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Vocational Education Market: Growth, COVID-19
Impact, Opportunities
Agenda
• Skills Boom in Vocational Education Market
• Growth Drivers and Market Dynamics
• Rising Adoption of Vocational Education
• Demand for E-Learning and Digital Skills
• Higher Dropout Rates and Emphasis on Skill Development
• Opportunities Amidst AI and IoT Skill Gap
• Impact of COVID-19 on the VET Market
• Accelerated Digital Transformation
• Bridging the Gap through Online Platforms
• Growing Demand for a Technologically Skilled Workforce
• Key Findings and Market Study Highlights
• Supplier Institution Segmentation: Public vs.
Private
• User's Gender and Age Group Segmentation
• Dominance of the Students' Segment
• Regional Growth Dynamics: Asia-Pacific Leading
• Key Considerations for VET Market Entry
• Key Strategies for Market Growth
The market is poised to reach $896.01 billion, exhibiting a robust CAGR of 9.8% from
2022 to 2029.
This section delves into the factors influencing the market growth, such as the rising
adoption of vocational education and the impact of the COVID-19 pandemic.
Market Growth
Factors Influencing
Growth
Key Findings and
Market Studies
Skills Boom in Vocational Education Market
This section discusses the key findings from recent market studies, providing a
comprehensive overview of the market trends and opportunities.
Growth Drivers and Market Dynamics
● Rising adoption of vocational education
● Demand for e-learning and digital skills
● Opportunities amidst AI and IoT skill gap
● Impact of COVID-19 on the VET Market
● Accelerated digital transformation
● Bridging the gap through online platforms
Key Growth Drivers Market Dynamics
Rising Adoption of Vocational Education
In 2020, 21.7% of the Australian
population aged 15–64
participated in nationally-
recognized training programs.
Early adoption of vocational
education fosters problem-
solving skills and prepares
students for professional
practice.
Vocational education enhances
students' employability,
creating opportunities for
economic independence.
Demand for E-Learning and Digital Skills
Key drivers of market growth
● COVID-19 accentuates digital skills demand
● Global online learning popularity surge during pandemic
● European students' 92% online learning rate in 2020
Vocational courses help bridge the gap between theoretical knowledge and practical skills,
reducing the dropout rates.
The focus on early-age skill development enhances employability and academic retention.
Higher Dropout Rates and Emphasis on Skill Development
The emphasis on skill development through vocational learning addresses the higher
dropout rates among college students.
VET providers can fill the skill gap by offering specialized programs in AI and IoT
technologies.
The increasing adoption of VET across key geographic markets opens avenues for strategic
expansion and innovation.
Opportunities Amidst AI and IoT Skill Gap
The lack of skilled professionals in AI and IoT creates a market opportunity for VET providers.
Impact of COVID-19 on the VET Market
Vocational Education Market Growth Comparison
Pre and Post COVID-19
The chart illustrates the significant impact of the COVID-
19 pandemic on the VET market, showing a decline in
growth during the pandemic period and a subsequent
recovery post-pandemic.
The pandemic accelerated the digital transformation in education, necessitating remote
access to lectures and classes.
The adoption of e-learning platforms witnessed a global surge, with Europe experiencing
a notable increase in online learning.
Digital Transformation
in Education
Global Surge in E-
Learning Platforms
Impact on VET Market
Accelerated Digital Transformation
The reliance on digital skills during the pandemic is expected to fuel the demand for
technologically skilled professionals, creating a parallel demand in the VET market.
Bridging the Gap through Online Platforms
Impact of COVID-19
on the VET Market
● VET and apprenticeship providers in various European countries incorporated online platforms for learning and assessment during
lockdowns.
● The rise of online learning during the pandemic amplifies the importance of digital platforms in vocational education.
● This shift creates a lasting trend, establishing online platforms as integral to the VET and apprenticeship experience.
The global workforce is expected to witness the creation of 190 million new
technology-oriented jobs over the next five years, further boosting the demand
for vocational education (Microsoft Data Science).
This increased demand for technical skills presents a significant opportunity for
the growth of vocational education and training programs.
Growing Demand for a Technologically Skilled Workforce
The increased reliance on digital skills during the pandemic is projected to drive
demand for a workforce with technical knowledge.
1
2
3
Higher dropout rates
among college
students have
increased the focus on
vocational courses for
skill development and
employability
enhancement.
Key Findings and Market Study Highlights
The vocational
education market is
projected to reach
$896.01 billion by
2029, with a CAGR of
9.8% from 2022 to
2029.
The COVID-19
pandemic has
accelerated the
demand for e-learning
and digital skills,
impacting the global
vocational education
market.
