A recent survey shows that the international education sector is poised to grow dramatically over the next decade, reaching as much as US$433 billion in revenue.
HolonIQ, an international research agency, predicted the figure based on the market demand for international education by students who aspire to study abroad. It based this on the growth figures of the top 4 study destinations–the US, UK, Canada, and Australia–that totaled $196 billion. The rest of the world, which included Asia, Africa, and Latin America, also grew by $32 billion.
While the world finds itself reeling from the current COVID-19 pandemic, as well as the shift to digital learning, the survey also notes that these are the very factors that could accelerate demand from students wishing to study abroad.
A survey that was taken during the pandemic showed that as of April 2021, only 50 percent of students believed that they would be able to study abroad as there was a slower rate of going abroad. But by January 2021, the number jumped 90 percent, with more students believing they would be able to go abroad real soon.
As for the shift to digital learning, HolonIQ takes it into account as being part of the future of international education. It is treated more of a means to augment travel rather than a substitute, they say. In other words, digital education is a pathway, a means to prepare students for their life in their chosen destination country later on.
With a predicted US$237 billion rise in revenues by the year 2030, this is a substantial jump from the US$103 billion rise witnessed during the period of 2010-2019. Of course, only time will tell if this prediction will come to pass.
Reference:
New international ed market data a “promising outlook” throughout the next decade (thepienews.com)
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