Market Snapshot:
As per the National Skills Coalition of the US study, over 52% of job vacancies until 2020 are estimated to be in the middle-skill areas, which require TVE (Technical and Vocational Education) instead of conventional education (High School Diplomas or Bachelor’s degree). Technical and vocational Education involves training which is delivered through formal educational institutions, distance-learning programs, workplace training programs, and self-paced courses. It involves learning to acquire certain qualifications, certifications, professional training, leadership development skills, soft skills, management skills, and others. Moreover, the rising digitization of TVE is driving the Global Technical & Vocational Education market.
Highlights from Technical & Vocational Education Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Vendors profiled in the report are Acumen Global Training (India), CfPA (United States), EduCo (Australia), SAP SE (Germany), City & Guilds (United Kingdom), Learndirect Ltd. (United Kingdom), Pearson TQ (United Kingdom) and ALS Training (United Kingdom). Additionally, other players that are part of this comprehensive study are ACT Training (India), Babcock International (United Kingdom), Interserve Learning & Employment (United Kingdom), GP Strategies (United States) and Pitman Training Group (United Kingdom).
Geographic Breakdown and Segment Analysis
The Global Technical & Vocational Education market presents a comprehensive analysis of the Technical & Vocational Education market by product type (STEM TVE [Technical and Vocational Education] and Non- technical TVE), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Technical & Vocational Education industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Technical & Vocational Education market
Analyst at AMA have segmented the market study of Global Technical & Vocational Education market by Type, Application and Region. On the basis of Type, STEM TVE are dominating the market in the year 2022.
Influencing Trend:
Online Collaboration Tools to Deliver Vocational Skilling Courses To Students Through E-Learning Platforms and High Demand among The Educated And Degree-Holding Millennial who are facing Unemployment
Market Growth Drivers:
High Penetration of the Internet, Student Availing Various Online Training Methods, Growing Demand for Candidates with Specialized Skills and Relevant Qualifications and Inherent skill gap issues
Challenges:
Lack of Awareness among Students Belonging to Low-Income Families and The threat from Corporate Training Institutes
Restraints:
Cost Factor Associated with Technical and Vocational Education Courses
Opportunities:
Increasing Mobile Applications that Contains Self Learning Topics and Aspirants Enrolling into Private Training Institutes to Acquire Specialized Training and Skills
Market Developments Activities:
February 2018, The United States Embassy in Cairo is helping upgrade technical and vocational education and training under a three-year project in partnership with the Government of Egypt and the private sector to promote job opportunities and sustainable economic development.
The market is highly fragmented with the presence of many training providers. The players are specialized in training programs that cater to different sectors like IT, Healthcare, Hospitality and Tourism, Accountancy Skills, and others. Moreover, the market is becoming complex due to the presence of private training providers and specialized providers that focus on emerging training needs.
Key Target Audience
Technical and Vocational Education Service Providers, Potential Investors, Market and Research Firms, Government Agencies, Industry Associations and Others