The early adoption of
vocational education is
enhancing students'
employability, with
21.7% of the Australian
population
participating in
training programs in
2020.
The public sector is expected to grow at the fastest CAGR due to higher student
enrollment, government funding, and increased exposure for students.
Government funding translating to better infrastructure and increased exposure
for students in the public sector.
Growth
Comparison
Factors
Driving Public
Sector
Growth
Private
Institution
Resilience
Supplier Institution Segmentation: Public vs. Private
Although the public sector is set to grow faster, private institutions also show
steady growth, supported by flexibility and autonomy in curriculum and
operations.
User's Gender and Age Group Segmentation
• The male segment is estimated to dominate the market in
2022.
• The industry-specific skill sets are required for entering the
labor market.
• The 16-24 years age group is projected to grow at the fastest
CAGR.
• This growth emphasizes the increasing participation of young
adults in higher education and vocational diplomas.
Market Dominance Age Group Growth
This can be attributed to the rising demand for higher education in developing
countries and the increasing adoption of e-learning.
The preference for work-based learning also contributes to the growth of the
students' segment.
Dominance of the Students' Segment
The students' segment is expected to dominate the VET market in 2022.
1
2
3
Regional Growth Dynamics:
Asia-Pacific Leading
Growth in the Asia-Pacific Region
● Poised to grow at the fastest CAGR in the forecast period
● Rapidly developing economy focusing on reducing the demand-supply
gap in the skilled workforce
● Launching schemes to support VET in technical sectors
● Increasing disposable income supports higher education spending
● Key growth drivers include technological advancement and
digitalization
Form partnerships with local educational institutions and industry players to enhance the
relevance and effectiveness of VET offerings.
Invest in technology infrastructure to support online learning and assessment, leveraging
the increased demand for digital platforms in vocational education.
Key Considerations for VET Market Entry
Understand the local regulatory environment and accreditation requirements for VET
programs.
Collaborate with schools and
universities to integrate
vocational education programs
into the curriculum, starting
from an early academic stage.
Key Strategies for Market Growth
Invest in the development of
specialized courses in emerging
fields such as AI, IoT, and
renewable energy, aligning
with market trends and
industry needs.
Enhance the online learning
experience through interactive
platforms, virtual simulations,
and real-world case studies to
provide a holistic vocational
education experience.
1 2 3

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Skills Boom $896 Billion Vocational Education Market to Surge.pptx

  • 1. Vocational Education Market: Growth, COVID-19 Impact, Opportunities
  • 2. Agenda • Skills Boom in Vocational Education Market • Growth Drivers and Market Dynamics • Rising Adoption of Vocational Education • Demand for E-Learning and Digital Skills • Higher Dropout Rates and Emphasis on Skill Development • Opportunities Amidst AI and IoT Skill Gap • Impact of COVID-19 on the VET Market • Accelerated Digital Transformation • Bridging the Gap through Online Platforms • Growing Demand for a Technologically Skilled Workforce • Key Findings and Market Study Highlights • Supplier Institution Segmentation: Public vs. Private • User's Gender and Age Group Segmentation • Dominance of the Students' Segment • Regional Growth Dynamics: Asia-Pacific Leading • Key Considerations for VET Market Entry • Key Strategies for Market Growth
  • 3. The market is poised to reach $896.01 billion, exhibiting a robust CAGR of 9.8% from 2022 to 2029. This section delves into the factors influencing the market growth, such as the rising adoption of vocational education and the impact of the COVID-19 pandemic. Market Growth Factors Influencing Growth Key Findings and Market Studies Skills Boom in Vocational Education Market This section discusses the key findings from recent market studies, providing a comprehensive overview of the market trends and opportunities.
  • 4. Growth Drivers and Market Dynamics ● Rising adoption of vocational education ● Demand for e-learning and digital skills ● Opportunities amidst AI and IoT skill gap ● Impact of COVID-19 on the VET Market ● Accelerated digital transformation ● Bridging the gap through online platforms Key Growth Drivers Market Dynamics
  • 5. Rising Adoption of Vocational Education In 2020, 21.7% of the Australian population aged 15–64 participated in nationally- recognized training programs. Early adoption of vocational education fosters problem- solving skills and prepares students for professional practice. Vocational education enhances students' employability, creating opportunities for economic independence.
  • 6. Demand for E-Learning and Digital Skills Key drivers of market growth ● COVID-19 accentuates digital skills demand ● Global online learning popularity surge during pandemic ● European students' 92% online learning rate in 2020
  • 7. Vocational courses help bridge the gap between theoretical knowledge and practical skills, reducing the dropout rates. The focus on early-age skill development enhances employability and academic retention. Higher Dropout Rates and Emphasis on Skill Development The emphasis on skill development through vocational learning addresses the higher dropout rates among college students.
