Online Higher Education Market in the US 2017-2021
About Online Higher Education
Higher education or post-secondary education is the final stage of formal learning after the successful completion of K-12 education. Students attain higher education by attending full-time degree courses in various institutions including universities, colleges, academies, technology institutes, vocational schools, trade schools, and other institutions offering professional certifications. Certain non-degree courses are also witnessing hikes in enrollments due to the increasing interests of working professionals to pursue further education. Increasing demand for employability skills including like teamwork, critical thinking, analytical reasoning, ethical judgment, problem-solving, language skills, information literacy, and others has resulted in an overall increase in the volume and variety of course offerings in the higher education market over the last few years. With the rapid adoption of education technology, increasing focus on experiential or collaboration-based learning has led to many business schools and colleges offering courses, certifications, diplomas in innovative disciplines.
Technavio’s analysts forecast the online higher education market in the US to grow at a CAGR of 19.85% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the online higher education market in the US for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Online Higher Education Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the online higher education market in the US: American Public Education, Apollo Education Group, Capella Education Company, and Grand Canyon Education.
Other Prominent Vendors in the market are: Bridgepoint Education, Career Education Corporation, Adtalem Global Education, Graham Holdings Company, ITT Educational Services, Lincoln Educational Services, Strayer Education, Universal Technical Institute, Education Management Corporation, and National American Universities Holdings.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing popularity of visual technologies. Visual technologies including augmented reality (AR), virtual reality (VR), 3D printing, and visual data analytics have been increasingly becoming popular in the US education sector. Various institutes have started offering ample of degree and non-degree courses for teachers, students, and working professionals, to enhance their learning experiences in modern higher education classrooms. Traditional universities are offering online courses or certifications to students for implementing visual technologies in their projects, assignments, and assessments, to improve the quality of education and enhance the learning outcomes.”
According to the report, one of the major drivers for this market is Cost-effectiveness. The cost associated with online higher education degree or non-degree courses is comparatively lesser than those offered in the conventional or traditional medium of instruction. Universities offering online degree courses incur lesser expenses, as they do not have large buildings, property, land, or infrastructure to build and manage. Traditional universities are expensive not only in terms of the tuition fees but also have a considerably high living expense and costly books and other instructional materials. However, admissions in the traditional universities for regular courses is aided by some or the other form scholarships, to offset the skyrocketing fees of the courses.
Further, the report states that one of the major factors hindering the growth of this market is Security threats from cyber attacks. Cyber threats and risks have been on the rise, with the advent of the Internet. Higher education databases have some of the most sought-after information and prone to attacks data. Moreover, lack of awareness of cybersecurity hygiene among the staff, students, and faculty is expected to pose a threat to the security. In addition, the prevalence of open networks can cause improper scrutiny, lack of monitoring for unauthorized access, malware infections, and unsafe Internet surfing patterns, which are few other threats inhibiting the adoption of online higher education in the US.
American Public Education, Apollo Education Group, Capella Education Company, Grand Canyon Education, Bridgepoint Education, Career Education Corporation, Adtalem Global Education, Graham Holdings Company, ITT Educational Services, Lincoln Educational Services, Strayer Education, Universal Technical Institute, Education Management Corporation, and National American Universities Holdings.