Global Competency-based Education Spending Market 2017-2021
About Competency-based Education Spending
Competency-based education is a flexible learning method for students. This technique helps them in earning credits based on the knowledge and skills that they already own. It also helps them in acquiring additional skills and knowledge at their own pace. It has gained popularity among learners owing to its affordability and flexible structure. Competency-based education focuses on what students are learning and not on the time they spend in classrooms to earn credits. This creates a self-driven, student-centric learning environment for candidates as they work at their pace to demonstrate mastery or competency essential for a chosen stream or field of study.
Technavio’s analysts forecast the global competency-based education spending market to grow at a CAGR of 18.10% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global competency-based education spending market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of competency-based education spending.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Competency based Education Spending Market 2017-2021
Technavio recognizes the following companies as the key players in the global competency-based education spending market: Blackboard, D2L, Ellucian, and Instructure
Other Prominent Vendors in the market are: Anubavam, BNED LoudCloud, Cengage Learning, Epiphany Learning, FlatWorld, itslearning, Knewton, Motivis Learning, Pearson, and Schoology.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Importance of learning analytics. With a significant amount of data shared on the internet, learning analytics is being extensively implemented to gain knowledgeable insights and conduct data-driven critical decision-making. Student analytics with the help of software and solutions such as a student dashboard or a SIS offered by key market vendors, including Ellucian and D2L are anticipated to be used by faculties, administrators, and students to improve learners' competencies and increase student retention.”
According to the report, one of the major drivers for this market is Cost-effective and affordable. Over the last few years, there has been a continuous rise in demand for competency-based education owing to its affordability and cost-effectiveness. For educational institutions, it is cost effective to develop learning programs that are based on the competency-based education model. Since competency-based education models involve micro-learning, it is even more affordable for individual learners compared with traditional courses. An alternative price model includes credits for prior learning that helps in accelerating the learning process.
Further, the report states that one of the major factors hindering the growth of this market is Substantial initial set-up costs. Competency-based education cannot be conducted efficiently unless sound infrastructure and solutions or software are available for teachers, faculty members, and institutions. Schools and universities having sufficient funds can spend on setting up a learning environment for the successful implementation of the competency-based education model. These schools are collaborating with various market vendors to purchase hardware, software, systems, content, and other solutions, allowing the creation of immersive learning environment for students, teachers, administrators, and other stakeholders.
Blackboard, D2L, Ellucian, Instructure, Anubavam, BNED LoudCloud, Cengage Learning, Epiphany Learning, FlatWorld, itslearning, Knewton, Motivis Learning, Pearson, and Schoology.