About the Technical and Vocational Education (TVE) Market in North America
TVE equips people with essential skills to successfully transition from classrooms to workplaces. In many countries, it is referred to as technical vocational education and training (TVET). The TVE system in North America is complex as it incorporates various grade levels, providers, and subject areas. This complexity is because the decision-making regarding the framework of the TVE varies from state to state. demand
Technavio’s analysts forecast the technical and vocational education (TVE) market in North America to grow at a CAGR of 4.13% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the technical and vocational education (TVE) market in North America for 2016-2020. To calculate the market size, the report considers the revenue generated by private vocational and technical training institutions and organizations from courses delivered to individuals.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Technical and Vocational Education (TVE) Market in North America 2016-2020
Technavio recognizes the following companies as the key players in the technical and vocational education (TVE) market in North America: Acumen Global Training, City and Guilds, CfPA, and SAP.
Other Prominent Vendors in the market are: Canadian Vocational Training Center, CLC Technical Training, CleanEdison, CORE Education & Technologies, Unitek Information Systems, and VMEdu.
Commenting on the report, an analyst from Technavio’s team said: “A trend that will definitely boost market growth is the growing demand for middle-skill jobs among millennials. According to the National Skills Coalition of the US, 52% of job openings from 2012 to 2020 are predicted to be in middle-skill areas, which require TVE instead of conventional education, such as high school diplomas or bachelor’s degree. Middle-skill jobs include technicians, police, electricians, firefighters, plumbers, welders, dental hygienists, respiratory therapists, and radiologic technicians.”
According to the report, a key growth driver is the inherent skill gap issues. In the US, there are several unfilled job positions, which require middle skills. For, instance lab technicians, advanced manufacturing specialists, and computer programers. School and college curricula are not aligned with employer expectations; employers have observed a lack of necessary skills in employment-ready graduates. With growing concerns about skill gap, more private TVE institutions are venturing into the market to train students for professions that require middle skills.
Further, the report states that one challenge that could restrict market growth is the threat from corporate training institutes.
Acumen Global Training, City and Guilds, CfPA, SAP, Canadian Vocational Training Center, CLC Technical Training, CleanEdison, CORE Education & Technologies, Unitek Information Systems, VMEdu.
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