Global Alternative Credentials Market for Higher Education 2017-2021
About Alternative Credentials for Higher Education
Alternative credentials are referred to as learning outcomes, skills, and competencies that can be received from non-degree activities and assessments that cater to the specific workforce needs. There has been an increase in the ICT investment along with the rise in awareness on the benefits of implementing the advanced mode of education among instructors. Thus, there will be a rise in adoption of technologically advanced methodologies in the education system. Educational institutions, primarily in the higher education segment, are actively devising ways to incorporate advanced learning strategies, such as project-based learning, problem-based learning, inquiry-based learning, and experiential learning.
Technavio’s analysts forecast the global alternative credentials market for higher education to grow at a CAGR of 31.80% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global alternative credentials market for higher education for 2017-2021. To calculate the market size, the report considers revenue generated by providers of alternative credentials to students in the higher education segment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Alternative Credentials Market for Higher Education 2017-2021
Technavio recognizes the following companies as the key players in the global alternative credentials market for higher education: Capella Education, Coursera, Credly, and Pearson.
Other Prominent Vendors in the market are: BadgeCraft, Forallsystems, Knowledgestreem, and Makewaves.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing adoption of lifelong learning. Lifelong learning has already become an important aspect of corporate training and learning, which is practiced rigorously in companies operating in various geographical regions. The concept has permeated into the education industry as well, and is encouraging instructors and students to undertake programs and courses that help them adapt with the current technologies and strategies.”
According to the report, one driver in the market is rising acceptance of digital badges. The increased acceptance of digital badges has been observed by the higher education institutions on a global scale but largely in developed economies, such as the US and Germany. There has been increased competition in the education sector and students are looking for ways to acquire proficiency and skills that are employment oriented. In this direction, among various alternative credentials, digital badges have come to the fore that provides a platform wherein students can showcase their additional skills attained apart from academic degrees.
Further, the report states that one challenge in the market is threat from traditional degree program providers. The market for these credential courses is still unstable with the growing nexus of education service providers, MOOCs, and institutions that offer hybrid programs and courses. These alternative credentials have appeared as a suitable alternative to full-time, fixed-time duration, on-campus, and expensive traditional programs. The option to the students to carry out only those courses that they deem important or adequate to enter the job market has also helped in managing their budget and expenses.
Capella Education, Coursera, Credly, Pearson, BadgeCraft, Forallsystems, Knowledgestreem, and Makewaves.