LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the online higher education market in the US is expected to grow at a CAGR of almost 20% during the forecast period.
This research report titled ‘Online Higher Education Market in the US 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The online higher education market in the US is anticipated to witness rapid growth over the forecast period, owing to the robust ICT (information, communication, and technology) infrastructure, increased penetration of mobile devices, rising adoption of BYOD (bring your own devices), and surging demand for employability skills such as problem solving, critical thinking, and interpersonal skills. Several initiatives taken by universities and government in collaboration to promote online education in the US are also expected to boost the growth of online higher education over the forecast period.
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Technavio’s education research analysts categorize the online higher education market in the US into the following segment by subjects. They are:
- Commerce and management
- STEM
- Arts
- Others
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The top three revenue-generating segments of the online higher education market in the US are discussed below:
Commerce and management
Commerce and management accounted for the largest subject segment in the online higher education market in the US. The growth can be attributed to increasing enrollments for commerce and management roles in degree as well as non-degree courses for both graduate and undergraduate levels.
According to Jhansi Mary, a lead K-12 and higher education research analyst from Technavio, “Opportunities from the banking sector, marketing sector, and people management roles tend to attract students, resulting in rising admissions in the bachelor's courses offered by universities in fields including finance, marketing, operations, and HRM. Students with limited financial backgrounds are also opting for non-degree management courses and certifications to apply for entry-level positions in fields such as marketing, sales, and others.”
STEMS
STEM subjects accounted for the second largest subject segment in the online higher education market, owing to the increasing number of online enrollments in degree and non-degree courses offered by universities in different disciplines such as computer science, electronics and instrumentation, information technology, medical sciences, and health.
“Increasing opportunities from the nursing and healthcare sectors have led to the surging online enrollments in courses offering bachelor's, master's, and doctoral degrees in science-oriented subjects. Moreover, increasing emphasis by educators and parents on STEM education in schools develops an interest in them, which has resulted in the majority of students opting for STEM courses, thereby compelling the higher education institutes to offer degree courses in STEM education,” adds Jhansi.
Arts
The online higher education market in the US by arts is expected to witness a considerable growth over the forecast period, owing to the increasing opportunities from the non-technical fields such as bachelor's and master's in literature, painting, visual communications, humanities, liberal arts, fashion, culinary skills, and others.
The growth can also be attributed to the promotion of arts by the US government. For instance, in 2014, Michelle Obama spoke in regarding the importance of arts in schools, in the National Arts and Humanities Youth Program Awards held at the White House. As a part of the Reach Higher initiative, Michelle Obama hosted 150 students for Fashion Education Workshop, aiming to promote education and enable young fashion enthusiasts to pursue careers in the fashion industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- American Public Education
- Apollo Education Group
- Capella Education Company
- Grand Canyon Education
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