government-funded, providing better infrastructure, educational resources, and more significant opportunities for students.
In terms of gender, the female segment is anticipated to grow at the fastest CAGR over the forecast period. This trend is attributed to the increasing participation of women in higher education, societal changes promoting gender equality, and government initiatives aimed at improving access to education for girls.
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By age group, individuals aged 16–24 are projected to account for the largest share of the VET market in 2022. The focus on higher education, including vocational diplomas, among this age group is driving their participation. Moreover, those with upper secondary education and vocational training have better job prospects and higher wages compared to their peers without such qualifications.
The student segment, as an end-user category, is expected to experience the fastest growth during the forecast period. This growth is driven by the increasing demand for higher education in developing countries and the expanding adoption of e-learning platforms. Moreover, the preference for work-based learning among students is further fueling the demand for vocational education.
Geographically, North America is projected to lead the global VET market. This dominance is due to factors such as a well-established education system, strong government support and funding for higher education, widespread adoption of digital technologies in educational institutions, and the presence of key market players in the region.
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Key Players
The key players operating in the global Vocational Education and Training Market are Adobe Inc. (U.S.), Articulate Global, LLC (U.S.), Blackboard Inc. (U.S.), Cegos Group (France), Cisco Systems, Inc. (U.S.), City & Guilds Group (U.K.), The Hewlett Packard Enterprise Company (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), and Lumesse Limited (U.K.).
Key questions answered in the report-
- Which are the high-growth market segments in terms of the supplier institution, user’s gender, user’s age group, end users, and countries/regions?
- What is the historical market for vocational education & training across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, and opportunities in the global Vocational Education and Training Market?
- Who are the major players in the global market, and what market share do they hold?
- Who are the major players in various countries, and what market share do they hold?
- How is the competitive landscape?
- What are the recent developments in the global Vocational Education and Training Market?
- What are the different strategies adopted by major players in this market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global Vocational Education and Training Market, and how do they compete with other market players?
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