  • 8. VET providers can fill the skill gap by offering specialized programs in AI and IoT technologies. The increasing adoption of VET across key geographic markets opens avenues for strategic expansion and innovation. Opportunities Amidst AI and IoT Skill Gap The lack of skilled professionals in AI and IoT creates a market opportunity for VET providers.
  • 9. Impact of COVID-19 on the VET Market Vocational Education Market Growth Comparison Pre and Post COVID-19 The chart illustrates the significant impact of the COVID- 19 pandemic on the VET market, showing a decline in growth during the pandemic period and a subsequent recovery post-pandemic.
  • 10. The pandemic accelerated the digital transformation in education, necessitating remote access to lectures and classes. The adoption of e-learning platforms witnessed a global surge, with Europe experiencing a notable increase in online learning. Digital Transformation in Education Global Surge in E- Learning Platforms Impact on VET Market Accelerated Digital Transformation The reliance on digital skills during the pandemic is expected to fuel the demand for technologically skilled professionals, creating a parallel demand in the VET market.
  • 11. Bridging the Gap through Online Platforms Impact of COVID-19 on the VET Market ● VET and apprenticeship providers in various European countries incorporated online platforms for learning and assessment during lockdowns. ● The rise of online learning during the pandemic amplifies the importance of digital platforms in vocational education. ● This shift creates a lasting trend, establishing online platforms as integral to the VET and apprenticeship experience.
  • 12. The global workforce is expected to witness the creation of 190 million new technology-oriented jobs over the next five years, further boosting the demand for vocational education (Microsoft Data Science). This increased demand for technical skills presents a significant opportunity for the growth of vocational education and training programs. Growing Demand for a Technologically Skilled Workforce The increased reliance on digital skills during the pandemic is projected to drive demand for a workforce with technical knowledge. 1 2 3
  • 13. Higher dropout rates among college students have increased the focus on vocational courses for skill development and employability enhancement. Key Findings and Market Study Highlights The vocational education market is projected to reach $896.01 billion by 2029, with a CAGR of 9.8% from 2022 to 2029. The COVID-19 pandemic has accelerated the demand for e-learning and digital skills, impacting the global vocational education market. The early adoption of vocational education is enhancing students' employability, with 21.7% of the Australian population participating in training programs in 2020.
  • 14. The public sector is expected to grow at the fastest CAGR due to higher student enrollment, government funding, and increased exposure for students. Government funding translating to better infrastructure and increased exposure for students in the public sector. Growth Comparison Factors Driving Public Sector Growth Private Institution Resilience Supplier Institution Segmentation: Public vs. Private Although the public sector is set to grow faster, private institutions also show steady growth, supported by flexibility and autonomy in curriculum and operations.
  • 15. User's Gender and Age Group Segmentation • The male segment is estimated to dominate the market in 2022. • The industry-specific skill sets are required for entering the labor market. • The 16-24 years age group is projected to grow at the fastest CAGR. • This growth emphasizes the increasing participation of young adults in higher education and vocational diplomas. Market Dominance Age Group Growth
  • 16. This can be attributed to the rising demand for higher education in developing countries and the increasing adoption of e-learning. The preference for work-based learning also contributes to the growth of the students' segment. Dominance of the Students' Segment The students' segment is expected to dominate the VET market in 2022. 1 2 3
  • 17. Regional Growth Dynamics: Asia-Pacific Leading Growth in the Asia-Pacific Region ● Poised to grow at the fastest CAGR in the forecast period ● Rapidly developing economy focusing on reducing the demand-supply gap in the skilled workforce ● Launching schemes to support VET in technical sectors ● Increasing disposable income supports higher education spending ● Key growth drivers include technological advancement and digitalization
  • 18. Form partnerships with local educational institutions and industry players to enhance the relevance and effectiveness of VET offerings. Invest in technology infrastructure to support online learning and assessment, leveraging the increased demand for digital platforms in vocational education. Key Considerations for VET Market Entry Understand the local regulatory environment and accreditation requirements for VET programs.
  • 19. Collaborate with schools and universities to integrate vocational education programs into the curriculum, starting from an early academic stage. Key Strategies for Market Growth Invest in the development of specialized courses in emerging fields such as AI, IoT, and renewable energy, aligning with market trends and industry needs. Enhance the online learning experience through interactive platforms, virtual simulations, and real-world case studies to provide a holistic vocational education experience. 1 2 3
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